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Tax-Free Retirement Planning Services

As the average life expectancy for Americans increases, it’s more important than ever to plan for your retirement—and to ensure that your retirement funds will allow you to live comfortably once they become your primary source of income. In order to maximize your retirement funds, you should consider legitimate tactics to minimize your taxable income.

While you can’t know what the tax rate will be when you retire, you can implement certain strategies to try to limit taxation on your retirement funds. Chandler & Knowles CPAs can help you discover tax-free retirement saving strategies that you might not have known were available to you and help you avoid wealth-eroding factors. Whether you are just starting to save for retirement at the beginning of your career or you are looking for help navigating Social Security as you approach 65, an experienced CPA from our firm can help you make financial decisions that will continue to benefit you over the course of your life.

Our Tax-Free Retirement Planning Services Include:

  • Roth IRA Conversions -- Roth IRAs are a popular option for tax-free retirement planning, as you can place after-tax money in this type of account and avoid being taxed on funds you withdraw during retirement. Unlike simple IRAs and 401(k)s, Roth IRAs don’t have a required minimum distribution when you turn 70 ½. For these reasons, many people choose to convert money in an IRA or 401(k) to a Roth IRA. Chandler & Knowles can help you understand the tax implications of Roth IRA conversions and minimize your taxes when you roll funds over to this type of account.
  • Permanent Life Insurance -- Permanent life insurance is a financial tool that provides you with insurance protection for as long as you live while giving you access to a unique wealth building opportunity. Having a permanent life insurance plan provides you with the capabilities to to consume by enhancing the value of your assets and also the ability to leave behind a financial foundation to protect your family. Our insurance professionals at Chandler & Knowles CPAs can help you understand and set up a permanent life insurance plan possessing features such as cash flow, guaranteed return on investment, liquidity, tax-exempt wealth accumulation and distribution, and full protection and flexibility.
  • Annuities -- Annuities are a type of tax-free insurance product that can provide an income stream for the rest of your life once you retire. If you’re considering investing in annuities as part of your retirement planning, a CPA from our firm can discuss the difference between fixed and variable annuities and help you make an informed decision.
  • Portfolio Diversification -- Portfolio diversification is an important part of planning. Using the LEAP model, our professionals at Chandler & Knowles CPAs can show you how different financial assets work together and how you can use multiple tax-saving strategies to minimize your risk as you prepare for retirement.
  • Social Security Planning -- The age at which you decide to start taking Social Security has a major impact on the benefits you receive. We can help you plan ahead to maximize your Social Security benefits, whether you are planning to continue working after you turn 65 or need to retire early.

Retirement Planning Tax Benefits for Business Owners

As an entrepreneur preparing for retirement, you will likely need to consider how best to structure your business for sale in order to minimize your taxes and give yourself a steady business income on which to live. At Chandler & Knowles CPAs, we provide advanced tax planning services to both individuals and businesses, making us well-positioned to assist the small business owner who is approaching retirement.

401(k) plans

A 401(k) plan can be an important source for retirement savings. As of 2019, the maximum amount of tax-free money for employee elective contributions is $19,000.

The money you contribute to your 401(k) is treated as pre-tax income. It reduces your annual taxable income while you are still working. You begin paying regular income tax as you start withdrawing from your account after you retire, usually during a time when your tax bracket is lower.

403(b) plans

Similar to a 401(K), and with the same contribution limits, 403(b) plans are typically used by public and non-profit sector employees. The same tax deferment rules apply.

Individual Retirement Accounts

Rather than being only offered by employers, IRAs are available to anyone who has an income. For 2019, the annual contribution limit is $6,000 ($7,000 for those age 50 or older). There are two types of IRAs: the regular (or traditional) IRA and the Roth IRA.

Each type of individual retirement account has its tax benefits. The Traditional IRA provides those benefits up front; the Roth IRA grows through taxed contributions, with tax savings benefits after retirement.

Roth IRA vs. Traditional IRA

A regular IRA is tax deductible, but you will be taxed when you begin drawing from your account—and you must begin withdrawing from the account at age 70 and a half years.

Roth IRA is not tax deductible. However, there is no mandatory withdrawal age and you pay no income tax when you start withdrawing from your Roth IRA.


Annuities are basically prepaid insurance policies. You contribute a lump sum (or periodic payments on top of the original amount). At some time in the future you begin receiving periodic payments (i.e., annuities) from the amount accrued in your annuity.

If you have some excess funds, or have maxed out your 401(k) and IRA contributions, annuities offer tax deferred benefits for retirement planning. You are not taxed on the principal amount of the annuity account. However, you will pay income tax on amount of interest your annuity accrued over the life of the account.

Take Advantage of Our Retirement Planning Services

At Chandler & Knowles CPAs, we don’t want our clients to be in a position where they have to scrape by on Social Security—we want to help all of our clients make smart financial decisions so that they can enjoy a comfortable retirement.

To speak with a professional CPA and learn more about our tax-free retirement planning services, contact Chandler & Knowles CPAs today by filling out our online form or calling us at (817) 430-3000 and make an appointment to visit our office located in Flower Mound.

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"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"

~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC

They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.

~ Rick Schenck, UPS Business Owner

Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.

~ Todd Benton

"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."

~ Tracy Richards