From: www.kiplinger.com
When you’re planning for retirement, it’s fun to contemplate all the cruises, rounds of golf and restaurant meals you have ahead of you. You’ve earned it! However, many retirees don’t take into consideration the cumulative impact of federal and state income taxes on withdrawals from their nest eggs.
“Finding tax-efficient investments is the key to successfully saving for…
Go to page: Are you prepared for tax season?From: REAP, LLC. | Retirement & Estate Advisors & Professionals
Believe it or not, it’ll be time to start thinking about doing your taxes soon (if you haven’t already begun).
Whether you already have a plan in place or know you need to make some adjustments this year, it’s a good idea to check in with a few basics.
As always, reach out if you need some assistance. For…
From: turbotax.intuit.com
Don’t overpay taxes by overlooking these tax deductions. See the 10 most common deductions taxpayers miss on their tax returns so you can keep more money in your pocket.
Get your share of more than $1 trillion in tax deductions
The most recent numbers show that more than 45 million of us itemized deductions on our 1040s—claiming $1.2 trillion dollars’ worth of tax deductions….
From: www.forbes.com
The Internal Revenue Service announced today the official estate and gift tax limits for 2020: The estate and gift tax exemption is $11.58 million per individual, up from $11.4 million in 2019. That means an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple will be able to…
From: legalguidancenow.com
Are Social Security benefits really taxable? Well, yes and no; it all depends on the state you live in. Vermont, for example, views Social Security benefits the same way as the feds. Meanwhile, Conneticut taxes them only if your income tops $50,000.
Regardless if you’re planning to move to another state soon or just travel there for a…
From: www.fool.com
The payroll tax generated more than 88% of the $1 trillion collected by Social Security last year, but some forms of income got a free pass.
If you’ve ever wondered how important Social Security is to the financial well-being of our country, here’s a fact to take to heart: Each month, roughly 64 million people…
From: Forbes
The Internal Revenue Service has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2020 beginning January 1, 2020. They are not the numbers and tables that you’ll use to prepare your 2019 tax returns in 2020 (see page 11 for 2019 information). These are the numbers that you’ll use to…
From: www.investmentnews.com
Charitable giving is undergoing a shift in the wake of the 2017 tax law, and could see yet more changes in the coming months and years as a result of legislation working its way through Congress.
Aside from a few tweaks, the tax law, which provided the most sweeping reform to the U.S. tax code in a generation, didn’t address charitable giving directly. Yet, charitable giving by…
From: Gurtin
Goal: To Decrease or Permanently Eliminate Tax Liabilities
Tax loss harvesting with municipal bonds can help decrease or permanently eliminate tax liabilities investors have realized from capital gains in other portions of their overall investment portfolio. Using a systematic tax loss harvesting process, investors are able to sell securities that have depreciated in value and thereby realize losses that can be used to…
From: www.aefonline.org
One of the benefits of employing the use of a donor advised fund (DAF) in a charitable giving strategy is that, in certain scenarios, it can be utilized to separate tax strategy from charitable giving strategy. Because a donor always receives the tax benefits of contributing to a DAF in the year that…
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