Every decision you make about your investment strategy has tax implications. Some decisions may look like a sensible move today but can prove disasterous come tax time.
The Tax SuperSheet™ is a proprietary tool created by
FFP Wealth Management that allows our advisors to provide a simple way to illustrate the tax implications of any proposed strategies. This empowers our clients to make decisions after being fully informed rather than on a guess.
• Retiring
Before you implement a retirement planning strategy, you should... Read More
• Investing
Most people invest for the purpose of accumulating wealth and... Read More
• Gifting
Are you a giving person? Charitable contributions can...Read More
• Inheriting
Think for a minute about why wills are written... Read More
The Tax SuperSheet™ could answer:
Do I benefit from a Roth IRA contribution or Roth IRA conversion?
Should I finance or pay cash for a major purchase?
Should I refinance my mortgage?
Should I pay off my mortgage?
How can I arrange to pay tuition for my children while also saving for retirement?
Do I really benefit from a tax free bond?
Do I have to pay to on a tax free bond?
What is the most probable tax rate at retirement?
How much do my medical costs, mortgage interest, charity or other deductions lower my taxes?
What is the tax cost of a sale of stock, a cabin, a rental, redeeming an annuity or any other
source of income?
How much tax should I withhold from wages, retirement plan distributions or inheritances?
How can I get recieve more benefit from my charitable giving?
Does tax deferral really save money, or is it actually costing me more money?
Will my tax strategy be negated by the dreaded alternative minimum tax (AMT)?
What portion of my accumulated retirement plans will be consumed by income taxes?
How can I prevent my heirs from making inadvertent errors leaving the IRS the largest
beneficiary of my estate?
"Birth of the Tax SuperSheet™"
In 1992, Roger Kruse (advisor and founder of FFP Wealth Management) began the endeavor of building a tax planning tool for the benefit of his clients. When offering tax advice, Roger wanted be able to illustrate the benefits...
Read the full article HERE
Why use the Tax SuperSheet™?
The tax code is passive in the favor of the IRS. This means that doing nothing will likely increase income taxes. Most of the tax code requires the taxpayer to take action, in most cases before year end.
Don’t expect your tax preparer to develop tax strategies. Tax preparation looks back in time, planning looks forward. Waiting to determine the tax liability until filing taxes prevents the potential to offset taxes with other strategies. The outcome of tax planning is dependent on all of the factors related to the individual tax return and will be different for each household. It takes time, but can be very rewarding.
Income taxes can be the largest expense during a lifetime. Taxes can be even greater when leaving assets to heirs. It is for this reason that Tax planning should not be left to a guesswork. Let FFP Wealth Management eliminate the guesswork and maximize return with a financial plan using the Tax SuperSheet™.
Many financial planning professionals retreat when tax planning is mentioned. Altogether too many advisors ask the client for their tax rate then apply rules of thumb to illustrate the proposed benefits their recommendations. FFP Wealth Management has long ago learned that income tax planning with rules of thumb could often lead to decisions that are harmful to personal finances.
Based on our experience, FFP Wealth Management has developed the Tax SuperSheet™. This tool calculates the impact of strategies based on the tax code, not on rules of thumb. The TSS allows our advisors to illustrate information that clients need when making complicated financial decisions.