Dr. Harold Wong
What would your retirement future look like if you could save major income tax every year? Most folks have no idea, because they have never found a CPA or tax preparer who can do this. This article will cover two different scenarios: tax savings to help you retire early and how tax savings during your retirement years will make you happy.
I have spoken at medical and dental conventions, and medicine is no longer fun, with decreasing payments from Medicare, Medicaid, and insurance companies. The #1 goal of folks in the medical field is to retire 5 to 15-plus years earlier. My solution is very simple, and it revolves around big tax savings. It’s not unusual that taxable income is at least $300,000. In 2025 total federal and Arizona income tax would be $65,194. If I can save them $55,000 a year of income tax and average a 10% annual return, this will become $3,150,125 more in their retirement savings bucket, and they could retire early.
There are other families who have at least $150,000 of taxable income. This couple would owe $26,578 total federal and Arizona income taxes. If I saved them $25,000 of annual tax and earned 14%, in 15 years they would have an extra $1,096,060 of retirement savings. If they could receive a steady 8% cash flow, this would be an extra $87,685 of annual retirement income.
Next, let’s talk about folks who are already retired and only owe $10,000 to $15,000 of annual income tax. What if I could save you $10,000 of annual income tax? Surveys show that the #1 bucket list Americans have in retirement is more travel. If you had $10,000 more in your travel budget, you would be able to afford to visit your three kids and grandkids (living in three different cities) at least six times each year. What if you don’t want a lot of travel? How many rounds of golf could you play with an extra $10,000 a year? Most folks don’t have hobbies that cost $10,000 a year.
Conclusion: Come to the seminar and find out how clients have cut their federal income tax to $0 and recovered all federal tax paid in the past three years! One client recently received $291,000 recovery from the 2021 taxes paid.
Attend my Free Live Seminar on Wednesday, June 18, from 6:30 to 8 p.m. at the Globe Room in the Pyle Adult Recreation Center, 655 E. Southern Avenue, Tempe, AZ 85282. This building is 50 yards northwest of the main Tempe Public Library. The topic is “Tax Savings Allows You to Retire Early and Happy!” Snacks and soft drinks will be provided.
To RSVP for the seminars or schedule a free consultation, please contact Dr. Harold Wong at 480-706-0177 or harold_wong@hotmail.com. His website is www.drharoldwong.com.
Dr. Wong earned his PhD in economics at UC Berkeley in 1974 and passed the National CPA exam in 1979. He has appeared on over 400 TV/radio programs.