{"id":10663,"date":"2021-03-01T07:40:03","date_gmt":"2021-03-01T12:40:03","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10663"},"modified":"2024-08-28T05:54:30","modified_gmt":"2024-08-28T09:54:30","slug":"10-tax-planning-questions-to-ask-your-financial-advisor-in-2021","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/","title":{"rendered":"10 Tax-Planning Questions to Ask your Financial Advisor in 2021"},"content":{"rendered":"\n<p>The year 2020 has been one of the most disruptive in the recent past\nwith the coronavirus-led pandemic pushing the world economy to plunge. There\nwere national lockdowns enforced around the globe and massive layoffs announced\nacross companies &#8211; big and small. Many countries undertook stimulus measures to\nprevent their economy from going into a recession or to kickstart their growth.\nThe Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by the US\nCongress in March 2020 is said to be the largest ever economic relief package\nin history, aimed at delivering critical assistance to the US economy. <\/p>\n\n\n\n<p>However, while citizens rejoice the money the government is putting in\ntheir hands, there is also increased concern and confusion about taxation and\ntax filing for the year. Clarifying your concerns with a trusted financial\nadvisor on changes in tax filing for this year can go a long way in relieving\nyour burdens and can ease your tax filing process. If 2020 taught us anything,\nit\u2019s that we must always be prepared. Keeping this in mind, review your\nprogress toward your financial goals at the beginning of the year, starting\nwith your taxes.<\/p>\n\n\n\n<p><strong>Here are ten tax-planning questions you must\nask your financial advisor in 2021 to help you align with the changing economic\nand market conditions, as well as emerging opportunities:<\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f4f11d9ac9f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f4f11d9ac9f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#1_Will_Roth_IRA_withdrawals_be_taxed_in_the_future\" title=\"1. Will Roth IRA withdrawals be taxed in the future?\">1. Will Roth IRA withdrawals be taxed in the future?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#2_Will_charitable_contributions_still_be_deductible_under_the_new_law\" title=\"2. Will charitable contributions still be deductible under the new law?\">2. Will charitable contributions still be deductible under the new law?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#3_Will_it_matter_when_I_withdraw_RMD_amounts\" title=\"3. Will it matter when I withdraw RMD amounts?\">3. Will it matter when I withdraw RMD amounts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#4_Should_I_contribute_to_my_companys_Health_Savings_Account_HSA\" title=\"4. Should I contribute to my company\u2019s Health Savings Account (HSA)?\">4. Should I contribute to my company\u2019s Health Savings Account (HSA)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#5_Should_I_continue_holding_retirement_savings_in_tax-deferred_accounts_such_as_IRAs\" title=\"5. Should I continue holding retirement savings in tax-deferred accounts such as IRAs?\">5. Should I continue holding retirement savings in tax-deferred accounts such as IRAs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#6_How_do_I_proactively_manage_the_tax_rate_associated_with_my_portfolio\" title=\"6. How do I proactively manage the tax rate associated with my portfolio?\">6. How do I proactively manage the tax rate associated with my portfolio?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#7_Can_I_still_have_the_retirement_I_want\" title=\"7. Can I still have the retirement I want?\">7. Can I still have the retirement I want?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#8_Are_there_any_steps_I_can_take_to_minimize_2020_taxes\" title=\"8. Are there any steps I can take to minimize 2020 taxes?\">8. Are there any steps I can take to minimize 2020 taxes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#9_What_are_my_options_for_managing_rising_health-care_costs\" title=\"9. What are my options for managing rising health-care costs?\">9. What are my options for managing rising health-care costs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#10_How_can_I_be_better_prepared_financially_for_emergencies\" title=\"10. How can I be better prepared financially for emergencies?\">10. How can I be better prepared financially for emergencies?