Taxes 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 [...]

How Will Social Security Benefits and Taxes Change Next Year?

BML Wealth Marketing2020-10-26T08:25:26-07:00October 26, 2020|Financial Planning, Social Security, Taxes|

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] Here’s how Social Security benefits and taxes will change next year. Benefits Will Increase by 1.3% in 2021 Social Security beneficiaries often get [...]

Tax Day Finally Arrives

BML Wealth Marketing2020-07-12T21:08:33-07:00July 12, 2020|Taxes|

The revised tax day date, July 15th, is upon us, and there are several important things to note, whether you’ve filed already or not. While our tax bill might only be at the forefront of our minds during one time of the year, the reality is that financial moves throughout the year can impact your tax bill in the short-term and for years to come. There could be opportunities to take advantage of that would help minimize your tax burden now and in the long-term. Here’s what to know now that tax day is finally [...]