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Tax Planning

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Introduction to Tax Planning

The advisors at Smith Complete Wealth help clients develop tax-conscious financial strategies designed to align with their goals, income needs, and long-term objectives. Tax planning is not about finding shortcuts or guaranteeing lower taxes. Instead, it's an ongoing process of evaluating opportunities, identifying potential risks, and making informed decisions throughout the year to help improve tax efficiency where appropriate.

Effective tax planning touches many areas of your financial life, including retirement savings, investment management, charitable giving, business decisions, and estate planning. Because tax laws and personal circumstances can change over time, we regularly revisit your strategy and coordinate with your CPA or tax professional when appropriate. No two tax plans at Smith Complete Wealth look alike because every family, business owner, and retiree has a unique financial picture.

Smith Complete Wealth does not provide tax or legal advice. Clients should consult their tax and legal professionals regarding their individual situations.

Webinar: “Tax Planning in Action: Strategies for Today and Savings for Tomorrow”

Watch a recording of the September 2026 webinar where Les Smith and Clay Mallard discussed tax planning strategies that could help reduce your tax burden and avoid surprises next April. We covered topics such as Roth conversions, IRMAA surcharges, the widow's tax penalty, inherited IRA distribution rules, and more

Watch on YouTube

Tax Planning Before and During Retirement

As retirement approaches, taxes often become one of the most significant factors affecting your income strategy. Decisions about when to claim Social Security, when to withdraw from retirement accounts, and how to coordinate different income sources can all influence your tax situation.

We work to evaluate these decisions within the context of your broader retirement plan. Strategic withdrawal planning, Roth conversion analysis, Required Minimum Distribution (RMD) planning, and coordination of retirement income sources may help create greater flexibility throughout retirement. Because retirement may last decades, thoughtful tax planning can play an important role in helping you preserve more of what you've worked hard to build while supporting your desired lifestyle.

What Should Your Tax Strategy Be Designed to Accomplish?

Tax Planning at Smith Complete Wealth is proactive and highly personalized. Rather than focusing only on tax season, we help clients think about taxes year-round and how they impact broader financial decisions. We'll work together to identify opportunities that fit within your overall financial plan, giving you confidence that you're making informed decisions today while preparing for tomorrow.

Income Tax Planning

We'll review your current income sources and tax situation, including your filing status and taxable income, to identify planning opportunities that may help improve tax efficiency. This can include evaluating earned income, retirement income, investment income, Social Security benefits, pensions, and other sources of cash flow to understand how they work together within your tax picture. The U.S. has seven federal income tax brackets, with rates ranging from 10% to 37% in 2026; your highest tax rate applies only to income within that bracket. See the IRS 2026 tax adjustments.

Retirement Account Strategies

We'll discuss how retirement accounts fit into your overall financial plan and explore strategies involving traditional IRAs, Roth IRAs, employer-sponsored retirement plans, and other qualified accounts. Understanding how contributions, growth, and future withdrawals may be taxed can play an important role in long-term financial planning. Deductible traditional IRA contributions reduce adjusted gross income, but eligibility depends on income, filing status, and workplace retirement plan coverage. See IRS IRA deduction rules. For 2026, the IRA contribution limit is $7,500, plus $1,100 for those age 50 or older, subject to eligibility and compensation requirements. The IRS employee 401(k) contribution limit is $24,500, with additional catch-up retirement contributions available to eligible participants.

Investment Tax Efficiency

We'll help evaluate how taxable investments, tax-advantaged accounts, and various investment vehicles may impact your overall tax situation. This may include discussions around capital gains, dividend income, asset location strategies, and other considerations that can influence after-tax outcomes. Tax-loss harvesting involves selling investments at a loss to offset capital gains. Excess net capital losses can offset up to $3,000 of ordinary income annually ($1,500 if married filing separately), with unused losses carried forward; wash-sale rules can limit deductions. See IRS capital loss guidance.

Charitable Giving Strategies

We'll explore charitable giving approaches that may align with both your personal values and broader financial goals. Depending on your circumstances, this could include discussions around qualified charitable distributions, donor-advised funds, appreciated securities, or other charitable planning strategies. Itemizing eligible deductions, such as mortgage interest and qualifying charitable donations, may reduce taxable income more than the standard deduction when their combined deductible amount is higher. See IRS deduction guidance.

Business Owner Tax Considerations

For business owners and self-employed individuals, we'll review how business decisions may interact with personal financial goals and tax considerations. While working alongside your CPA or tax advisor, we can help evaluate retirement plan options, succession planning opportunities, entity structure considerations, and other areas that may impact your overall strategy.

Tax Diversification

We'll discuss the potential benefits of maintaining assets across different tax categories, including taxable, tax-deferred, and tax-free accounts. Having access to multiple sources of retirement income may provide greater flexibility when managing future tax liabilities and retirement cash flow needs.

Ongoing Coordination

Tax planning is rarely a one-time event. We'll regularly review changes in tax laws, life circumstances, income levels, and financial objectives to determine whether updates to your strategy may be appropriate. We also encourage collaboration between your financial advisor, CPA, and attorney to help ensure all aspects of your financial life work together effectively. Regularly reviewing withholding and estimated payments with your tax professional can help you manage your tax bill and avoid underpayment penalties at tax time. See IRS withholding guidance. Keeping organized tax records also helps document deductible expenses.

