One day, a client started working with the CayDen Wealth Management team in hopes of maximizing their tax refund, while positioning their finances to also maximize wealth growth. They didn’t owe anything in taxes, but they wanted to see if there was a way to increase their refund... After Shane Dennehy, CFP®, ChFC® and I carefully analyzed their tax situation, we noticed something that could work in their favor—the wife didn’t have access to a 401(k) through her work.
We suggested making a spousal contribution to an IRA in her name. With this strategy, they could claim an additional deduction, which would increase their refund. We implemented the recommendation, and the results were impressive—their refund grew significantly. Not only did they get more money back, but they also took another step toward securing their financial future by boosting their retirement savings.
The clients were thrilled. It was a simple solution that had a meaningful impact, and it reminded me just how powerful good planning can be for both the present and the future!
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Who helps you review your taxes and financial plan to maximize your financial situation? #Plan, #Save, and #Invest for financial success and your own version of #FinancialFreedom with CayDen Wealth Management. Schedule your free review, today, at www.caydenwm.com.
Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.
Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.
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