Tax Planning

How Could the One Big Beautiful Bill Impact Taxes for Retirees?

The One Big Beautiful Bill (OBBB) includes several tax changes that directly affect retirees, especially how their Social Security is taxed, how much of their income is shielded by deductions, and how much they can deduct in-state and local taxes (SALT). While some speculate that tax deductions could cause further deficit and Social Security Trust [...]

By |2025-07-25T13:44:42-04:00July 28th, 2025|Blog, Government, Tax Planning, Taxes|

Protecting Your Legacy: How to Navigate Wealth Transfer Taxes Amid Uncertainty

Careful planning is essential to help ensure your wealth passes efficiently to your loved ones. With significant changes potentially on the horizon, estate and tax planning remains crucial. The federal estate tax exemption stands at $13.99 million per individual and $27.98 million for married couples in 2025. However, there’s growing uncertainty about whether these historically [...]

By |2025-06-09T11:46:41-04:00June 9th, 2025|Blog, Estate Planning, Financial Planning, Tax Planning|

Retirement Account Management and the Tax Question

Navigating the intricacies of retirement accounts can often feel like charting unfamiliar territory. Whether you're adjusting your investment portfolio or considering contributions and withdrawals, understanding the tax implications is crucial to maximizing your retirement savings. Let's delve into how transactions within Individual Retirement Accounts (IRAs) and 401(k) plans are taxed and how these differ from [...]

Post-Tax Season Tips for Pre-Retirees

Tax season is behind us, but for pre-retirees—those within 10-15 years of retirement—this is the perfect time to reassess financial strategies. The decisions you make now can significantly impact your retirement lifestyle, taxes, and financial security. Here are five key post-tax season moves to keep you on track. Tax-Advantaged Retirement Contributions If you’re still working, [...]

By |2025-05-19T10:56:54-04:00May 19th, 2025|Blog, Financial Planning, Tax Planning, Taxes|

8 Financial Habits to Start Before Tax Season

Tax season can be challenging, especially if one is not financially prepared. While it may seem tedious, preparing beforehand can save time from last-minute hassles and help optimize tax returns. Therefore, adopting certain financial habits before the onset of tax season may help lighten the tax season's load. 1. Regular expense monitoring—The first habit to [...]

By |2025-03-10T10:18:44-04:00March 10th, 2025|Blog, Tax Planning, Taxes|

2025 Social Security Benefits and Taxes

People often misunderstand Social Security retirement benefits and taxation since not all benefits are taxable. The amount of benefits one receives and how much Federal tax applies depend primarily on the income level of the receiver and other factors. How to determine if benefits are taxable If Social Security benefits are the only source of [...]

By |2025-03-02T22:58:08-05:00March 3rd, 2025|Blog, Social Security, Tax Planning, Taxes|

Covering New Tax Proposals From the “Project 2025” Agenda

Project 2025, a policy blueprint developed by the Heritage Foundation, has stirred significant attention due to its controversial tax proposals. This 900-page mandate from the conservative think tank outlines profound changes that could fundamentally alter the federal government, including the tax system. Here's what you need to know about Project 2025 and its potential impact [...]

By |2024-08-23T14:10:31-04:00August 19th, 2024|Blog, Government, Tax Planning, Taxes|

How Much Do Retirees Really Pay in Tax?

If you’re looking for information to inform your tax planning strategies for your retirement, look no further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] [...]

By |2024-05-28T10:53:29-04:00May 28th, 2024|Blog, Tax Planning, Taxes|

These 3 Tax Strategies Could Help Your Retirement Strategy

Have you been considering the impact taxes will have on your retirement savings? Have you been strategic in managing the effect taxes may have on your financial future? If you answered no to either of these questions, you may want to take a look at the following tax planning ideas. Consider a Roth IRA You [...]

By |2024-01-08T08:05:46-05:00January 8th, 2024|Blog, Tax Planning, Tax Strategies|
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