Tax planning services for Retirement

What to expect:

Our Tax-Free Retirement Planning Services Include:
Roth IRA Conversions — Roth IRAs are a popular option for tax-free retirement planning, as you can place after-tax money in this type of account and avoid being taxed on funds you withdraw during retirement. Unlike simple IRAs and 401(k)s, Roth IRAs don’t have a required minimum distribution when you turn 70 ½. For these reasons, many people choose to convert money in an IRA or 401(k) to a Roth IRA. Chandler & Knowles can help you understand the tax implications of Roth IRA conversions and minimize your taxes when you roll funds over to this type of account.
Permanent Life Insurance — Permanent life insurance is a financial tool that provides you with insurance protection for as long as you live while giving you access to a unique wealth building opportunity. Having a permanent life insurance plan provides you with the capabilities to to consume by enhancing the value of your assets and also the ability to leave behind a financial foundation to protect your family. Our insurance professionals at Lakeline tax experts can help you understand and set up a permanent life insurance plan possessing features such as cash flow, guaranteed return on investment, liquidity, tax-exempt wealth accumulation and distribution, and full protection and flexibility.
Annuities — Annuities are a type of tax-free insurance product that can provide an income stream for the rest of your life once you retire. If you’re considering investing in annuities as part of your retirement planning, a CPA from our firm can discuss the difference between fixed and variable annuities and help you make an informed decision.
Portfolio Diversification — Portfolio diversification is an important part of planning. Using the LEAP model, our professionals at Lakeline tax experts can show you how different financial assets work together and how you can use multiple tax-saving strategies to minimize your risk as you prepare for retirement.
Social Security Planning — The age at which you decide to start taking Social Security has a major impact on the benefits you receive. We can help you plan ahead to maximize your Social Security benefits, whether you are planning to continue working after you turn 65 or need to retire early.

Retirement Planning Tax Benefits for Business Owners
As an entrepreneur preparing for retirement, you will likely need to consider how best to structure your business for sale in order to minimize your taxes and give yourself a steady business income on which to live. At Lakeline tax experts, we provide advanced tax planning services to both individuals and businesses, making us well-positioned to assist the small business owner who is approaching retirement.

401(k) plans
A 401(k) plan can be an important source for retirement savings. As of 2019, the maximum amount of tax-free money for employee elective contributions is $19,000.

The money you contribute to your 401(k) is treated as pre-tax income. It reduces your annual taxable income while you are still working. You begin paying regular income tax as you start withdrawing from your account after you retire, usually during a time when your tax bracket is lower.

403(b) plans
Similar to a 401(K), and with the same contribution limits, 403(b) plans are typically used by public and non-profit sector employees. The same tax deferment rules apply.

Individual Retirement Accounts
Rather than being only offered by employers, IRAs are available to anyone who has an income. For 2019, the annual contribution limit is $6,000 ($7,000 for those age 50 or older). There are two types of IRAs: the regular (or traditional) IRA and the Roth IRA.

Each type of individual retirement account has its tax benefits. The Traditional IRA provides those benefits up front; the Roth IRA grows through taxed contributions, with tax savings benefits after retirement.

Roth IRA vs. Traditional IRA
A regular IRA is tax deductible, but you will be taxed when you begin drawing from your account—and you must begin withdrawing from the account at age 70 and a half years.

A Roth IRA is not tax deductible. However, there is no mandatory withdrawal age and you pay no income tax when you start withdrawing from your Roth IRA.

Annuities are basically prepaid insurance policies. You contribute a lump sum (or periodic payments on top of the original amount). At some time in the future you begin receiving periodic payments (i.e., annuities) from the amount accrued in your annuity.

If you have some excess funds, or have maxed out your 401(k) and IRA contributions, annuities offer tax deferred benefits for retirement planning. You are not taxed on the principal amount of the annuity account. However, you will pay income tax on amount of interest your annuity accrued over the life of the account.

Take Advantage of Our Retirement Planning Services
At Lakeline tax experts, we don’t want our clients to be in a position where they have to scrape by on Social Security—we want to help all of our clients make smart financial decisions so that they can enjoy a comfortable retirement. 

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To value your time and Our time, we charge a small fee for the tax planning consultation appointment which will be adjusted towards the final invoice.

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Financial Soundness

Please note that the best tax planning of an individual or a business is the ultimate testament to its monetary stability and accounting profits.


Profitable Investment

Tax planning helps to minimize the tax liabilities and transfer the tax savings to a profitable channel.  Consequently, this assists in smart investments with optimum utilization of the available resources.



Minimal Tax Burden

Tax planning undoubtedly lets you take advantage of the legally available tax benefits, exemptions, and deductions. In addition, it helps to organize  the business operations as per their tax decisions. As a result, it saves the maximum capital amount from being included in the tax liabilities.


Avoid Tax audits

Appropriate tax planning certainly assists in avoiding the IRS tax litigations, audits and notices.

Take Advantage of Our Retirement Planning Services

Our Tax planning advisory can support your business and fuel its success.


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