You may be wondering where to begin thinking about your tax strategy so you are not excessively taxed in retirement. Avoiding these three common mistakes can help you begin thinking about what a comprehensive tax strategy might look like for you. Having Too Much Taxable Income When you approach retirement, you'll have to start thinking [...]
Taxes are highly important to consider when it comes to your retirement. You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may [...]
Unless you had to file for an extension, you’re probably feeling pretty good that you were able to check “Tax Day” off your to-do list. Now you can relax, right? Well, we like to be prepared so we suggest maintaining organized planning to better prepare yourself for your upcoming 2022 income tax returns. Did you [...]
Tax season can seem like a pain, but with some forward-looking planning, it becomes far less daunting. Taxes are often our single largest expense, so they’re crucial to consider in your financial planning year-round. Here are some tips to help you prep for tax filing this year and steps to take to minimize your tax [...]
When estate planning, don’t forget to consider the tax considerations. Do not transfer assets with gains from an older generation to a younger generation without tax and step-up basis considerations. These rules vary from state to state and can be very complex to decipher. This is yet another reason why working with an advisor who [...]
As if Basis Tax Law weren’t confusing enough, now I’m talking tax flavors? This may seem basic, but many people still struggle with understanding the basic definitions of tax ramifications. The four flavors of tax: A tax deduction is not a tax credit.This is the most common misconception I hear. For instance, how many times [...]
Return prepare fraud can be very common during tax season[1] and scammers tend to target older adults. Digitization has made tax preparation easier but has also opened up a whole new world of criminal activity. While there’s not much we can do to stop these threats entirely, there are certainly ways that we can all [...]
