Bay Area Wealth Management and Retirement Strategies
Managing wealth can be difficult and strategies plentiful. We help you navigate the tumultuous waters of wealth management and safely get your ship to harbor.
Here are some examples of strategies we can help you employ to get closer to your goals.
Employer Plans: Whether a 401k, a Thrift Savings Plan, or a 403b account, contributions to these tax-deferred vehicles not only help build a nest egg, but also reduce your taxable income in the current year.
Self Employed Plans: A Solo 401k, and especially a Self-Directed Solo 401k are one of our personal favorites for reducing taxes and building wealth. As a self-employed individual (sole proprietor, single-member (or married) LLC or single/married owner(s) of an S-Corp) there is usually no better tool for wealth building than the Solo 401k. Depending on your income your total contributions for 2020 is up to $57,000 and $58,000 for 2021 (not counting the additional $6000 catch-up contributions for those age 50 and over).
Employee IRAs: As an employee, you may be eligible for deductible IRA contributions (reducing your taxable income), or possibly Roth IRA contributions (allowing for tax-free withdrawals at retirement). Both plans grow tax-free.
Health Savings Accounts: You may be eligible to contribute to a Health Savings Account. Such contributions reduce your gross income in the current year. They may also be invested for growth if your plan permits and allow for tax free withdraw once in retirement (when medical expenses are generally higher).
Education Funding: College Savings Accounts: Most states allow deductions for contributions made into state-sponsored 529 plans.
BAY TAX offers a range of tax-saving strategies and services
- Financial planning for seniors
- Tax consultant bay area
- Retirement planning for tech executives
- Full-service wealth advisory
- And more!
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