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On August 4, 1862, the U.S. collected income tax for the first time[i]. You may be ready to bid farewell to income tax obligations once you retire, but unfortunately, it’s not that simple. While the dynamics may shift, understanding how income tax works after retirement is crucial to ensure financial stability during your golden years. […]Continue reading
You may not know it, but Social Security income is taxed! However, your tax burden isn’t simply a gross income tax, and there are unique factors that dictate your tax rate and overall tax liability. First, not all Social Security income is taxed. Only a portion of your benefits may be subject to tax, depending […]Continue reading
In retirement, it’s not about receiving as much income as possible. During your working years, it might be, but when you’re the one paying yourself, it’s important not to turn your hard-earned savings into a large pile of income that’s taxed at a higher tax bracket. It is important to strike a balance between maximizing […]Continue reading
Taxes may be one of your biggest concerns when it comes to retirement. Whether you’re well into your retirement or just starting to think about it, taxes can be one of the main factors in maximizing your savings to stretch all the way through retirement. The Roth IRA can be a great investment vehicle for […]Continue reading
Taxes are one of the most important things to consider when it comes to your retirement. You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But is your income tax-advantaged? A tax strategy for retirement income can help reduce your tax bill. […]Continue reading
Let’s talk about tax brackets. They aren’t straight across the board but graduated based on income, meaning most taxpayers fall into more than one bracket. Current tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%, and you could fall into as few as one and as many as all. Check this example […]Continue reading
According to the US Census Bureau, there were 430,411 new business applications in January 2022.2 Starting a business sometimes comes with a learning curve that can trip you up, so it makes sense to get as many things as right as possible the first time. One important thing to address is your business tax setup. […]Continue reading
A combination of rising wages and inflation is threatening to push some taxpayers into higher tax brackets this year, which means you could owe more to Uncle Sam come 2023’s filing season. With inflation at its highest level in nearly 40 years—prices for consumer goods rose 6.8% in November 2021 compared to the same period a […]Continue reading
Annuities can be mysterious. You might even feel like they come with a hidden agenda. However, with proper planning annuities can be an appropriate solution for your portfolio and financial planning. They can offer financial advantages such as guaranteed income or living benefits. Consider these eight reasons annuities annuity strategies relative to your situation and […]Continue reading
The IRS has changed the tax codes for the upcoming 2022 tax year. So, what changes can you expect to your tax bracket and other deductions after having gone through an inflation 30-year high? Standard Deductions will Increase (Depending on how you file) For married couples filing jointly,the standard deduction rises to $25,900, up $800 from […]Continue reading
