Taxes
Showing 50 results of 401
Section 181: Investor Tax Benefits for Movie Buffs
Jun 18 2024
Are you tired of the same old investments in stocks and real estate? The TV and movie industry is calling ... Read more...
physicianonfire.com
TCJA: Why Your Taxes Are Likely to Increase in 2026 and What to Do About It
Jun 14 2024
In 2017, congress passed the Tax Cuts and Jobs Act (TCJA). This legislation reduced taxes for many people and corporations. However, without further legislative action, the tax cuts are set to expire ...
newretirement.com
Maximizing Your Retirement Wealth: Essential Tax-Saving Strategies
Jun 13 2024
Becoming aware and fully understanding which tax-saving strategy fits your needs is important in maximizing your retirement wealth. Minimizing taxes in retirement can be tricky. Below you will see a b...
theretirementsolution.com
Unconventional Retirement relocations
Jun 11 2024
Typically folks seem to pick places near family, sunny climates or tax havens when they look to relocate for retirement. Anyone have experiences that run counter to those trends and thoughts on tips /...
reddit.com
The Power of Donor Advised Funds
Jun 10 2024
If you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax ded...
sites.libsyn.com
How To Donate 80,000 Comic Books—And Get A Marvelous Tax Break
Jun 08 2024
Seven decades after he became addicted to Superman, Gary Prebula’s collection of graphic novels and comics has a permanent home at the University of Pennsylvania library....
forbes.com
How Married Couples Can Max Out Their Retirement Accounts
Jun 05 2024
Spouses can coordinate their retirement benefits to get bigger tax breaks and employer contributions....
money.usnews.com
Recent retiree, when (and how) should I be paying income taxes?
Jun 05 2024
Retired last year, living off savings and small SS for my wife until I turn 70 in December. Filed taxes for 2023 using HR Block software, paid state and Feds calculated taxes due. Then in last few wee...
reddit.com
Solar Tax Credit Explained: Rebates & Incentives
Jun 04 2024
Most of us have had a solar panel sales rep knocking on our door to pitch the benefits: huge savings, ... Read more...
physicianonfire.com
QCDs Are a Tax-Smart Way for Retirees To Donate to Charity
May 31 2024
With QCDs, retirees can save on taxes by making donations from their IRAs directly to charity. Here's what you need to know about qualified charitable distributions....
kiplinger.com
The Best Way to Defer RMDs (and Their Tax Bills): QLACs
May 29 2024
Concerned about RMDs? Worried about outliving your retirement savings? A qualified longevity annuity contract defers some RMDs and guarantees lifetime income....
kiplinger.com
These Are the Key Decisions You Need to Make for Retirement
May 26 2024
These important issues are all connected and can affect your taxes, likely setting them at a certain level for the rest of your retirement....
kiplinger.com
Six Custom Tax Planning Tips for High-Income Individuals and Families
May 24 2024
Tax planning is a multifaceted process that requires a personalized approach, especially for high-income individuals and families....
kiplinger.com
Three Reasons It May Look Like You Love the IRS More Than Your Family
May 24 2024
Consider these strategies to avoid overpaying taxes on your hard-earned money. Your family will thank you for it. (And you’ll thank yourself.)...
kiplinger.com
Medicare Tax: Five Things Every Worker Needs to Know
May 22 2024
It's important to know how Medicare tax works....
kiplinger.com
What Story Is Your Tax Return Telling?
May 21 2024
Today one of my colleagues at Abundo Wealth, Maggie Klokkenga, CFP®, CPA, shares some of the key things she is looking at when reviewing a client’s tax return. She provides a checklist to he...
caniretireyet.com
The Best No Income Tax States To Work And Get Rich
May 15 2024
Income taxes can hinder wealth creation. Fortunately, for Americans seeking to save on taxes, there are nine states without income tax where we can choose to reside. These states are listed below in a...
financialsamurai.com
Multi Member LLC: How to File Taxes and Pay Yourself?
May 15 2024
Opening a medical practice or business can be rewarding, but it’s not without its hurdles. What if your company faces ... Read more...
physicianonfire.com
Taxes: do you have them taken out of social security disbursements?
May 15 2024
As stated in the title, what do you all do, if you are collecting social security, about taxes? Do you have a certain percentage taken out of your social security before receiving it monthly or pay qu...
reddit.com
Leaving a Legacy: Tax Savings for Your Heirs
May 11 2024
Watch this free clip from the “Estate Planning in Your Retirement” online course. Shane Perry, a TRS financial planner and course instructor, walks us through three possible scenarios for ...
theretirementsolution.com
Infinite Return – A Tax-Free Strategy To Grow Wealth
May 09 2024
Occasionally, the term “infinite return on investment” is mentioned in real estate investing. This strategy helps real estate and business ... Read more...
physicianonfire.com
Tax Questions
May 09 2024
Today, Dr. Jim Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two st...
whitecoatinvestor.com
How 401(k) Drives Inequality
May 09 2024
How an obscure, 45-year-old tax change transformed retirement and left so many Americans out in the cold....
nytimes.com
Solving the Roth conversion tax and IRMAA riddle
May 09 2024
I think I've come upon an answer for my Roth conversion riddle. FYI, I have a large tax-deferred ("always taxed") IRA. I'm 63. I'm going to be a widower maybe in my early 70s (incurable disease proces...
reddit.com
How Will the 2024 Election Impact Your Retirement?
