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, [...]
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 [...]
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 [...]
Many view pets as part of their family and essential to their happiness and mental health. Pets can be an added expense as they may need special diets, require veterinary services, and in some cases, pet daycare. Pets are not considered dependents when it comes to taxes, but if your pet plays a specific role [...]
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 [...]
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] [...]
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 [...]
We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Because taxes are calculated from January 1st to December 31st of each year, and certain retirement rules and laws [...]
How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA [...]
As you plan for retirement, it's important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023. Consider the Tax Structure of Your State and Locality Consider living in a tax-friendly state.[1] Many states offer [...]
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