Top 6 Tax Changes You Should Know About for 2022

From: www.taxact.com

Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023.

Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went away in 2022. Let’s look at the…

Essential 2023 tax numbers from Highland Capital Brockerage:

The SECURE 2.0 Act will help Americans bolster their retirement savings and strengthen their long-term financial security. The common-sense solutions in the bill—including encouraging employers to offer more plan options and making it easier for small businesses to offer retirement savings plans—will help ensure employees’ retirement savings last a lifetime.

Here’s what you need to know about the SECURE 2.0 Act of 2022:

Congress passed Inflation Reduction Act of 2022. Here are 6 tax takeaways.

From: natptax.com

The Inflation Reduction Act (IRA) has just passed both houses of Congress and is expected to receive the president’s signature this weekend without issue. The act includes provisions that will have both long- and short-term tax impacts on taxpayers. In this blog post, we break down the six items in the IRA that every tax preparer needs…

8 Ways to Reduce Taxes in Retirement

From: www.retirementplanning.net

Whether you are inching closer to your retirement or have a long time to go before you retire, paying attention to retirement planning is important if you want to secure your golden years of life. If you save a good chunk of your income in retirement and investment accounts, you have already won half the battle. However, to make it successfully to…

How Pension Income Is Taxed

From: money.usnews.com

Learn what to expect in taxes if you receive a pension in retirement.

Some companies and government organizations provide a pension to their employees, which typically provides a lifetime monthly income. Your employer will usually fund the plan and then guarantee that you will receive a certain amount during retirement. When you retire, you will get a monthly income that can be used to support…

Tax Preparation Checklist

Before you begin to prepare your income tax return, go through the following checklist. Highlight the areas that apply to you, and make sure you have that information available. Better yet, attach the list to a folder of your tax documents, and check items off as you add them to the folder.

Taxes in Retirement

Presented by: David H. Morgan

About This Webinar

How and why the marginal tax system differs in your retirement years to your detriment
Whether you really will take money out of your IRA from a lower tax bracket than when it was put in
The provisional income calculations on your Social Security payments
How Capital Gains and Dividends impact your overall tax liability differently in retirement
The difference between deductions, exemptions, and credits on your…

Taxation of Annuities: FAQs

From: Whitepaper | Authored By: Heather L. Schreiber, RICP®

Annuities come in various shapes and sizes: non-qualified, qualified, variable, fixed, index, deferred, immediate—you get the idea. In my role as an advanced planning consultant, I find that financial professionals may struggle with the tax complexities associated with annuities, mainly when dealing with an already tax-deferred source of funds, such as qualified monies or when a non-natural owner…