May 08 2024
Investors should expect volatility but also try not to overreact to news. To prepare, focus now on tax minimization, protecting your portfolio and more....
kiplinger.com
The Election Can Affect Taxes, Social Security, And Your Retirement
May 07 2024
For retirees, tax troubles from sunsetting irrespective of whether Congress goes red, blue or stays purple; and Social Security needs Congressional attention as well...
forbes.com
Tax implications if I collect SS at 62 and my wife continues to work?
May 06 2024
Wondering if anyone is in the same boat as I am. I turn 62 in December. Have a good job I like but my health is failing. Cardiac issues. I plan on retiring in Jan. My wife has a great job that she lov...
reddit.com
If You Have a Pension, Smart Tax Planning Should Start Now
May 03 2024
Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs....
kiplinger.com
Whose Tax is it Anyway?
May 01 2024
Last week, Bloomberg published an article on how the rich avoid paying New York income taxes while still owning a home in the city/state. The key to their tax avoidance strategy is spending less than ...
ofdollarsanddata.com
Forget To File Your Taxes? You Might Hear From The IRS
Apr 30 2024
According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than ......
forbes.com
Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479
Apr 30 2024
Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe An...
purefinancial.com
The Best Kept Tax Secrets That Uncle Sam Doesn’t Want You to Know
Apr 29 2024
Did you know, you have more control over how much you pay in taxes in retirement … than at any other time of your life? It’s true! And if you take advantage of some simple tax planning st...
bossretirement.com
Capture The New Tax Breaks On Home Improvements
Apr 28 2024
Know how to navigate the IRS regs to capture the tax credits under the Inflation Reduction Act....
forbes.com
Moving 401(K) providers and want to understand any tax implications
Apr 25 2024
Hey all, I am in my 50s and need to change 401(K) providers - likely from Vanguard to Fidelity. I also run a small business, so this is specific to the Individual 401(K) plan I have with my wife toget...
reddit.com
Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy
Apr 24 2024
Jennifer, 54, plans to retire soon. Her husband, 70, is retired, on Social Security, and dealing with some severe health issues. Jennifer worries about possibly becoming single in retirement, which co...
buzzsprout.com
No more market slumps as "buying opportunities"
Apr 24 2024
When I was working full-time, and putting away money into my retirement plans and after-tax accounts, I could always put a smiley-face on long-term market declines by thinking of those times as "buyin...
reddit.com
Beware The Tax Traps Sprung On Those Who Move In Retirement
Apr 23 2024
High-tax states try to tax residents who moved to lower-tax states....
forbes.com
How to Claim Tax Treaty Benefits to Avoid Double Taxation
Apr 23 2024
“We’re going to need to see a Japanese tax return.” “You want a what?!?” I sputtered. There are lots of things FIRECracker and I pictured when we started down the path of...
millennial-revolution.com
How to Manage Taxes When You Win the Lottery - 478
Apr 23 2024
So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth®...
purefinancial.com
Lump Sum vs. Annuitization: Tax Implications for Your Non-Qualified Annuity
Apr 20 2024
Joe is planning for retirement and wants to minimize his tax burden, especially on the interest earned from his three annuities. James explains that non-qualified annuities are purchased with post-tax...
buzzsprout.com
Looking for high-yield CDs? Consider an Option “Box Spread” as a tax-advantaged alternative!
Apr 18 2024
April 17, 2024 – People sometimes ask me for a good and safe place to “park” their money for a short period. CDs, high-yield savings, and money market accounts would be the obvious a...
earlyretirementnow.com
The 3 Tax Mistakes That Could Cost You Thousands
Apr 17 2024
Don’t Forget Tax Day Today is April 15th, Tax Day! It is one of the few times each year when everyone collectively thinks about their personal finances. If you owed a significant amount this yea...
andrenader.substack.com
Retirees Face Significant Tax Bills Due to Fraud
Apr 16 2024
A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings....
kiplinger.com
Implications of (mini) "Golden Parachute"?
Apr 16 2024
My institution is offering a full year's salary for relinquishing tenure after this academic year. I wanted to retire anyway, so this seems like an unexpected gift. I know that the taxes will be high,...
reddit.com
Three Ways to Give to Your Kids Tax-Free While You’re Still Alive
Apr 13 2024
Parents can see the positive impact of their giving through tax arbitrage, giving cash (within limits) or directly paying for school or medical expenses....
kiplinger.com
Your Kids' Tax Brackets Could Lead to Unequal Inheritances
Apr 12 2024
Sometimes, divvying things up equally means one child might end up with less because of tax implications. Here’s how to avoid that....
kiplinger.com
Can’t Pay Your Taxes This Year? Here’s What to Do
Apr 10 2024
Home » Tax Relief Companies Updated: If you’re having trouble paying your taxes this year, relief is available. Tax filing requirements and paperwork are stressful enough, but if you owe t...
retirementliving.com
Be Ready For These 10 Tax Surprises, Ep #213
Apr 09 2024
So many of us will be hoping for no tax surprises when preparing our tax returns this year. This is why we want to provide you with a list of common tax surprises to watch for. After working with hund...
financialsymmetry.libsyn.com
The Rich Pay More Than Their Fair Share Of Income Taxes
Apr 08 2024
The rich are frequently criticized for not contributing their fair portion of taxes. However, when examining income taxes, it becomes evident that the wealthy actually contribute more than their fair ...
financialsamurai.com
What You Need to Know About Social Security and Taxes
Apr 06 2024
As you prepare for retirement, it’s essential to understand what your taxes will be. You may think your Social Security benefits are tax-free. After all, why would the government pay you money w...
newretirement.com
Popular Topics
Filter content by these topic groups:
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.