Description

Smart tax planning starts with understanding your current position and identifying opportunities that match your situation.

In this episode, Scott Ford and team members Jeff Socha - CEO & Founder, Socha Capital Wealth Strategies, Ashley Sowers - Partner, Wealth Advisor, Brian Staples - Wealth Advisor,  and John Saunders - Partner, Wealth Advisor, break down tax planning approaches across three asset tiers: $500k-2M, $2M-10M, and $10M+. We explore foundational concepts like qualified plans and itemized deductions while highlighting business-owner-specific strategies.

The discussion reveals how proactive planning early in the year opens up more options compared to reactive December moves. The team shares real examples of coordination between business structure, retirement accounts, and charitable giving that can help create tax efficiency without unnecessary complexity.

The conversation reinforces that effective tax planning isn't about chasing exotic strategies or quick fixes. It's about methodically reviewing options, understanding which ones align with your goals, and implementing them consistently over time. As one team member notes, "Small hinges swing big doors."

Highlights:

• How qualified plans and cash value life insurance work together as complementary planning tools
• The tax implications of the 2025 sunset provisions and what that means for planning windows
• Using tax-advantaged accounts - understanding the differences between tax-deferred, taxable and tax-free options
• Business entity selection impacts - comparing structures like S-Corps, partnerships and C-Corps for tax treatment
• Income shifting strategies for business owners, including legitimate ways to engage family members in business operations
• The value of proactive planning versus reactive December tax moves, including the "Augusta Rule" for business owners

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Jeff Socha is not an affiliate of Cetera Advisor Networks, LLC or CWM, LLC.

Hear Past episodes of the Way2Wealth Podcast!
https://theway2wealth.com

Learn more about our Host, Scott Ford, Managing Director, Partner & Wealth Advisor
https://www.carsonwealth.com/team-members/scott-ford/

Investment advisory services offered through CWM LLC, an SEC-registered investment advisor. Carson Partners, a division of CWM LLC, is a nationwide partnership of advisors. The opinions voiced in the Way to Wealth with Scott Ford are for general information only and are not intended to provide specific advice or recommendations for an individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Guests on Way to Wealth are not affiliated with CWM, LLC. Legado Family is not affiliated with CWM LLC. Carson Wealth 19833 Leitersburg Pike, Suite 1, Hagerstown, Maryland, 21742.