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/10-tax-planning-questions-to-ask-your-financial-advisor-in-2021\/#To_sum_it_up\" title=\"To sum it up\">To sum it up<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Will_Roth_IRA_withdrawals_be_taxed_in_the_future\"><\/span>1. <strong>Will Roth IRA withdrawals be taxed in the future?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A Roth IRA\nis a type of individual retirement account (IRA) that allows qualified\nwithdrawals on a tax-free basis, provided certain conditions are satisfied.\nWhile it functions similar to traditional IRAs, the differentiator is how the\ntwo are taxed. <\/p>\n\n\n\n<p>Roth IRAs are funded by after-tax dollars, i.e., the contributions to\nthe Roth IRA are not tax-deductible. However, the money you withdraw is tax-free,\nagain subject to certain conditions. Meanwhile, traditional IRA deposits are\ngenerally made with pre-tax dollars. You get a tax deduction on your\ncontribution and pay income tax when you withdraw the money during retirement.<\/p>\n\n\n\n<p>Today, Roth IRA accounts offer us some of the best tax advantages of any retirement account. Despite this, a perpetual fear exists amongst citizens that Roth IRA withdrawals might be taxed in the future. This fear, fueled by the government&#8217;s budget deficit problems back in early 2010, worsened after the tax reform legislation of 2018 eliminated various itemized deductions and the ability to undo traditional-to-Roth-IRA conversions.<\/p>\n\n\n\n<p>As of now, the Roth IRA lets you contribute money that will grow tax-free in your account. And, most importantly, when you withdraw your funds, you will be able to do so tax-free. The appeal for the product comes from comparing this scenario with a future where income tax rates are going to be higher than they are today. In conclusion, under current tax law, you can withdraw Roth contributions and earnings tax-free as long as you&#8217;re at least 59\u00bd years old and as long as it has been at least five years since you first contributed to a Roth IRA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Will_charitable_contributions_still_be_deductible_under_the_new_law\"><\/span>2. <strong>Will charitable contributions still be deductible under the new law?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A common\npractice amongst high networth individuals (HNIs), gifts to charity are a great\ntax saving tool with the added bonus of doing something good for the society.\nTaxpayers may enjoy tax savings by deducting a part or all of their qualified\ncontributions on their tax returns. The tax treatment of a charitable\ncontribution varies according to the type of contributed asset, and the\ntax-exempt status of the recipient organization. Rules also differ for\nindividuals, businesses, and corporate donors. Also, the amount of the\ndeduction is subject to standards and limitations.<\/p>\n\n\n\n<p>For 2021,\nspecial rules provide more generous tax treatment for cash contributions.\nTemporary rules have been put in place to increase allowable deductions and\nremove limits on contributions for charitable gifts made in cash. <\/p>\n\n\n\n<p><strong>Here&#8217;s an outline of the rules for deducting\ncharitable contributions, including the temporary allowances for 2021:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To avail deductions from contributions serving<br>a charitable purpose, a recipient must qualify for tax-exempt status as<br>required by the tax code and the Internal Revenue Service (IRS). <\/li>\n\n\n\n<li>The list of eligible organizations includes<br>those operated exclusively for religious, charitable, scientific, literary, or<br>educational purposes; the prevention of cruelty to animals or children; or the<br>development of amateur sports. Non-profit veterans&#8217; organizations, cemetery and<br>burial companies, and certain legal corporations also qualify based on the<br>nature of the donations.<\/li>\n\n\n\n<li>A quick way to determine if an organization<br>qualifies is to use the <a href=\"https:\/\/apps.irs.gov\/app\/eos\/\">IRS Tax Exempt Organization Search Tool<\/a>. It helps verify an organization\u2019s tax-exempt<br>status and determines its eligibility for deductible contributions.<\/li>\n\n\n\n<li>The CARES Act (the coronavirus relief bill)<br>allows taxpayers to take a deduction of up to $300 in charitable cash<br>donations. As a result, even if you take the standard deduction, you can still<br>claim up to $300 in donations when you file your taxes in 2021.