Episode 15: Kelly Wright on Tax Planning for the Benefit of Clients

“I'll give you an example. The standard deduction has increased for a married couple to $24,000. However, in Maryland, the state deduction is only $5,000. So if you itemize on your federal return, that is the only way you're allowed to itemize on your state return. As a result, people who are not itemizing federally cannot itemize on their Maryland State return and their deduction off of their state income is a great deal lower, so their state taxes go up substantially. A lot of people don't see that interplay.”

Taxes are the all-purpose evil for investors and savers alike, but with proper projection and planning, there are some areas where some relief can be had, if you know where to look. Join us for a fact-filled and fast moving half hour as Kelly Wright CFP® shows us how to approach tax planning, how to work within the guidelines for 401Ks, Roth conversions, IRAs and other taxable and deferred accounts for the benefit of our clients.

Kelly Wright CFP® is the Director of Financial Planning at Pinnacle Advisory Group in Columbia, Maryland. Kelly has spent over 30 years planning clients' financial futures, sits on the board of the Financial Planning Association of Maryland, and has worked closely with Michael Kitces to develop the planning protocols that Pinnacle advisors use for their high-net-worth clients every day. He has a master's degree in business with a concentration in finance, a bachelor's degree in mechanical engineering, and is a Certified Financial Planner.