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Category: Tax

Here are the 3 Tax Breaks that Retirees Most Often Forget About.

Posted on February 6, 2023February 6, 2023 by Matt

It is especially crucial for retirees over 65 to make the most of all applicable tax savings opportunities. That is particularly true if you are living on a fixed income. Some of you will need to earn a living from your retirement funds. It’s easier said than done to preserve one’s financial standing in retirement.

Here Is Why Estate Planning Is Essential To Retirement

Posted on February 3, 2023February 3, 2023 by DT

Estate planning is the process of arranging and preparing for the distribution of a person’s assets and property after their death. It involves creating a plan to manage and distribute a person’s assets to ensure their wishes are carried out, minimize taxes and probate costs, and provide for their loved ones.

What Is The Maximum Social Security Tax?

Posted on January 24, 2023January 24, 2023 by DT

Once your wages are above a certain threshold, you can cease contributing to Social Security for the remainder of the year. You read it correctly; all your earnings may not be taxed on Social Security if you earn a high salary. Workers contribute to Social Security until their annual income hits the Social Security tax cap.

Here Are Three Reasons Why Your Retirement Income May Be Lower Than Expected

Posted on January 17, 2023January 17, 2023 by DT

When planning and preparing for retirement, estimating how much money you will need to maintain your desired lifestyle seems crucial. Thus, you might choose a strategy that enables you to reach your financial objectives.

Roth Conversions Are Excellent Tools For The Middle Class

Posted on January 3, 2023January 3, 2023 by DT

If you are a middle-income person, your tax situation may be far better than you believe. Being in this position may allow you to boost your retirement income strategy in the future. With a simple adjustment to the structure of your retirement funds, you might reap considerable long-term benefits.

The 2023 Retirement Contribution Limits Are Here.

Posted on January 2, 2023January 2, 2023 by DT

Investing as much as possible in as many different ways could pay off immensely in the future. As of 2023, the maximum amount that can be contributed to a retirement plan will be raised by the Internal Revenue Service (IRS), allowing you to save more.

5 Simple Steps to Take Before Retiring in 2023

Posted on December 26, 2022December 26, 2022 by DT

Although approximately 48 million Americans are receiving Social Security retirement benefits, many are still actively employed and hope to one day receive these benefits. If you are one of these soon-to-be retirees, you should know that there are things you can do to ensure a comfortable retirement financially.

Secure 2.0  Provides A Limited Federal Match On Contributions Made By Lower-Income Retirement Savings

Posted on December 23, 2022December 23, 2022 by DT

There may soon be a new incentive for low- and middle-income folks to save for retirement. Under a provision in a legislative plan known as “Secure 2.0” — which is part of an omnibus appropriations package that passed the Senate on Thursday and awaiting a vote in the House — a retirement “saver’s match” would be introduced, thereby altering how a current tax credit operates.

Here Are 5 Tax-Smart Strategies For Charitable Giving For Retirees

Posted on December 20, 2022December 20, 2022 by DT

There is still time to do well by doing good this year, and there are still tax benefits available to retirees who make charitable contributions. Act quickly, though!

There is usually a year-end interest in donating to charity; this motivation does not always disappear upon retirement. Let’s discuss some tax-intelligent ways for charitable contributions by retirees.

Changes To Your Tax Situation That Can Yield Financial Benefits

Posted on December 12, 2022December 12, 2022 by DT

As far as individual income tax rates are concerned, 2022 is likely to go virtually unnoticed unless a lame-duck Congress passes some hasty legislation. However, several crucial federal tax decisions are still to be made before the end of the year that may lead to cost savings, especially for investors.

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