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Will_it_matter_when_I_withdraw_RMD_amounts\"><\/span>3. <strong>Will it matter when I withdraw RMD amounts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An RMD, or\nrequired minimum distribution, is the minimum amount of money that must be\nwithdrawn from a company retirement plan, traditional IRA, SEP, or SIMPLE IRAs\nby the account holders. It serves as a safeguard against people using\nretirement accounts to avoid paying taxes. <\/p>\n\n\n\n<p>Most\nrecently, in 2020, the age threshold for withdrawing from retirement accounts\nwas changed. According to the new law, you must begin withdrawing from a\nretirement account by April 1 following the year you reach age 72. Before this,\nthe minimum age to withdraw from your RMD was 70\u00bd years old.<\/p>\n\n\n\n<p>Some\nqualified plans allow certain participants to defer the start of RMDs until\nthey actually retire, even if they are older than age 72. Qualified plan\nparticipants should check with their employers to find out if they are eligible\nfor the deferral.\ufeff<\/p>\n\n\n\n<p>In March\n2020, the CARES Act \u2013 the&nbsp; $2 trillion\ncoronavirus stimulus package \u2013 suspended RMDs from retirement accounts.\nHowever, this exemption on RMDs hasn&#8217;t been extended to 2021 (yet). For now,\npeople who are currently 72 or older must resume or start RMDs by year-end or\nface a penalty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Should_I_contribute_to_my_companys_Health_Savings_Account_HSA\"><\/span>4. <strong>Should I contribute to my company\u2019s Health Savings Account (HSA)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A Health\nSavings Account (HSA) is like a personal savings account that can only be used\nfor healthcare expenses. You must be enrolled in a High-Deductible Health Plan\n(HDHP) to be eligible for an HSA. HSAs have some tax advantages, but also some\ndisadvantages.<\/p>\n\n\n\n<p>One of the\nadvantages of HSA is that the eligible expenses include a wide range of\nmedical, dental, and mental health services. Also, because of the CARES Act\npassed in 2020, over-the-counter medications and menstrual products are now\nqualified HSA expenses.<\/p>\n\n\n\n<p>Another\nadvantage is that contributions can come from you, your employer, a relative,\nor anyone who wants to add to your HSA. There are, however, limits set by the\nIRS. In the tax year 2020, the limit was $3,550 for individuals and $7,100 for\nfamilies, plus an additional $1,000 contribution for those aged 55 or older by\nthe end of the tax year. For 2021, the limit has been upped to $3600 for\nself-contribution and $7200 for families. The $1000 cap for the elderly remains\nunchanged. <\/p>\n\n\n\n<p>The\ncontributions to your HSA are usually pre-tax dollars made through payroll\ndeductions by your employer. Hence, they are not included in your gross income\nand are not subject to federal income taxes. Also, in most states,\ncontributions are not subject to state income taxes. When it comes to\nwithdrawals, these are not subject to federal (or, in most cases, state) taxes\nwhen used for qualified medical expenses. Besides this, HSAs can also be used\nas investment accounts to purchase stocks and other securities. Additionally,\nany interest or earnings on the money is tax-free. <\/p>\n\n\n\n<p>Your money\nin your HSA stays available for future medical expenses despite changing health\ninsurance plans, employers, or during retirement. Basically, HSA is a bank\naccount in your name, and you decide how and when to use the money.<\/p>\n\n\n\n<p>One\ndisadvantage of HSA is that a High-Deductible Health Plan (HDHP), which is\nmandatory to qualify for an HSA, can increase the financial burden on\ninvestors. Although you pay less in premiums, it could be difficult to meet the\ndeductible for a costly medical procedure. Also, if you withdraw money for\nnon-qualified expenses before turning 65, you\u2019ll owe income taxes on the money\nplus a 20% penalty. After 65, you&#8217;ll owe taxes but not the penalty.<\/p>\n\n\n\n<p>In\nconclusion, if you have an HDHP, you can avail yourself of the tax advantages.