Your steady source of income might disappear in retirement, but unfortunately your taxes probably won’t. Did you know that up to 85% of your Social Security benefit could be taxed? And, retirement account distributions are taxed differently than investment income. If you’ll have multiple income sources, you should know how each is taxed so that [...]
Doing your taxes might be complicated, but thankfully filing for an extension can help give you some more time to prepare. There are many decisions to be made when preparing your taxes, such as whether you should itemize or take the standard deduction, and finding out how new changes to the tax code affect you. [...]
This tax season will be the first time Americans are filing under the new tax code, adding complexity, and possibly stress, to the already complex and stressful filing process. But, like with most things in life, a little preparation goes a long way. As you prepare for retirement, you’ll want to think about ways to [...]
Even in retirement, taxes are a guarantee. Your Social Security benefit, capital gains, and retirement account distributions can all be taxed, leaving you with less retirement income than you planned on receiving. Your tax burden is important to consider when planning for retirement, and can be your most significant expense. Here is how common retirement [...]
While it’s easy to get caught up in the holiday spirit, running out to grab last minute gifts, baking dozens of gingerbread men and trimming your tree, don’t forget about your retirement plan. The end of the year is an important time for retires, and there’s a few things you should wrap up before it [...]
As the seasons start to change and the holidays approach, we are reminded of how fortunate we are and how much we have to be grateful for. We are also reminded that the season of giving is upon us. But, if you’re retired, you may be worried about where extra income will come from and [...]
Unless you had to file for an extension on your 2017 income tax returns, you’re probably feeling pretty good about yourself that you were able to check “Tax Day” off of your to-do list. However, with the new tax law, known as the Tax Cuts and Jobs Act, it’s important that you review your current [...]
Due to the regular, individual income tax return filing deadline (April 15th) being on a Sunday, and the Washington D.C. Emancipation Day Holiday being observed on April 16th, the 2018 Tax Day has moved to Tuesday, April 17th. This is also the deadline to file for an extension on your taxes. With the tax filing [...]
As you may already know, it’s now official. The first significant reform of the U.S. tax code since 1986 when Ronald Reagan was president has been ushered through by congress. Changes have been made to both individual and corporate tax rates. Individual provisions in the new legislation technically expire by the end of 2025, though [...]
