Taxes
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Four Takeaways From Filing Your Taxes to Boost Your Financial Future
Apr 18 2025
Now that another tax season is in the rearview mirror for most of us, what lessons can you take from what you learned about your finances to plan for the future?...
kiplinger.com
How to Tax-Loss Harvest with Vanguard
Apr 18 2025
Tax-loss harvesting is a strategy where you sell losing positions to get a tax deduction. Here's how to tax-loss harvest with Vanguard. The post How to Tax-Loss Harvest with Vanguard appeared first on...
whitecoatinvestor.com
First 100 Days: Trump's Impact on Your Finances
Apr 17 2025
Here are some opportunities to consider regarding investing, interest rates and tax cuts as the financial landscape shifts under the new administration....
kiplinger.com
What Would Happen if You Put Your Tax Refund in an IRA?
Apr 17 2025
Not only could you get a tax break, but the compounding effect over 35 years could turn the average refund into nearly $14,000....
kiplinger.com
A QLAC Does So Much More Than Simply Defer Taxes
Apr 16 2025
Here are the multiple ways you can use a QLAC, from managing retirement risks to creating income for specific retirement needs and wants....
kiplinger.com
High State Income Taxes: The Ugly, the Bad, and the Good
Apr 14 2025
Last year, I paid six figures worth of state taxes. How can I justify continuing to live in this state when it costs so much money to do so? The post High State Income Taxes: The Ugly, the Bad, and th...
whitecoatinvestor.com
Tax Day Poses New Dilemmas for Retirees
Apr 14 2025
You may find filing your taxes to be more complicated than when you worked full time....
money.usnews.com
A Confident Retirement Starts With These Four Strategies
Apr 13 2025
Work your way around income gaps, tax gaffes and Social Security insecurity with some thoughtful planning and analysis....
kiplinger.com
Up to 85% of your Social Security benefits could be taxes – take these steps now!
Apr 12 2025
To read this story on KSL.com, click here. Up to 85% of your Social Security benefits could be taxed. Many families planning for retirement don’t realize this – or how…...
bossretirement.com
Please Clarify About Earning Limits/Deductions before full retirement age
Apr 12 2025
Hi Everyone: I hope somebody can clarify something I am confused about if you collect Social Security and choose to work as well (before full retirement age). I understand in 2025 if under the full re...
community.aarp.org
Markets Roller Coaster: Resist the Urge to Make Big Changes
Apr 11 2025
You could do more harm than good if you react emotionally to volatility. Instead, consider tax-loss harvesting, Roth conversions and how to plan for next time....
kiplinger.com
How to file a tax extension: Everything you need to know
Apr 11 2025
Not ready to file taxes by April 15? Here's how to file an extension with the IRS. Some states have been declared federal disaster areas, providing some taxpayers automatic extensions....
empower.com
Widow's Penalty: Three Ways to Protect Your Finances
Apr 10 2025
Higher Medicare premiums, smaller Social Security payments, bigger tax bills … Financial changes can hit hard when a spouse dies. How to counter the blow....
kiplinger.com
5 Ways to Transform Tax Season into an Opportunity with Grayson Blazek, Ep #237
Apr 10 2025
Tax planning might not top everyone's list of leisure activities, but in the middle of tax season there’s a hidden opportunity. What if, instead of seeing it as a mere logistic hurdle, we embrac...
financialsymmetry.libsyn.com
4 Things You Can Do with Required Minimum Distributions (and 1 You Can’t)
Apr 08 2025
Some people are annoyed by having to collect Required Minimum Distributions and pay taxes on them. But here are some good ways to use them. The post 4 Things You Can Do with Required Minimum Distribut...
whitecoatinvestor.com
Are You Ready to Pay More Taxes to Save Social Security?
Apr 08 2025
Across party lines, many believe saving Social Security trumps other financial considerations....
kiplinger.com
Maximize Your Retirement Tax Savings: How to Maximize Tax-Saving for Each Account
Apr 08 2025
Want to pay less in taxes during retirement? You actually have more control over your tax rate than you might think. James breaks down how different investment accounts—like brokerage accounts, ...
buzzsprout.com
Will the Tax Cuts and Jobs Act Be Extended? - 524
Apr 08 2025
Will your taxes go up? Stay the same? Go down, even? Jeffrey Levine is Chief Planning Officer at Focus Partners, Professor of Practice in Taxation at the American College of Financial Services, and th...
