AWM Insights Financial and Investment News

Tax has a crucial role in wealth generation and preservation. Professional athletes have very complex tax situations which make tax planning a year-round endeavor, not just a one-time stop during tax filing season. The importance of integrating tax strategies with investment planning can't be stressed enough as we have seen the countless pitfalls of receiving separate tax and investment advice. 

Proactive strategies must be taken on, and changing the game plan to account for updates in the tax code is essential to maximize and optimize wealth. 

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Episode Highlights 

  • 00:00 - Tax Planning Significance: Introduction to the importance of tax planning and filing. 
  • 00:59 - Tax Season Insights: Emphasizing year-round planning. 
  • 02:14 - Proactive Tax Strategies for Baseball Families: Projecting income and adjusting tax strategies for MLB players. 
  • 03:55 - Details on 401(k) Changes and Tax Planning: Adjusting to MLB 401(k) changes and leveraging Individual 401(k)s for tax benefits. 
  • 05:45 - The Importance of Coordinated Financial Planning: Integrating taxes with investment strategies for optimal wealth management. 
  • 06:45 - Pitfalls of Separate Tax and Investment Advice: The risks of not having integrated financial advice. 
  • 07:56 - One Net Worth, One Effective Tax Rate: The importance of considering net worth and tax rates together in financial planning. 
  • 08:41 - Client Guidance and Proactive Planning: Efforts to ensure proactive and sensitive tax planning for clients. 
  • 09:37 - Universal Relevance of Tax Planning: The applicability of tax planning strategies across professions. 
  • 10:00 - Closing and Importance of Continuous Communication: Encouraging ongoing discussions with CPAs for year-round tax planning. 
     

What is AWM Insights Financial and Investment News?

A bite sized discussion on timely financial news and investment topics, to help you maximize your net worth and wealth for the next generation with Justin Dyer and Mena Hanna of AWM Capital.