It’s What You Keep – Not What You Make That Counts

July 17th, 2020 by Jim Allen

Our motto here at Anchor Bay Capital is: “It’s not what you make but what you keep that counts.” We take this motto seriously to heart, which is why we focus so heavily on tax planning and preparation as part of our comprehensive financial planning and investment management services.

July 15^th was the final day for filing your 2019 tax return (except for those few who file extensions), so you likely feel you are done with taxes for the year. Unfortunately, that is also the thinking of many CPAs and tax preparers. Their approach is to take the data you provide them and file your tax return using those numbers. This is a reactive approach with little thought given to how to reduce taxes in the future. This is very much like trying to drive a car while only looking at the rearview mirror.

Our approach is to constantly look for future tax savings opportunities. Because we are focused on your entire financial picture, we find possible tax saving opportunities that may arise through your investments, expenses, business, estate plan or charitable plan. Rather than being reactive and looking through the rearview mirror, we are dedicated to being proactive and looking out the windshield for what is out in front of you. Whether it is Roth IRA conversions, tax loss harvesting, tax location and diversification strategies, upstream gifts or philanthropy, we will try and find every tax savings opportunity available to you now and in the future.

If you are interested in Anchor Bay Capital’s tax services or would like a copy of our e-book The Frugal Investors Guide to Tax Planning, please contact us.