purefinancial.com
Reduce Your Retirement Tax Risk With the Three-Bucket Strategy
Apr 07 2025
Splitting retirement funds into three buckets with distinct tax treatments can help you avoid a nasty tax bill down the line. Here's how the strategy works....
kiplinger.com
What to Do With Your Tax Refund: 6 Ways to Bring Growth
Apr 05 2025
Use your 2024 tax refund to boost short-term or long-term financial goals by putting it in one of these six places....
kiplinger.com
Video: Taxes in Retirement Office Hours
Apr 04 2025
Planning for the future should involve strategizing to minimize taxes. Explore 25 tips to help you plan, do retirement tax filings, and save money. The post Video: Taxes in Retirement Office Hours app...
boldin.com
14 Ways the Ultra-Rich Pay Less in Taxes (While You Pay More)
Apr 02 2025
The ultra-rich don’t waste time complaining about taxes like everyone else. They know the game, and they play it better than anyone. While most people see taxes as unavoidable, the wealthy treat...
dadisfire.com
How to Travel Hack with Your Rent and Taxes
Apr 01 2025
To reach financial independence, you need to be unconventional. When everyone else owned a car, we took public transit. When everyone else ate out, we packed our lunches. When everyone else bought a h...
millennial-revolution.com
U.S. Treasury to Eliminate Paper Checks: What It Means for Tax Refunds, Social Security
Mar 31 2025
President Trump signed an executive order forcing the federal government to phase out paper check disbursements by the fall....
kiplinger.com
A slice of paradise, fractionally owned: The shift in vacation homeownership
Mar 31 2025
Owning a vacation home seems like the dream, until factoring in maintenance, property taxes, and the reality of only using it a few weeks a year....
empower.com
Video: Get Started Series 1, A Tour of the Boldin Planner
Mar 30 2025
Planning for the future should involve strategizing to minimize taxes. Explore 25 tips to help you plan, do retirement tax filings, and save money. The post Video: Get Started Series 1, A Tour of the ...
boldin.com
RMD Deadline April 1: Five Tax Strategies to Manage Your 2025 Income
Mar 30 2025
The April 1, 2025, deadline for required minimum distributions (RMDs) is fast approaching for retirees who turned 73 in 2024....
kiplinger.com
Taxes in Retirement: 25 Terrific Tax Planning Tips for a Wealthier 2025 and Beyond
Mar 28 2025
Planning for the future should involve strategizing to minimize taxes. Explore 25 tips to help you plan, do retirement tax filings, and save money. The post Taxes in Retirement: 25 Terrific Tax Planni...
boldin.com
What Retirees Need to Know About Taxes
Mar 26 2025
Take steps to avoid a surprise tax bill and underpayment penalties....
kiplinger.com
How Are Investments Taxed In Retirement?
Mar 26 2025
Note: The winners of last week’s FIRE album giveaway will be announced at the end of this post. I’ve been asked on numerous occasions how we deal with taxes in retirement. Spoiler alert, i...
millennial-revolution.com
Tax Advantages of Oil and Gas Investments: What You Need to Know
Mar 26 2025
Tax incentives allow for deductions and potential tax-free earnings — benefits accessible only to accredited investors in small producer projects....
kiplinger.com
Taxes in Retirement: What ESOP Participants Need to Know
Mar 26 2025
Most Employee Stock Ownership Plans (ESOP) participants transfer company stock to an IRA starting around age 55, so taxes on that money have been deferred....
kiplinger.com
10 Best Tax-Free Investment Options to Consider
Mar 23 2025
Successful investors will take advantage of tax-free investments to lower their tax burden but should take care not to sacrifice higher returns in doing so. The post 10 Best Tax-Free Investment Option...
whitecoatinvestor.com
How Roth Accounts Can Ease Your Tax Burden in Retirement
Mar 23 2025
Strategic Roth IRA conversions can set you up for tax-free income in retirement and a tax-free inheritance for the people you love....
kiplinger.com
Tax Diversification: Smart Ways to Preserve Your Nest Egg
Mar 23 2025
A long and active retirement may be costly — and may even bump you into a higher tax bracket. Paying some taxes on your savings now could be the answer....
kiplinger.com
Millions to Lose Health Coverage if ACA Tax Credits End
Mar 23 2025
If providing healthcare to more Americans is the goal, the COVID-era tax credits for people buying insurance on the Affordable Care Act (ACA) marketplaces have been a big success. Enrollment in ACA po...
crr.bc.edu
Kick the IRS to the Curb in Retirement
Mar 22 2025
That 401(k) or traditional IRA you've filled with your hard-earned money could turn into a tax bomb. Before it blows, see if a Roth could help rescue you....
kiplinger.com
How the Ultra-Rich Avoid Taxes: The Buy, Borrow, Die Strategy
Mar 21 2025
You might’ve heard whispers about the “Buy, Borrow, Die” strategy. Sounds like something only billionaires in boardrooms talk about, right? But it’s not. It’s a perfectly...
dadisfire.com
How Does California Tax Your Social Security Benefits?