\nHowever, HDHPs aren\u2019t the best option if you have large healthcare expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Should_I_continue_holding_retirement_savings_in_tax-deferred_accounts_such_as_IRAs\"><\/span>5. <strong>Should I continue holding retirement savings in tax-deferred accounts such as IRAs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An\nIndividual Retirement Account, or IRA, is a tax-advantaged account used to save\nand invest for retirement. There are different types of IRAs &#8211; traditional\nIRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs, with different rules for\neligibility, taxation, and withdrawals.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-an-ira\/\"><em>Read our article on <\/em><\/a><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-an-ira\/\"><strong><em>What is an IRA? <\/em><\/strong><\/a><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-is-an-ira\/\"><em>to know all about IRAs.<\/em><\/a><em><\/em><\/p>\n\n\n\n<p>IRA\ninvestments cover a range of financial products, like stocks, bonds, ETFs, and\nmutual funds. A traditional or Roth IRA is a self-directed IRA that lets\ninvestors make all decisions. It also provides access to a wide selection of\ninvestments, like real estate, and commodities.<\/p>\n\n\n\n<p>Individual\ntaxpayers can have either traditional and Roth IRAs while small-business owners\nand self-employed individuals generally open SEP and SIMPLE IRAs. These IRAs\nare meant for retirement savings, and there is a penalty of 10% levied for\nearly withdrawal before the age 59\u00bd.<\/p>\n\n\n\n<p>Contributions\nto traditional IRAs are tax-deductible. If you put $5,000 into an IRA, your\ntaxable income decreases by the same amount. However, when you withdraw money\nfrom the account during retirement, those withdrawals are taxed at their\nordinary income tax rate. For 2021, individual contributions to traditional\nIRAs must not exceed $6,000 in a year unless you are 50 or older, in which\ncase, you can contribute up to $7,000 per year. Also, the IRS changed the\nincome phase-out range for deducting contributions to a traditional IRA for\ninvestors with retirement plans at work. A&nbsp;phase out&nbsp;refers to the\ngradual reduction of a tax credit that a taxpayer is eligible for as\ntheir&nbsp;income&nbsp;approaches the upper limit to qualify for that\ncredit.The phaseout range changed from $104,000\u2013$124,000 in 2020 to\n$105,000\u2013$125,000 for married couples in 2021 and from $65,000\u2013$75,000 to\n$66,000\u2013$76,000 for individuals.<\/p>\n\n\n\n<p>Roth IRA\ncontribution limits for 2021 are the same as traditional IRAs. There are,\nhowever, income limitations for contributing to a Roth IRA. The phase-out range\nfor single filers is between $125,000 and $140,000 in 2021 and, for married\ncouples filing joint taxes, the phase-out range is between $108,000 and $198,000.<\/p>\n\n\n\n<p>A SIMPLE\nIRA, meant for small businesses and self-employed individuals, stands for\n\u201csavings incentive match plan for employees.\u201d It follows the same rules for\nwithdrawals as a traditional IRA. The SIMPLE IRA employee contribution limit in\n2021 is $13,500, and the catch-up limit (for workers aged 50 and above) is\n$3,000.<\/p>\n\n\n\n<p>The\nself-employed, like independent contractors, freelancers, and small-business\nowners, can set up SEP IRAs. SEP stands for \u201csimplified employee pension,\u201d and\nfollows the same taxation rules for withdrawals as a traditional IRA. For 2021,\nSEP IRA contributions are limited to 25% of compensation, or $58,000, whichever\nis less.<\/p>\n\n\n\n<p>In conclusion, for 2021, an IRA is a safe option to hold your retirement savings in, especially because of the checks and measures involved to make sure money before retirement is not withdrawn.<\/p>\n\n\n\n<style type=\"text\/css\">\r\n  .articles-ad-page {\r\n   border-top: 1px solid #ADADAD;\r\n   border-bottom: 1px solid #ADADAD;\r\n   padding: 15px 0;\r\n   margin-bottom: 10px;\r\n   display: block;\r\n  }\r\n\t.articles-ad-page {padding: 10px 5px; border-top: 1px solid #BEBEBE; border-bottom: 1px solid #BEBEBE; margin-bottom: 20px;\t}\r\n\t.articles-ad-page img {float: left; margin-right: 20px; max-width: 140px; margin-top: 5px; margin-bottom: 5px; border-radius: 0;}\r\n\t.articles-ad-page .txt {line-height: 21px; margin-bottom: 0; font-size: 14px; margin-top: 4px; }\r\n  .articles-ad-page .txt p{font-size: 14px;}\r\n  .articles-ad-page .txt p a{color: #035184 !important; font-weight: bold; text-decoration: none;}\r\n  .spocored-text{color: #cac5c5; font-weight: 500; float: right; font-size: 12px;}\r\n  .wa-text{color: #183a68; font-weight: