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 [...]

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 [...]

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 [...]