Why Families Choose Smith Complete Wealth for Tax planning

Smith Complete Wealth offers a broad range of financial planning services and connections to those services we don't have in-house. We're differentiated by the care and attention we give to each client, seeing each person as an individual while bringing our depth of experience with similar people to create a customized plan tailored to your circumstances and goals.

We believe tax planning works best when it's integrated into your overall financial plan rather than treated as a separate exercise. Our advisors take the time to understand your family, career, retirement goals, and financial objectives so we can identify planning opportunities that fit within the bigger picture.

Founded by a former professional athlete, Smith Complete Wealth follows a disciplined approach to helping clients pursue their financial goals. We're not swayed by temporary trends or year-to-year tax headlines. Transparency, accountability, and intellectual rigor remain central to our process as we help clients make informed financial decisions with confidence.

How We Develop Your Personalized Tax Planning Strategy

We believe Tax Planning should be as individual as the people we serve. That's why we begin by understanding your complete financial picture, including your income sources, retirement accounts, investments, business interests, charitable goals, and long-term objectives.

From there, we identify strategies that may fit your situation and coordinate those recommendations with your broader financial plan. Our advisors continuously seek new knowledge and planning insights through industry education, professional networks, and advanced financial planning technology. While we're always looking for ways to better serve our clients, we never lose sight of what matters most: the relationships we build and the trust our clients place in us.

We want your process from prospect to joining the Smith Complete Wealth family to be as easy as possible. We generally follow these steps when bringing on a new client:

Contact us by calling the office at (931) 674-2082 or clicking the "Contact Form" button at the bottom of this page.
Initial Conversation: We'll schedule a brief introductory call to learn more about you, your goals, and what you're looking for. This is usually done as a 5- to 10-minute phone call. During the Initial Conversation, we'll get you scheduled for a Deep-Dive Conversation if it seems like a good fit.
Deep-Dive Conversation: You'll meet with one of our financial advisors, during which they'll review your current financial situation, retirement objectives, healthcare concerns, and family goals. We'll gather the information needed to develop personalized recommendations.
Final Conversation: We'll present our recommendations, explain potential planning opportunities, and discuss how we can help you implement and maintain your strategy.

Once you become a client, we'll continue reviewing your situation as your financial life, health considerations, and planning needs evolve.

Who We Help With Tax Planning

We work with individuals and families in all stages of life, from hardworking professionals and business owners to pre-retirees and retirees seeking a thoughtful, tax-conscious approach to financial planning. While many of our clients are located throughout Middle Tennessee, including Williamson, Maury, Davidson, and Cheatham counties, we proudly serve clients across Tennessee and throughout the country.

We're honored to work with blue-collar families, manufacturing and utility professionals, small business owners, and others who value personalized advice that connects tax planning to their broader financial goals. We do not currently have a minimum asset requirement for new clients. We simply enjoy working with good people who value hard work, honesty, and thoughtful planning.

Tax Planning FAQs

We know many of the questions you have require answers unique to your situation. Below we’ve provided answers to some of the more general questions that our prospective clients typically ask.

What is tax planning?

Tax planning is the process of evaluating financial decisions and opportunities through a tax-conscious lens. The goal is to develop strategies that may improve tax efficiency while supporting your broader financial objectives. Tax deductions reduce taxable income, while eligible tax credits reduce the tax owed dollar-for-dollar. Understanding the difference helps taxpayers evaluate potential benefits. See IRS credits and deductions.

Do you prepare tax returns?

No. Smith Complete Wealth does not prepare tax returns. We work alongside your CPA or tax professional to help identify planning opportunities and coordinate financial strategies where appropriate.

When should I start tax planning?

Tax planning is most effective when conducted throughout the year rather than waiting until tax season. Ongoing planning often creates more opportunities to make proactive adjustments before deadlines arrive.

Can tax planning help with retirement?

Tax planning can play an important role in retirement preparedness and retirement income strategies. Decisions regarding retirement account contributions, withdrawals, Roth conversions, and income sequencing may impact long-term tax outcomes.

What is a Roth conversion?

A Roth conversion involves moving assets from a traditional retirement account into a Roth account, which may create a taxable event in the year of conversion. Whether a Roth conversion makes sense depends on your personal financial circumstances and should be evaluated carefully.

Can you help business owners with tax planning?

Yes. We frequently work with business owners to help coordinate financial planning decisions with tax considerations in collaboration with their CPA and other professional advisors.

How often should my tax strategy be reviewed?

We recommend reviewing tax-related strategies regularly and whenever significant life events occur, such as retirement, a job change, the sale of a business, inheritance, major investment gains, or changes in tax law.

How does tax planning fit into my overall financial plan?

Tax planning is most effective when coordinated with investment management, retirement planning, estate planning, and risk management strategies. By looking at the full picture, we can help ensure financial decisions, including investment decisions, are working together toward your long-term goals.

If you have other general questions about Smith Complete Wealth, check out our full FAQ page or reach out and ask. We’d love to meet you.

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Ready to Take the Next Step?

If you’re feeling unsure about your current tax planning strategies, we’d love to talk. There’s no need to have it all figured out before partnering with a financial advisor like Smith Complete Wealth—helping you sort through those questions and make informed decisions is part of the tax planning process.

Give our office a call at (931) 674-2082 or complete the Contact Form:

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How I Help Introduction to Tax Planning