The Case for Integrated Financial Planning

Whitecoat getting money backHave you ever truly looked at your completed tax return?

If you have you will notice that the first 2 pages of your personal tax return (1040) bring together information from your entire financial picture.

After reviewing your most recent 1040, you will see the value of having your financial planning and tax services integrated together.

Quick overview of the info on the first page of the 1040:

1) Section is Income from All Sources (including but not limited to):

  • Wages, salaries (it’s not what your earn, it’s what you get to keep)
  • Taxable Interest (interest from investments or possible insurance proceeds)
  • Dividends (from investments)
  • Capital Gains (from investments)
  • IRA distributions (possible rollover from company 401k investments)
  • Pensions and Annuities (retirement income needs and insurance)
  • Social Security Benefits (when should I start taking my social security benefits?)

2) Adjustments from Income (including but not limited to):

  • Health savings accounts (do you qualify?)
  • Contributions to SEP, SIMPLE and qualified plans (can and should you contribute?)
  • Self employed health insurance (what qualifies here?)
  • IRA deduction (which type of IRA is best for me?)
  • Tuitions and fees (do I qualify?)

As you can see, your tax bill, insurance policies, investments and retirement plan are more related than you may have thought.

Wouldn’t it make sense (cents too) to hire a professional firm who can integrate all of your financial and tax planning together? Whether you are a medical resident in your 30’s or planning your retirement in your 60’s, we have the ability to advise you on a long term plan to help you meet your goals. We can help you develop tax efficient strategies to accumulate and distribute the wealth we help you build.

INVEST Financial Corporation does not offer tax advice or services.