Tax Planning Archives

25 01, 2021

3 Reasons to Review Your Tax Strategy
3 Reasons to Review Your Tax Strategy

3 Reasons to Review Your Tax Strategy

BML Wealth Marketing2021-02-02T18:07:08-08:00January 25, 2021|Tax Planning, Taxes|

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 3 reasons to review your tax strategy. Social Security Base and Income Tax Rates May Increase Right now, only earnings of up to $142,800 incur the Social Security payroll tax. President Biden has proposed also imposing it on earnings of [...]

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

BML Wealth Marketing2021-08-01T22:04:57-07:00December 7, 2020|Tax Planning|

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 end of the year that could help lower your 2020 tax bill. Review Your Retirement Account Contributions And Distributions Starting at age 50, workers can make increased “catch-up” retirement plan contributions. In 2020 you can contribute up to $7,000 to [...]

3 Reasons Why Your Tax Burden Could Increase In Retirement

BML Wealth Marketing2020-09-07T21:48:55-07:00September 7, 2020|Tax Planning|

Most people assume that their tax burden will dramatically decrease in retirement once they stop receiving a paycheck, but this isn’t always true. A high tax bill is one retirement risk to be aware of and to try and mitigate. We may be experiencing relatively low taxes right now, but a change in leadership in Washington and a growing national debt could change that. Let’s look at 3 reasons why your tax burden could increase in retirement. Required Minimum Distributions Distributions from traditional retirement accounts such as IRAs, 401(k)s, 403(b), 457, and thrift savings plans [...]