Maximizing Your Inheritance: Smart Tax Strategies with Deborah A Schaub

Financially Ever After Widowhood

Are you maximizing your tax strategies to avoid costly pitfalls? In this episode of Financially Ever After Widowhood, financial expert, Deborah Schaub, shares with Stacy Francis crucial insights into effective tax planning. With a background working for Fortune 500 companies like Price Waterhouse and IBM, Deborah founded CNB Accounting in 2016 to provide personalized financial advice. She emphasizes that many accountants focus on form-filling rather than strategic planning, a gap she addresses through comprehensive tax planning. Deborah’s philosophy is simple yet profound: truly understanding your finances is key to avoiding unnecessary losses.

• Planning for today, next year, and the future can help reduce tax burdens and prepare for financial changes.
• A 3.8% tax affects high earners (above $200,000 for singles) at federal, state, and potentially city levels; strategic portfolio management can help minimize this tax.
• Surviving spouses may face higher taxes due to changes in their filing status; careful planning can mitigate the impact.
• Coordinated planning with financial advisors and CPAs can significantly reduce tax liabilities and manage higher marginal tax rates, especially important for surviving spouses.
• Net investment income tax is often underreported, but it can result in significant costs if not managed properly.
• As income increases, especially for surviving spouses, higher marginal tax rates can exacerbate financial burdens.
• Charitable deductions and bunching strategies are effective ways to reduce taxable income.
• Many accountants focus on form preparation rather than strategic planning; proactive tax planning can offer substantial savings.
• Staying within legal tax boundaries is crucial, but smart planning can still significantly reduce tax liabilities.
• Women facing divorce or the loss of a spouse often need to change accountants to find someone who listens to their unique financial needs.
• Understanding taxes and personal finances is key to making informed decisions and avoiding unnecessary financial losses.

Resources:

Deborah Schaub on LinkedIn

Phone: [phone]

Email: [e-mail]

CNB Accounting Website

Stacy Francis on LinkedIn | X(Twitter)

Email: [e-mail]

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at [phone] or visit Francis Financial today!