How Will Tax Planning Affect Your Filing Strategy?
With Social Security benefits, many retirees focus solely on the timing of their claim. However, an equally crucial factor that often goes overlooked is the impact of Social Security benefits on your income taxes. Proper tax planning can significantly affect your overall retirement income and, consequently, your Social Security filing strategy. Understanding the tax implications of your Social Security benefits is essential for making informed decisions about when and how to claim. By considering the tax consequences, you can potentially increase your net income in retirement and ensure that your benefits are working as hard as possible for you. […]
How Should Tax Planning Affect Your Income Strategy?
Picture your retirement income as a carefully crafted cocktail. While the main ingredients are your various income sources, tax planning is the subtle mixer that can transform the entire experience. Ignoring it might leave you with a bitter aftertaste, but master it, and you’ll savor every sip of your golden years. The Tax Bracket Tango Your tax bracket isn’t just a number—it’s a dance partner that changes with your income. As you waltz through retirement, your goal is to smooth out your taxable income, avoiding the misstep of a sudden jump into a higher bracket. This dance requires foresight […]
Tax Planning for Today and the Future
Is the Traditional 60/40 portfolio broken?
The 60/40 portfolio, a mix of 60% stocks or equities and 40% bonds or other fixed-income offerings, has been popular throughout the past several decades. It was developed in the 1960s and grew in popularity much in part due to more stabilized annual returns than only investing into equities. However after a series of bear markets and extremely low interest rates in the late 2010s and early 2020s, that approach to asset allocation appears to be broken. Why is that and what can you do about it? When you look at the idea behind the 60/40 portfolio, it was […]
3 Tax Optimization Strategies to Remember for Retirement
As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement. Consider the Tax Structure of Your State and Locality Where will you live? Consider living in a tax-friendly state like Tennessee. [1] Many states offer tax breaks for retirement income or have no income tax, which can help you reduce your tax liabilities in retirement. Some states also offer tax exemptions for Social Security benefits and other retirement income sources. Assessing the tax structure of your state and constructing your retirement plan […]
5 Tips for Proper Tax Filing
With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That’s why it never hurts to brush up on the basics involved with filing your taxes. Knowing the most common tax-filing mistakes is critical to preventing any slips and the serious headache that could result in IRS scrutiny. Keep reading to learn how you and your family or […]
Quick Tips for Filing Your Taxes This Season
Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays. It’s best to be patient and ensure that you have all the documents that you need for submitting your taxes.[1] Gather up all the documents you’ll need […]
3 Strikes to Avoid When Tax Planning
Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. A comprehensive tax strategy can help to avoid these three common mistakes. Taking Too Much Income When you start to approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation stage to the income stage of your life. The whole point of saving for retirement is to live comfortably off your savings in retirement. But asking your money to provide you income is […]
Phil Williams Interviews Jim Brogan on the Inflation Reduction Act
Jim Brogan joins The Phil Show on NewsTalk 98.7 where he breaks down the Inflation Reduction Act, corporate tax, and more. Click the play button below to listen!
Tax Day Will Be Here Before You Know It
Tax Day is April 18th this year, due to the Emancipation Day holiday in Washington D.C. on the 15th. This is a good time of year to review your finances and think about your long-term tax strategy. Tax Day will be here before you know it, so let’s dive into these important tax terms and start thinking about how you’ll work to lower your tax bill. Tax Credits A tax credit is a dollar-for-dollar benefit. It’s an amount that taxpayers can subtract directly from their tax bill. Some examples are the child tax credit and the earned income tax […]
