They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for all of your financial planning needs is that [...]
People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it's about the beginning of a new, often quite active phase of life that could last decades. And while this is something to [...]
Are you aware of the latest news that could affect your money? We recently heard from Federal Reserve Chairman Powell regarding interest rates, plus the Biden administration released a “Green Book” outlining some potential tax-increasing measures. There are several big changes proposed, and if they come to fruition, you may need to review your tax [...]
The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may think you won’t have to worry as much about [...]
Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income [...]
We’ve entered a full year of living with the pandemic, and there have been several events during the year that could affect you this tax season. In April 2020, the CARES Act (Coronavirus aid, Relief, and Economic Security Aid) provided relief to individual Americans and businesses and temporarily altered some parts of the tax code. [...]
Will your tax burden dramatically decrease in retirement once you stop receiving a paycheck? Maybe not – maybe it will increase. Between retirement account distributions, Social Security benefits, and investments, you may have reasons to review your tax strategy in retirement. We may be experiencing relatively low taxes right now, but the recent change in [...]
As we enter this tax season, you may realize that your situation has changed. Maybe you were affected by the CARES Act, COVID, or went through a life change such as retirement, or became empty nesters. All of these things can affect how you file our taxes and now is the time to consider them. [...]
You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, the payroll tax, and Medicare tax. However, your income in retirement could be significant, between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Starting at age 72, you likely [...]
Now that President Biden has been sworn in and the Senate is evenly split between Republicans and Democrats, it’s time to consider what tax policy changes could be coming. President Biden and Vice President Harris proposed several tax-increasing measures on the campaign trail, and it’s important to consider how they could affect you. Here are [...]
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