Mar 20 2025
If you want to retire in or to California, you may wonder how California will take your Social Security and other retirement benefits....
forbes.com
Tax-Smart Ways To Cash In Capital Gains
Mar 20 2025
Investors are looking to take some profits before they disappear. Fortunately, there are strategies that can reduce capital gains taxes on investment profits....
forbes.com
Don't Forget About State Taxes When Making Roth Conversions
Mar 18 2025
Converting a traditional IRA account to a Roth IRA is a fabulous part of a proactive tax-planning strategy to reduce the tax drag on your retirement income....
forbes.com
Tax Credits That Can Increase Your Refund
Mar 17 2025
When filing your tax return, certain refundable tax credits are more valuable than the more common, non-refundable credits. The post Tax Credits That Can Increase Your Refund appeared first on Getting...
financialducksinarow.com
10 Tax Topics Every Retiree Should Know About
Mar 16 2025
A little knowledge can go a long way toward saving on your tax bill. Print this out and take it to your tax planner so you can have a productive chat....
kiplinger.com
How Likely Are You to Get Audited by the IRS? A CPA Answers
Mar 13 2025
Taxes are a headache. Audits are worse. Nobody wants to deal with the IRS sending a letter, asking for records, and possibly demanding more money. But is an audit something most people should actually...
dadisfire.com
18 Tax Moves for Beginners: Simple Tips That Could Save You Thousands
Mar 13 2025
Taxes feel confusing when you’re just starting out. Forms, deductions, credits, it all sounds like a foreign language. Mess up, and the IRS might take more than its fair share. Get it right, and...
dadisfire.com
Tax-Deductible Home Improvements for Retirement in 2025
Mar 13 2025
Your aging-in-place plan could benefit from the medical expense tax deduction. But watch out for capital gains and property taxes....
kiplinger.com
Answering Last-Minute Tax Questions and Preparing for 2025
Mar 13 2025
With about a month until Tax Day on Tuesday, April 15th, you should, ideally, have all your financial documents collected. It might be a good idea to check in one last time with your financial advisor...
keenonretirement.libsyn.com
Taxes in Retirement, Tax-Gain Harvesting, and Avoiding Probate
Mar 13 2025
Answering reader questions about tax liability in retirement, Social Security tax limits, tax-gain harvesting in UGMA accounts, and whether it is important to do estate planning to avoid probate. The ...
whitecoatinvestor.com
This Underused IRA Option Offers Tax Benefits and Income Security
Mar 12 2025
Looking to avoid running out of money in retirement? Consider longevity protection provided by a QLAC as a component of your retirement income plan....
kiplinger.com
Key Tax Changes Affecting Physicians When Filing Taxes for 2024
Mar 11 2025
The past tax year brought a good number of key updates that are likely to impact high-earners such as physicians. ... Read more...
physicianonfire.com
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About Taxes
Retirement income can be subject to taxes depending on the specific type of retirement account or benefit you receive and your tax bracket. Here are a few examples of common types of retirement income and how they may be taxed:
1. Social Security benefits: Social Security benefits are generally taxable if you have other substantial income in addition to your benefits. The amount of tax you pay on your benefits depends on your taxable income and tax filing status.
2. Traditional Individual Retirement Account (IRA) and 401(k) withdrawals: Withdrawals from traditional IRAs and 401(k)s are generally taxed as ordinary income at your current tax rate.
3. Roth IRA withdrawals: Withdrawals from Roth IRAs are generally tax-free if you are over the age of 59 1/2 and you have held the account for at least five years.
4. Pension income: Pension income may be taxed as ordinary income or as a combination of ordinary income and a return of your contributions, depending on the specific terms of the pension plan.
It's important to be aware of the tax implications of your retirement income and to consider them as you plan for retirement. It may be helpful to consult with a tax professional or financial advisor to understand how your retirement income will be taxed.