Tax Planning

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 [...]

As we approach Tax Day, you may be gathering your important documents and preparing to file or file for an extension. Once you have everything sorted out, it’s important to consider how your tax situation could change as you near and enter retirement. Here are three important tax questions to answer this year. Why May I Need to Adjust My Withholding?  Marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. You may need to do so once you can no longer claim the child tax credit. If [...]

Tax Day is April 18th, not the 15th, due to Washington D.C.’s Emancipation Day holiday, so you have a few more days to file your taxes or file for an extension this year than you might have expected. But the 18th will be here before you know it, so don’t procrastinate during tax time this year! Get Organized First, get organized and gather your important documents. These could include W-2 and 1099 forms, medical bills, property tax and mortgage interest documents, and receipts for charitable donations. If you file your taxes electronically, it could mean [...]

Tax Day is April 18th this year, due to the Emancipation Day holiday in Washington D.C. on the 15th. This is a good time of year to review your finances and think about your long-term tax strategy. Tax Day will be here before you know it, so know these important tax terms and start thinking about how you’ll work to lower your tax bill. Tax Credits A tax credit is a dollar-for-dollar benefit. It’s an amount that taxpayers can subtract directly from their tax bill. Some examples are the child tax credit and the earned [...]

Before you know it, Tax Day will be here, so it’s best to start getting ready now. Beyond your tax bill this year, don’t forget about your tax bill in the future, even in retirement. Taxes don’t stop when you stop receiving a paycheck, and they could be one of your biggest expenses in retirement. You should understand how different types of income are taxed and create a plan that works to lower your taxes throughout retirement. Your Social Security Benefit Can Be Taxed To figure out if your benefit can be taxed, add up [...]

Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. Even though it’s a busy time of year when finances can end up taking a back seat to decorating and wrapping presents, it’s important to take the time to review where 2021 has left you and prepare for 2022. Here are three things about your taxes that may have changed. The Charitable Giving Rules Have Changed ’Tis the season of giving, and you may be making a few charitable donations. [...]