Want to Avoid Taxes in Retirement – Try This
There’s been no shortage of thoughts and opinions regarding Donald Trump’s tax returns since the election process began, especially since his leaked return hit the mainstream media a few weeks ago. One could argue at length regarding those numbers and whether or not they paint a positive picture of Trump and his finances. However, there’s no question that Trump was able to use his losses to help offset gains in years to come.
This is just one of many tricks that the wealthy use to help reduce their taxes in retirement. There are several others that both the wealthy and the everyday average taxpayer can use to help offset their retirement tax bill. One of the most obvious is by using an employer retirement account, which helps offset taxes now and when you’re done working. In addition, you can open a Roth IRA, which is an excellent way to save after tax income. All Roth IRA withdrawals are tax-free once you’ve owned the account for five years and you are at least 59 ½ years old.
Having a health savings account is also a great way to save. The money you place in an HSA is pre-tax so you won’t get hit upfront and it’s tax-free when you withdraw it, as long as you use it for medical expenses. Given that most people experience more health problems in their retirement years than earlier in life, this is a great tax savings tip to save you money.
These are just a few of the ways to help save money on your retirement taxes, but there are several more, including using long term capital gains, your home equity and a charitable remainder trust. If you have more questions about tax savings in retirement then please contact GROCO today.
You also might like How to Save on Tax in Retirement
http://www.forbes.com/sites/financialfinesse/2016/10/09/how-to-be-like-trump-and-avoid-taxes-in-retirement/#7ee1313f5e95
Like it or Not, Now Is the Time to Think About Taxes
There are still several days before we officially celebrate Christmas, which means people still have plenty to do, including finding those important last-minute gifts. However, if you are done with your shopping, maybe you can put Christmas aside for a moment and focus on taxes. Taxes are probably the last thing you want to think…
Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors
The U.S. has been increasingly going after foreign financial institutions that try to skimp on taxes. The latest move from the IRS is an aggressive lawsuit against Deutsche Bank, which the federal tax agency claims owes the U.S. somewhere in the neighborhood of $190 million in overdue taxes, penalties and interest. However, if you ask…
Looking to Grow Your Firm? Consider GROCO
There are hundreds of tax and accounting firms all over the country, including right here in the Bay Area. These firms come in all levels of size and expertise. At GROCO, we are always looking to grow our business and we know that many, if not all, companies are looking to do the same. If…
Is Corporate America Getting Away With Too Little Tax?
It’s an argument that’s all too common in the business world: big multi-national companies don’t pay their fair share of taxes. A new study will only serve to add more fuel to the fire, as according to its findings, seven of the 30 biggest companies in the United States reportedly paid more to their CEOs…