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Below is our recent interview with Dan Harding, the founder of TaxHACKer:
Q: For those who haven’t heard of it, what is the best way to describe TaxHACKer?
A: TaxHACKer is a powerful financial planning system that combines four components:
1.A proprietary, smart calculator
2.Tax mitigation
3.Wealth enablement, and 4.Retirement planning
This program is optimal for high-net-worth individuals, venture capitalists, and small business owners who make more than $250,000 per year.
One of the pains felt by many of our clients is they wake up every day and work hard to make an income. But high annual tax payments eat away at their earnings, leave their savings growing as a sluggish pace, and they wonder … “Where did my wealth go?”
Sophisticated tax planning and retirement savings are really the keys to address this pain. TaxHACKer holds your hand and shows you the tax and retirement savings vehicles available to help you save more for retirement and grow your money to levels you never thought possible.
Q: You’ve recently launched a new retirement plan solution, could you tell us more about it?
A: Aside from reducing taxes and creating a wealth building system, TaxHACKer allows clients to do one important thing: self-direct their 401(k) assets into alternative investment options.
This is where we see substantial wealth creation being made, and a majority of out-of-the-box retirement plan solutions on the market don’t allow for this.
As a Silicon Valley firm, we’ve helped venture capitalists and high-net-worth individuals invest in non-traditional/alternative asset classes (e.g., REITS and private company stock, etc.) at a much lower market cost due to our economies of scale (generally at only 50bps). This gives investors a rich pool of funds to choose from. In addition to this scale, the services offered within our program extend a value to clients not readily found in the industry.
Our playbook, “Turn Your Dreams of Wealth into a Reality”, outlines the different ways investors are able to take advantage of this self-direction feature.
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Q: What’s the most important advice you can give to someone wanting to sponsor a retirement plan?
A: I’d encourage anyone looking to sponsor a retirement plan to ask a potential provider these three important questions:
•Do you offer a cash balance plan? Cash balance plans can help business owners realize tax deductions and savings rates up to 4x greater than with a 401(k) plan alone, and allow business owners to contribute hundreds of thousands of dollars to their retirement each year, accelerating wealth accumulation.
•What are your all-in fees? Ask about set-up fees, asset-based fees, service fees, and the like so you can make a fair, apples-to-apples comparison on not just price, but value and services offered.
•Am I able to invest in alternative asset classes? Access to non-traditional assets such as real estate investment trusts (REITs), commercial insurance, or private company stock, can catapult wealth creation in one important way:
Roth 401(k) assets (assets that have taxes paid upfront so you can make withdrawals tax-free during retirement) can be held on our platform and invested into startups. Buying an early-stage company stock, (think Facebook), who turns IPO can result in millions or billions in tax-free assets! This is powerful as it’s the only opportunity for a tax free exit over and above the $10 million Qualified Small Business Stock Election (QSBS).
Q: How did you design your smart calculator to be different from other free calculators already on the market?
A: While there are a lot of tax calculators out there, our TaxHACKer calculator rises above the rest and our goal was four-fold.
We wanted to:
1.Incorporate the new administration’s tax laws and apply them to modern day tax savings. With TaxHACKer, we simplify complex tax and pension codes to provide an understandable solution to our clients.
2.Include specific demographic and financial information beyond age and salary, giving people a way to see an outcome that is completely unique to them!
3.Show a tangible and real projection of both tax savings and wealth creation, up to 15 years down the line.
4.Package these findings inside a meaningful, custom WEALTH REPORT.
Most calculators on the market aren’t sophisticated enough to analyze the complex tax laws, by state, and formulate backend models that can be applied to a distinct situation.
The TaxHACKer calculator and WEALTH REPORT give you a very clear roadmap of how to reduce your taxable gross income through a patented mix of 401(k) Profit Sharing and Cash Balance Defined Benefit plans. And with the 5, 10, and 15-year wealth building projections, TaxHACKer is a complete, end-to-end retirement solution.
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Q: How has not thinking outside of the box, but eliminating the box completely helped in developing your company?
A: Our mission is and will always to give people what they really want. The freedom to dream big, change their reality, and live life on their terms.
People want creative solutions to their problems, period. Taxes are not a new problem, but creatively applying the law in your favor and knowing what mix of retirement investments to tap can help you achieve the future you want.
Clients also want things to be simple. The WEATH REPORT is simple and can be taken directly to your CPA or financial advisor for discussion.
And investors want clear choices. We provide that in many ways including, giving people choice in regards to where to invest their money, what vehicles they want included in their retirement program, and what amounts of money they wish to contribute based on their budget.
Lastly, I think everyone wants things to be easy. Our retirement solution can be purchased online as you would buy a product on Amazon. This is a feature rarely seen in the retirement planning space and is the type of innovation we’re committed to offering as an organization.
Our TaxHACKer video describes this entire program.
Q: What can we expect from your company in the future? Do you have any new features in the pipeline?
A: We are finalizing a second product launch for 2019 that will take wealth building to the next level, and focus exclusively on entrepreneurs who want to pay less or zero taxes at their own exit!
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