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…
From: www.wealthmanagement.com
Turns out the sky is NOT falling, but it’s best to be prepared for it.
As the old saying goes, economists have predicted 27 of the past five recessions. That’s how I feel about all the handwringing over President Joe Biden’s massive infrastructure and tax plan.
While it’s popular in the media (and on Capitol Hill) to bash those with 8- ,…
From: www.wsj.com
Making the most of these tax-code changes before year-end could reduce what you owe the IRS next April
Plan your 2021 taxes now—or else.
Or else what? Or else risk missing out on a large stimulus payment, or face a surprise bill at tax-filing time, or forgo a charitable deduction.
Year-end tax planning always matters, but new or temporary tax-code changes make it different…
REAP is now offering a FREE tax review!
Did you know that since 2001 there have been 3,000 changes to the U.S. tax code? This has lead to confusion and mistakes that have cost money for many people.
Did you know, you can save an average of $2,500 annually by using an experienced tax professional?
Give us a call now at (855) 904-REAP for your FREE tax review, and check out…
From: Simplicity Group
Many Americans will owe taxes on their retirement income withdrawals. This can equate to 15, 20, or even 30 years of future tax liabilities while one is no longer earning an income. The retirement risk in this scenario is tax increases. If taxes go up, there is a likelihood that so will your tax bill. This means less money for the things you need and want in retirement.
In…
From: www.fa-mag.com
Change is in the air. And since the tax law is involved, you can be certain that “change” doesn’t mean the final version.
At the moment, no one knows for certain what will happen to taxes in the United States, but people do know rates are far more likely to increase than decrease. In the immortal words of Jimmy the Greek Snyder, a once-famous…
From: www.kiplinger.com
You’ve saved diligently in your 401(k), and you wouldn’t mind tapping into it – but you’re not age 59½ yet, so you could have to pay the IRS a 10% penalty on your withdrawal. There are exceptions to that rule, though. Here are 10 of them.
Retirement is something each of us must plan for. Not surprisingly, you want to…
From: www.legacyplanninglawgroup.com
Summary of the Biden Administration’s PROPOSED Federal Tax Changes. On Monday, September 13, a tax bill was sent to the House Ways and Means Committee. Notably, there was no proposal to kill basis step up or to repeal the SALT deduction limitation. Here is a summary of the Biden Administration’s proposed federal tax changes:
From: www.kiplinger.com
The stage is set for higher tax bills and surcharges for retirees, if they’re not careful. From RMDs to taxes on Social Security and higher Medicare premiums, watch out for these three traps.
More people are going to retire in the next 15 years than have ever retired in the history of our country. By 2030, the Census Bureau projects we’ll reach the…
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