{"id":32732,"date":"2020-01-16T09:53:02","date_gmt":"2020-01-16T14:53:02","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=32732"},"modified":"2020-01-17T09:20:50","modified_gmt":"2020-01-17T14:20:50","slug":"business-report-are-your-financial-and-tax-advisers-talking","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/01\/business-report-are-your-financial-and-tax-advisers-talking\/","title":{"rendered":"Business Report: Are Your Financial And Tax Advisers Talking?"},"content":{"rendered":"<figure id=\"attachment_32733\" aria-describedby=\"caption-attachment-32733\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-32733\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/01\/edward-jones-meghan-murray-c.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><figcaption id=\"caption-attachment-32733\" class=\"wp-caption-text\">Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.<\/figcaption><\/figure>\n<p>By Meghan Murray<br \/>\nNow that we\u2019ve closed the book on 2019, it\u2019s officially tax season. As you prepare your tax returns for the April 15 deadline, you might already start looking for opportunities to improve your tax-related financial outcomes in the future.<br \/>\nOne important step you can take is to connect your tax professional with your financial advisor.<br \/>\nTogether, these professionals can help you take advantage of some valuable strategies:<br \/>\n\u2022 Roth vs. traditional IRA. If you\u2019re eligible to contribute to a Roth IRA and a traditional IRA, you might find it beneficial to have your financial advisor talk to your tax professional about which is the better choice.<br \/>\nGenerally, if you think your tax rate will be higher in retirement, you might want to contribute to the Roth IRA, which provides tax-free withdrawals (if you\u2019re older than 59\u00bd and have had your account at least five years). <!--more--><br \/>\nBut if you think your tax bracket will be lower when you retire, you might be better off with the traditional IRA, which offers upfront tax benefits \u2013 specifically, your contributions may reduce your annual taxable income in a given tax year. Your tax advisor may have some thoughts on this issue, as well as how it might fit in with your overall tax picture in retirement.<br \/>\n\u2022 Taxable vs. non-taxable income. Turning taxable income into non-taxable income can lower your current year\u2019s tax bracket. Depending on your income, you could potentially subtract your traditional IRA contributions (or your SEP-IRA contributions if you\u2019re self-employed) from your taxable income.<br \/>\nAnd even now, it\u2019s not too late to affect the 2019 tax year, if you still haven\u2019t reached the IRA or SEP-IRA contribution limits. Before you file your 2019 tax returns, your tax professional can tell your financial advisor how much you would have to contribute to your traditional IRA, SEP-IRA or similar account to potentially lower your taxable income.<br \/>\nIf you make the contribution, your financial advisor can illustrate how it would impact your retirement picture and make a recommendation on how to invest the money. (You can fund your IRA with virtually any type of investment \u2013 stocks, bonds, mutual funds, and so on.)<br \/>\n\u2022 Capital gains taxes on mutual funds. You might think you have total control over taxes related to your mutual funds. After all, you decide how long to hold these funds before selling shares and incurring capital gains taxes.<br \/>\nHowever, mutual fund managers are usually free to buy and sell new investments as they see fit, and some of these sales could generate capital gains taxes for you. If these taxes are relatively large in any one year, your tax professional may notice and could relay this information to your financial advisor.<br \/>\nThis doesn\u2019t necessarily mean these mutual funds are inappropriate for you; they still may be suitable for your goals, risk tolerance and time horizon. But the tax aspect may be of interest to your financial advisor, who might recommend more tax-efficient investment options.<br \/>\nYour investment and tax pictures have many overlaps, and by ensuring your team of advisors is working together, or at least communicating with each other, you can increase the chances of getting your desired results.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Meghan Murray Now that we\u2019ve closed the book on 2019, it\u2019s officially tax season. As you prepare your tax returns for the April 15 deadline, you might already start looking for opportunities to improve your tax-related financial outcomes in the future. One important step you can take is to connect your tax professional with [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":32733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Are Your Financial And Tax Advisers Talking? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/01\/business-report-are-your-financial-and-tax-advisers-talking\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Are Your Financial And Tax Advisers Talking? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Meghan Murray Now that we\u2019ve closed the book on 2019, it\u2019s officially tax season. 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