Tax Planning Archives

3 04, 2025

Roth vs. Traditional IRA: Which is Best for Your Retirement Plan?
Roth vs. Traditional IRA: Which is Best for Your Retirement Plan?

Roth vs. Traditional IRA: Which is Best for Your Retirement Plan?

Evan Lamont2025-02-25T15:50:44-08:00April 3, 2025|Retirement Planning, Tax Planning|

Choosing between a Roth IRA and a Traditional IRA is an important decision when planning for retirement. Each account offers unique tax benefits, and the best option depends on factors such as current income, tax strategy, and long-term financial goals. Below is a detailed comparison to help you determine which type of IRA may be best suited for your needs. Understanding the Basics Traditional IRA A Traditional IRA allows individuals to contribute pre-tax income, which may reduce taxable income in the year of contribution. Earnings grow tax-deferred, but withdrawals in retirement are subject to income [...]

27 03, 2025

How to Minimize Taxes on Your Retirement Income
How to Minimize Taxes on Your Retirement Income

How to Minimize Taxes on Your Retirement Income

Evan Lamont2025-02-25T16:10:07-08:00March 27, 2025|Retirement Planning, Tax Planning, Tax Strategies|

Planning for retirement goes beyond saving—it’s also about managing taxes to preserve more of your income. Implementing tax-efficient strategies can help reduce tax burdens and maximize available funds throughout retirement. Here are key considerations for optimizing tax efficiency in your retirement years. 1. Understand Taxable vs. Tax-Free Income Different income sources are taxed in various ways, affecting overall tax liability. Key distinctions include: Taxable Income: Withdrawals from traditional 401(k)s, IRAs, pensions, and taxable investment earnings. Tax-Free Income: Qualified withdrawals from Roth IRAs, Roth 401(k)s, and Health Savings Accounts (HSAs). Partially Taxable Income: Social Security benefits [...]

20 03, 2025

The Impact of Tax Law Changes on Retirement Planning
The Impact of Tax Law Changes on Retirement Planning

The Impact of Tax Law Changes on Retirement Planning

Evan Lamont2025-02-25T15:45:19-08:00March 20, 2025|Retirement Planning, Tax Planning|

Tax laws play a key role in shaping retirement planning strategies. Changes in these laws can affect how individuals save, invest, and withdraw funds for retirement. Understanding the potential impact of tax law changes can help individuals make informed decisions to optimize their financial security and retirement savings. How Tax Law Changes Affect Retirement Savings Tax laws establish rules for contributions, deductions, and tax benefits in retirement accounts. Legislative updates may impact: Contribution Limits: Adjustments to annual contribution limits for 401(k)s, IRAs, and other retirement accounts. Tax Deduction Eligibility: Changes in income thresholds for deducting [...]

13 11, 2023

Take Advantage of These Tax Strategies Before the Year Ends
Take Advantage of These Tax Strategies Before the Year Ends

Take Advantage of These Tax Strategies Before the Year Ends

BML Wealth Marketing2023-11-13T11:26:42-08:00November 13, 2023|Tax Planning, Tax Strategies|

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 reset at the same time, you may have some significant last-minute moves you can make with your money before the tax year is over. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people [...]

17 07, 2023

Retirement Tax Strategies to Consider
Retirement Tax Strategies to Consider

Retirement Tax Strategies to Consider

BML Wealth Marketing2023-07-17T09:54:15-07:00July 17, 2023|Retirement Planning, Tax Planning, Tax Strategies|

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 Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as you withdraw after you are 59 ½ and the account has existed for 5 or more years. There are [...]

12 06, 2023

3 Tax Optimization Strategies to Remember for Retirement
3 Tax Optimization Strategies to Remember for Retirement

3 Tax Optimization Strategies to Remember for Retirement

BML Wealth Marketing2023-06-12T09:31:55-07:00June 12, 2023|Tax Planning, Tax Strategies|

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 tax breaks for retirement income or have no income tax, which can help you reduce your tax liabilities in retirement. Some states also offer tax exemptions for Social Security benefits and other retirement income sources. Assessing the tax structure of [...]

24 04, 2023

Tax Tips for Married Couples
Tax Tips for Married Couples

Tax Tips for Married Couples

BML Wealth Marketing2023-06-08T22:25:13-07:00April 24, 2023|Tax Planning, Tax Strategies|

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Here are some important factors to consider if you are filing taxes as a married couple. Determine if you can file jointly. If you have been recently married and you’d like to file jointly, you have to have been married by December 31st, 2022 to do so. If you were married on [...]

26 02, 2023

Quick Tips for Filing Your Taxes This Season
Quick Tips for Filing Your Taxes This Season

Quick Tips for Filing Your Taxes This Season

BML Wealth Marketing2023-06-08T21:28:45-07:00February 26, 2023|Tax Planning, Taxes|

Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return. It’s best to be patient and ensure that you have all the documents that you need for submitting your [...]

6 02, 2023

4 Tips for Proper Tax Filing
4 Tips for Proper Tax Filing

4 Tips for Proper Tax Filing

BML Wealth Marketing2025-02-05T21:43:48-08:00February 6, 2023|Tax Planning, Tax Strategies, Taxes|

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That's why it never hurts to brush up on the basics involved with filing your taxes. Knowing the most common tax-filing mistakes is critical to preventing any slips and the serious headache that could result in IRS scrutiny. Keep reading to learn how you [...]

31 08, 2022

3 Strikes to Avoid When Tax Planning
3 Strikes to Avoid When Tax Planning

3 Strikes to Avoid When Tax Planning

BML Wealth Marketing2022-08-31T11:02:56-07:00August 31, 2022|Tax Planning, Taxes|

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you. Taking Too Much Income When you start to approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation stage to the income stage of your life. The whole point of saving for retirement is so you can live comfortably off [...]