bold; float: left; font-size: 12px;}\r\n  .articles-ad-page .alignleft{ float:left!important;}\r\n  .txt-head{margin-bottom: 2px; text-align: left; margin-top: -6px;}\r\n  .txt-text{margin-bottom: 14px;}\r\n  @media screen and (max-width:767px) and (min-width:320px){\r\n      .articles-ad-page .txt-head {margin-top: -15px; float: left; width: 50%;}\r\n      .articles-ad-page .txt {width: 100% !important; margin-top: 12px;}    \r\n      .articles-ad-page { display: block;}\r\n    }\r\n  @media screen and (max-width: 360px) and (min-width: 320px){\r\n    .articles-ad-page .txt-head a {\r\n        font-size: 16px!important;\r\n        line-height: 16px!important;\r\n    }\r\n    .articles-ad-page .txt-head{\r\n        margin-right: 14px;\r\n            width: 45%;\r\n    } \r\n    .articles-ad-page img{ margin:0 10px 10px 0px!important;}\r\n  }\r\n<\/style>\r\n\r\n\r\n<p><span class=\"spocored-text\" >SPONSORED<\/span> <span  class=\"wa-text\">WISERADVISOR<\/span><\/p>\r\n<div class=\"clearfix\"><\/div>\r\n<div class=\"Articles-ad-page\"><img decoding=\"async\" class=\"alignleft-new\" style=\"margin-top: 0px;\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2023\/03\/ads-image-1.jpg\" alt=\"ad_article\" width=\"\" height=\"\"><p><\/p>\r\n<div class=\"txt-new\">\r\n<p style=\"margin-bottom: 22px;\"> <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-10-tax-planning-questions-to-ask-your-financial-advisor-in-2021&amp;utm_medium=middle\" style=\"color:#035184;     font-size: 20px;font-weight: 700; text-decoration: none;\" target=\"_blank\" rel=\"noopener noreferrer\">Need a financial advisor? Compare vetted experts matched to your needs. Compare credentials and fees.<\/a><\/p>\r\n<p>Choosing the right financial advisor is daunting, especially when there are thousands of financial advisors near you. We make it easy by matching you to vetted advisors that meet your unique needs. Matched advisors are all registered with FINRA\/SEC.  <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-10-tax-planning-questions-to-ask-your-financial-advisor-in-2021&amp;utm_medium=middle\" target=\"_blank\" style=\"font-weight: 700;    color: #035184;\" rel=\"noopener noreferrer\">Click to compare vetted advisors now.<\/a><\/p>\r\n<\/div>\r\n<div class=\"clearfix\"><\/div>\r\n<\/div>\r\n\r\n\r\n\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_How_do_I_proactively_manage_the_tax_rate_associated_with_my_portfolio\"><\/span>6. <strong>How do I proactively manage the tax rate associated with my portfolio?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are\nways you can lower your tax bill in your retirement years if you think ahead of\ntime. For instance, converting some of your IRA balances into a Roth IRA will\nbe helpful in the future. There might be a current tax cost associated with a\nRoth conversion, but, even if that\u2019s the case, if your current tax rate is\nlower than your tax rate in the future, a Roth conversion is beneficial. It\nalso reduces your future taxable income and limits the tax you pay on Social\nSecurity benefits. It can also limit the size of your future RMDs further\nbenefiting your tax rate. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/should-i-roll-my-401k-into-an-ira\/\"><em>Read our article on <\/em><\/a><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/should-i-roll-my-401k-into-an-ira\/\"><strong><em>Should I Roll my 401k Into an\nIRA? <\/em><\/strong><\/a><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/should-i-roll-my-401k-into-an-ira\/\"><em>to assess the pros and cons and make an informed decision.<\/em><\/a><\/p>\n\n\n\n<p>Taxes can\nimpact the size of your invaluable savings. A well thought-out financial plan\ntakes taxes into account. Even while making investments, it is possible to\nproactively create a tax-efficient portfolio that will minimize tax outgo even\nas your money grows into a sizable corpus. Talk to your financial advisor to\nestablish a suitable plan in line with your financial goals. <\/p>\n\n\n\n<p><em>To connect with a financial fiduciary, use<\/em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=tax_planning_questions_to_ask_financial_advisor_in_2021&amp;pagetype=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em> <strong>Paladin Registry\u2019s matching tool<\/strong><\/em><strong><em>. <\/em><\/strong><\/a><em>Answer a few simple questions and match up with qualified financial advisors whom you may interview before engaging. This is a free service. <\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Can_I_still_have_the_retirement_I_want\"><\/span>7. <strong>Can I still have the retirement I want?