How Will Taxes Affect Your Success in Retirement?
Are you at that point in your career where the number of years you’ve already worked greatly outnumber the years you have left to put in? If retirement is just around the corner for you, or even still out on the horizon a bit, you should be using this time to get ready for taxes. Taxes in retirement can suck a lot of money from your monthly income so making smart moves now can make a huge difference.
The last thing you want to do is run out of money in retirement. So keep these tips in mind to make sure you have plenty to get by. For starters, you need to know which bracket you fall in. If you move up the tax bracket ladder it could cost you because the portion of your social security check that is subject to taxes could go up. Therefore, if you can lower your income bracket by adding more to a retirement account or by prepaying some deductible expenses that is a good idea.
Another way to combat taxes in retirement is to make strategic withdrawals between the years you retire and the time you have to start withdrawing a minimum amount at age 70 and ½. Choosing the proper balance between taxable accounts and tax-deferred accounts is also crucial to saving on taxes in retirement.
You can learn more about saving on taxes in retirement by contacting GROCO today. Just call 1-877-CPA-2006 or click here.
http://www.usatoday.com/story/money/personalfinance/2016/05/28/cnbc-retirement-savings-taxes/85047974/
What Does the New Tax Law Mean for Your Housing?
What Does the New Tax Law Mean for Your Housing? With the new tax reform bill finally in the books, the time for fighting over the bill is over. Now it’s time to let the fight over how it’s going to affect taxpayers, begin. There’s no question the new law is going to affect nearly…
The Senate Passed the Tax Bill and This is What We Know
The Senate Passed the Tax Bill and This is What We Know As of the wee hours of the morning last Saturday, the Senate just passed tax reform. While we are all still anxiously waiting to see what will end up on President Trumps desk, let’s review some of the information that we have up…
Trump Calls for Complete Overhaul of Tax System
Trump Calls for Complete Overhaul of Tax System Calling it the “biggest tax cut in history,” President Donald Trump last week laid out his administration’s plan to completely overhaul the nation’s tax system. Tax reform was one of the biggest calling cards of the new president during his campaign, which ended in victory last November.…
Will the IRS Collect on Cryptocurrency?
Will the IRS Collect on Cryptocurrency? The digital age has changed the way the world operates. Just about every industry imaginable has been affected by technology already. That includes how we use and exchange money, over the Internet. Whether you call it bitcoin or cryptocurrency, or any other similar moniker, these forms of digital currency…