• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Crown Haven Wealth Advisors Carmel, Indiana

Crown Haven Wealth Advisors

Specializing in working with retirees and pre-retirees in developing investment, income and estate plans in the Carmel and Indianapolis areas of Indiana.

  • Home
  • Who We Are
    • Our Team
    • Community
    • Frequently Asked Questions
    • Testimonials
    • Reviews
    • Jobs
  • Who We Serve
    • High-Net-Worth Individual
    • Individual Investor
    • Retirement Planning
    • Small Business Owner
    • Young Professional
  • Financial Planning
    • Relationship Visit
    • Portfolio Diagnostic
    • RetireSHIELD® Plan Design
    • Advanced Tax Planning
    • Long-Term Healthcare & Estate Planning
  • Resources
    • Blog
    • Investing & Retirement Guides
    • Media Appearances
    • Smart Money Podcast
  • Contact Us

Do Not Wait Until April 2022 To Start Thinking About Taxes

Don’t wait until April to start thinking about taxes. Now is the time to start planning for your 2022 taxes. There are several things you can do right now to give yourself a better chance to reduce your tax burden. Our founder Casey Marx spoke with WRTV to share investment and tax planning strategies to consider before December 31st

Tax Planning Move #1

Consider converting traditional IRAs and 401ks to tax-free accounts like a Roth IRA. We are currently in a low-tax environment, but we believe taxes are probably going to go up in the future. That’s one of the things that we really can’t control. You need to make moves now.

Right now you should consider converting traditional IRAs and 401ks to tax-free accounts like a Roth IRA. The downside is you are going to pay taxes when you convert these accounts. The huge benefit that outweighs this is that your money is going to be taxed free when you start to take the income in retirement. If you do it later you are going to be paying taxes when you convert that money and any gains.

Trust me… Taxes are a legislative risk and something you need to strategize around. Pay those taxes now when you convert these accounts instead of paying when you take it out in retirement.

Tax Planning Move #2

Another pre-tax move to make is a charitable donation. Those over age of 72 are required to make a minimum distribution so they can tax you.

If you make a qualified charitable donation, it can be a win-win situation. You can take the money out of the IRA and donate it to a nonprofit charity. This allows you to bypass the income taxes you typically incur for taking an income distribution. It saves you on taxes and will enable you to do something charitable with the money.

Now remember that money must go directly from your IRA to the charity to ensure that distribution does not count towards your taxable income for the new year.

Tax Planning Move #3

Get professional advice. The further head you think about your tax situation, the better chance you have at reducing your tax burden. Many tax rules follow the calendar year meaning you want to make any tax-saving moves before December 31st.

We invite you to schedule a complimentary consultation to review your tax planning, investment allocation, estate planning, and healthcare planning. Crown Haven manages all of these financial planning elements serving as your Fiduciary for our clients.

Schedule Appointment

Footer

Quick Links

About Us
Financial Planning
RetireSHIELD®
Our Team
Blog
FAQs
Disclosure Information

Contact Us

Crown Haven Wealth Advisors
11555 N Meridian Street
Suite #560
Carmel, IN 46032
Driving Directions
317-564-4691

Follow Us

LinkedIn
Facebook
Instagram
YouTube
iTunes
Spotify

Copyright © 2022 · Crown Haven LLC


Investment Advisory Services offered through Crown Haven Wealth Management, LLC.
Insurance Products offered through Crown Haven Wealth Advisors, LLC
Tel: 317-564-4691
Crown Haven’s Form ADV | Disclaimer | Privacy Notice

Crown Haven Wealth Management LLC is a state registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. Information presented is for educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.