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re\nunsure whether the financial repercussion of the coronavirus-led pandemic has\nhad any impact on your retirement plans, speak with your advisor to estimate\nyour expected expenses and compare them with your assumption about the\nretirement income you\u2019ll be able to draw upon. If your expected income doesn\u2019t\nmatch your estimated expenses, you\u2019ll need to find ways to boost your savings. <\/p>\n\n\n\n<p>This can be\nachieved by increasing your 401(k) contributions at least enough to take\nadvantage of any company match, and consider making \u201ccatch-up\u201d contributions to\nyour 401(k) and IRA if you\u2019re 50 or older.<\/p>\n\n\n\n<p>If you\u2019re\nalready retired, take the time to evaluate income streams along with your\ninvestment portfolio and real asset holdings. Practice a disciplined, goals-focused\napproach that involves a commitment to staying invested, properly diversifying,\nand thoughtfully re-balancing to suit current situations.<\/p>\n\n\n\n<p>You may also re-prioritize or make trade-offs, even looking for ways to reduce spending or delay certain goals, all of which<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=10_tax_planning_questions_to_ask_financial_advisor_in_2021&amp;pagetype=blog\" target=\"_blank\"> <\/a><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=tax_planning_questions_to_ask_financial_advisor_in_2021&amp;pagetype=blog\"><strong>a financial advisor can help you with<\/strong><\/a><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=10_tax_planning_questions_to_ask_financial_advisor_in_2021&amp;pagetype=blog\" target=\"_blank\">.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Are_there_any_steps_I_can_take_to_minimize_2020_taxes\"><\/span>8. <strong>Are there any steps I can take to minimize 2020 taxes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Your 2020\ntaxes could be trickier than usual. One thing you won\u2019t need to worry about is\nthe stimulus money, also called Economic Impact Payments by the IRS that you\nmight have received from the federal government this year. It will not be taxed\nnor impact the refund you may be due. However, because the stimulus money is\nclassified as an advance tax credit, you may be required to include it on your\n2020 tax return for documentation purposes.<\/p>\n\n\n\n<p>Note that\nthe government has also added some breaks for charitable giving that we have\ncovered in section 2 where we addressed the question, <em>\u201cWill charitable contributions still be deductible under the new law?\u201d<\/em>\nIn summary, for the 2020 returns, taxpayers who do not itemize can still deduct\nup to $300 in cash donations to certain qualifying charities from their taxable\nincome. If you do itemize, and if you make cash contributions to qualifying\ncharities, you can deduct those contributions up to 100% of your adjusted gross\nincome.<\/p>\n\n\n\n<p>In\nconclusion, to answer the question, yes, there are ways the government has\ntaken steps to prevent the pandemic from having further financial implications.\nDo ask your financial advisor for ways to minimize your tax outgo in the year\nand find out the deferment options available to you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_What_are_my_options_for_managing_rising_health-care_costs\"><\/span>9. <strong>What are my options for managing rising health-care costs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Tax-advantaged\nsavings accounts such as flexible spending accounts (FSAs) and health savings\naccounts (HSAs) are options worth exploring. Both are offered by employers and\nfunded with pre-tax contributions. They are not taxed on withdrawal and can be\nused to meet expenses incurred towards a wide range of medical situations. <\/p>\n\n\n\n<p>To open an HSA, you need to enroll in a qualifying high-deductible\nhealth plan (HDHP). Other key differences between the two: an HSA permits you\nto roll over unused funds into future years\u2014and even to another HSA if you\nchange jobs down the line. Self-employed workers can also open an HSA to fund\nmedical expenses now and in the future, as long as they enroll in a qualifying\nHDHP. Post-retirement, your HSA can be used to pay for Medicare and long-term\ncare insurance premiums or other eligible expenses.