Right on the Money host, Dennis Mattern, discusses how tax planning can affect your retirement income strategy with Tommy Mai, president of Tommy Mai Financial, located in Westminster, California.
With Tommy Mai Financial’s approach to tax planning is similar in nature to their business model of giving clients and new-comers the best customer experience possible. They want to make sure the client is able to take every single deduction out that is allowed by the IRS.
“We want to pay our fair share,” Mai jokes, “but we sure as heck don’t want to pay more than our share.”
Tommy Mai Financial begins a client’s tax preparation by first analyzing how they are currently paying taxes at the present, as well as how the client will pay in the future. What they do is look at the client’s previous year’s returns, assess their current situation, and determine how much they have to pay at the minimum level of taxes required. From there, Mai finds a strategy that is right for that client at that time.
With tax planning as part of an overall retirement income plan with Tommy Mai Financial, the process is similar, but focuses more on the “big picture.” They not only determine what is happening with a client’s taxes currently, but try to plan for their retirement income as well, taking into consideration factors such as inflation and longevity.
Mai explains the importance of tax planning, and how even a typical day can affect someone:
Everything you do every day might help you reduce taxes. It’s very important that you actually have planned your taxes in advance, way in advance. … That’s why it’s very important for people like us… to guide them through the whole year to be able to pay less taxes next April.
By bringing an array of diverse products and services, Tommy Mai Financial is able to successfully condense multiple planning processes into one, personalized retirement income plan. They are able to help their clients reach their retirement income goals.
Know every aspect of your retirement income plan. Learn more about tax planning with Tommy Mai at Tommy Mai Financial and how he could help you with your overall retirement income strategy.
Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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