Tax Strategies Archives

17 04, 2025

How to Make the Most of Tax-Advantaged Accounts for Retirement
How to Make the Most of Tax-Advantaged Accounts for Retirement

How to Make the Most of Tax-Advantaged Accounts for Retirement

Evan Lamont2025-04-03T07:43:25-07:00April 17, 2025|Retirement, Tax Strategies|

Tax-advantaged accounts can play a crucial role in building retirement savings by offering tax-deferred growth, tax-free withdrawals, or tax deductions. Understanding how these accounts work can help individuals create a more effective retirement strategy. What Are Tax-Advantaged Accounts? These accounts provide tax benefits at different stages—when making contributions, during the investment growth period, or at withdrawal. Common tax-advantaged retirement accounts include: 401(k) Plans – Contributions are made pre-tax, reducing taxable income. Earnings grow tax-deferred until withdrawal. Traditional IRAs – Contributions may be tax-deductible, and investments grow tax-deferred until withdrawals are made in retirement. Roth IRAs [...]

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 [...]

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 [...]

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 [...]

9 11, 2022

Can You Turn Investment Losses into Tax Gains?
Can You Turn Investment Losses into Tax Gains?

Can You Turn Investment Losses into Tax Gains?

BML Wealth Marketing2022-12-07T10:14:27-08:00November 9, 2022|Investing, Stock Market, Tax Strategies|

When markets take a spill, especially when it comes to your retirement investments, it’s harder to find ways to meet your financial goals. If you were relying on IRA or 401(k) withdrawals to cover your expenses, doing so when markets are down would decrease the lifespan of your savings. And if you’re nearing retirement, market losses may provide cause to push back the time you enter retirement. While all these concerns are legitimate, there is a hidden benefit to selling your losing investments at a loss. Using a strategy called tax-loss harvesting, you can earn [...]

12 08, 2022

What Is a QCD and How Does It Work?
What Is a QCD and How Does It Work?

What Is a QCD and How Does It Work?

BML Wealth Marketing2023-02-09T03:00:02-08:00August 12, 2022|Financial Planning, Tax Strategies|

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, 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. Then starting at age 72, you will likely need to take Required Minimum Distributions (RMDs) from your traditional retirement accounts, which could potentially increase your taxable income. So, how can you work to minimize those taxes? One potential strategy is to do a Qualified Charitable Distribution. What [...]