Tax Advantages You Need To Know About!
We made it! Tax season is finally over… and what a great time to start taking advantage of the unique tax advantages that are available to you for next year’s return!
Every year people try to think of ways to reduce their tax bills, but one strategy most people don’t think to use is Bank On Yourself.
Don’t miss out on these Bank On Yourself tax advantages:
- Retirement Savings Withdrawals
Most people save for retirement in tax-deferred accounts (401k, IRA’s etc.). The problem with this is we don’t know what tax rates will be when we retire. Most experts agree that they will probably be higher than today’s rates, which means you will be paying higher taxes on a larger number.
Why would you rather pay your taxes in retirement? Retirement is when you need your money the most!
- Reduce the Taxes You’ll Pay on Your Social Security Benefits
One thing most people do not know is typically you have to pay taxes on your Social Security benefits. The retirement income you take from your Bank On Yourself policy is not included when the IRS calculates your income level that determines how much taxes you will pay on your Social Security payments.
With Bank On Yourself, there is no Required Minimum Distribution (RMD) as there is with a government-sponsored retirement plan, which gives YOU more control of your retirement income.
- Tax Benefits for Business Owners
More and more business owners are discovering the advantages of Bank On Yourself for financing business expenses including vehicles, equipment, office buildings and more…
Using Bank On Yourself in this way allows you to take tax deductions for interest and depreciation.
- Leave a Larger Financial Legacy
One benefit of a Bank On Yourself policy people often overlook is the death benefit! Unlike traditional retirement plans, you can leave a legacy to your heirs without the hassle of taxes. The death benefit of a Bank On Yourself policy will pass to your loved ones income-tax FREE (under current tax law)!
How many times have you heard about people having to wait months (or even years) to receive their inheritance? With Bank On Yourself you do not have to worry about your loved ones having to go through this—especially when they are already grieving your loss.
To get started with Bank On Yourself and receive all these tax advantages, contact us today! Call Whitney at 614-536-0305 or click the orange “Get Started” button on the right to request a free consultation!