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/
IRS Hitting Estimated Tax Filers With More Penalties
The IRS plays no favorites when it comes to taxpayers missing payments or not paying enough. However, those who pay their income tax via quarterly estimated payments had better pay particular attention because lately the IRS has been coming down hard on these individuals with much more frequency. According to recent IRS data, the number…
Look Who the IRS Is Adding to its Staff
Look Who the IRS Is Adding to its Staff For those who believe in giving people a second chance this will be good news. For those who feel the IRS is already rife with crooked employees that will stop at nothing to take more of taxpayers’ money, this news will leave a bad taste in…
Are Up to Date on Your Taxes for Your Side Job?
Are you up to date on your taxes for your side job? The saying goes: “Don’t quit your day job.” Millions of Americans take that advice to heart, but that doesn’t mean they aren’t investigating other avenues for making additional money. There are all kinds of side jobs, from small hobbies to night jobs, or…
Tax Relief Courtesy of Hurricane Harvey
While Hurricane Harvey continues to devastate the Gulf Coast, Texans can expect to receive a little extra relief this upcoming tax year from Uncle Sam. Taxpayers in the federally declared disaster area have the option of claiming disaster-related casualty losses for either the year that the event occurred or the year prior. This means that…