<\/p>\n\n\n\n<p><em>Did you know that about 15% of a retiree\u2019s annual expenses will go towards meeting healthcare expenses? Read our article on<\/em><a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/planning-for-rising-healthcare-costs-in-retirement\/\"><em> <\/em><strong><em>Planning for Rising Healthcare Costs in Retirement <\/em><\/strong><\/a><em>for a complete picture and explore options on how you can meet this ever increasing requirement.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_How_can_I_be_better_prepared_financially_for_emergencies\"><\/span>10. <strong>How can I be better prepared financially for emergencies?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\ngreatest realization from this coronavirus-led pandemic has been how quickly\nunexpected events can throw our plans off the track. After you\u2019ve reviewed your\ncurrent plans to make sure they\u2019re still on track, it\u2019s a good idea to check\nyour level of preparedness for future financial shocks, or unexpected personal\nexpenses, with your advisor. Together, you can figure out how much you need to\nsave up and discuss ways to invest the cash you\u2019ve earmarked for emergencies.\nWe would like to bring it up here that on average, about six months of pay is\nideally supposed to be set apart for creation of an emergency fund.<\/p>\n\n\n\n<p>Your\nadvisor can review with you how much liquidity there is in your portfolio and\nsuggest strategies to help you fund future needs &#8211; scheduled as well as\nunanticipated &#8211; without potentially jeopardizing your investment assets. You\nmight also want to make sure you have an updated will and documents that state\nwho would be in charge of your finances in case of an unforeseen emergency. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_sum_it_up\"><\/span><strong>To sum it up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The past\nyear has been tough on the entire world. We are all in it together to rebuild\nand revive, lend hope and support. A financial advisor\u2019s role is more relevant than\never, as we try to assess the impact of the pandemic, re-evaluate our goals,\nreposition our portfolio and restart investments for a safer future. Ask your\ntrusted financial advisor the tough questions and clear all your tax-planning\ndoubts before you head into a new tomorrow.<\/p>\n\n\n\n<p><em>To get in touch with a fiduciary advisor who may provide you with wise investment strategies, use <\/em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=tax_planning_questions_to_ask_financial_advisor_in_2021&amp;pagetype=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em><strong>Paladin Registry\u2019s Free Search Tool<\/strong>.<\/em><\/a><em> Based on your requirements, our platform scans through our registered and qualified advisors to match you with a financial advisor that is suited to your needs and goals. Use our additional resources such as the <\/em><a href=\"https:\/\/www.paladinregistry.com\/research\/credentials-financial-certifications\"><em>credential verification tool<\/em><\/a><em> to learn more about the certifications your advisor holds. <\/em><\/p>\n\n\n\n<p> To learn more about the author William Hayslett view his <a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/william-hayslett\/\">short bio<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The year 2020 has been one of the most disruptive in the recent past with the coronavirus-led pandemic pushing the world economy to plunge. There were national lockdowns enforced around the globe and massive layoffs announced across companies &#8211; big and small. Many countries undertook stimulus measures to prevent their economy from going into a recession or to kickstart their growth. The Coronavirus Aid, Relief, and Economic Security (CARES) Act<\/p>\n","protected":false},"author":122,"featured_media":10668,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-10663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Tax-Planning Questions to Ask your Financial Advisor in 2021<\/title>\n<meta name=\"description\" content=\"A financial advisor\u2019s role is more relevant than ever, as we try to assess the impact of the pandemic, re-evaluate our goals, reposition our portfolio and restart investments for a safer future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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