Prepare for Taxes On Your Retirement Accounts

  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 [...]

By |2021-05-03T03:23:03+00:00May 3rd, 2021|Retirement Income, Retirement Planning, Taxes|0 Comments

More Time to File Taxes and Review Your Retirement Plan

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review [...]

By |2021-04-12T20:00:52+00:00April 12th, 2021|Financial Planning, Retirement Planning, Taxes|0 Comments

Watch Out for Scams During Tax Season

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 [...]

By |2021-04-09T17:41:38+00:00April 9th, 2021|Fraud Protection, Taxes|0 Comments

4 Types of Retirement Income and How They’re Taxed

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 [...]

By |2021-04-05T13:17:08+00:00April 5th, 2021|Financial Planning, Retirement Income, Taxes|0 Comments

5 Things to Know About COVID and Your Taxes

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. [...]

By |2021-03-22T19:58:25+00:00March 22nd, 2021|Taxes|0 Comments

3 Reasons Your Tax Burden Could Actually Increase In Retirement

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 [...]

By |2021-03-01T12:56:13+00:00March 1st, 2021|Taxes|0 Comments

3 Ways Your Advisor Can Help You This Tax Season

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. [...]

By |2021-02-22T01:13:43+00:00February 22nd, 2021|Financial Planning, Taxes|0 Comments

Concerned About Taxes On Your Retirement Account?

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 [...]

By |2021-02-01T01:23:20+00:00February 1st, 2021|Retirement Planning, Taxes|0 Comments

3 Reasons to Review Your Tax Strategy

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 [...]

By |2021-01-25T13:18:40+00:00January 25th, 2021|Taxes|0 Comments

4 Things You Can Do By the End of the Year to Help Lower Your 2020 Tax Bill

Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. It’s a busy time of year when finances can take a back seat, but don’t wait to review your tax situation. Here are four things you can do by the [...]

By |2020-12-07T13:33:32+00:00December 7th, 2020|Taxes|0 Comments
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