It’s That Time of Year

It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions.  As a general rule, you have until tax day to make IRA contributions for the prior year. In 2024, that means you can contribute until April 15 toward your 2023 tax year limit of $6,500. You needn’t wait until the last minute, either, which means that as of January 1, 2024, you can also have your savings go

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Tax rules

Tax Rules on Retirement Accounts

Tax-advantaged accounts, or qualified accounts, allow your portfolio to grow without the impact of taxes. This is a major benefit when it comes to saving for your goals. There are multiple retirement account options to choose from, and tax rules vary for each of them. Where you end up focusing your contributions may change over time depending on your life stage and tax situation. Contact us. We’d be happy to discuss with you options, how they relate to where you are in your planning today, and what your goals are for the future.

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What Every Saver Needs to Know

This week’s article focuses on the fact that while “everyone’s retirement is different, 2022 is going to have some big differences from 2021 that will affect almost every retiree and retirement saver to some degree.” The article explains the specifics of what those differences are, including: Higher social security payouts Higher standard deductions for your federal income taxes A rise in Medicare premiums Changes to social security payroll taxes and estate exclusions Changes to retirement plan distributions and contributions Contact us if you’re a retiree or retirement saver who thinks these changes will have you rethinking your retirement strategies: (949)

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Reminder to Take Advantage

With the due date for filing tax returns fast approaching, you may be getting ready to make your 2021 contribution to your IRA or other qualified account. While you are at it, why not make your 2022 contribution at the same time? That would allow your money to work for you for an extra 12 months! We have several options for contribution types that you may not be aware of and may offer you greater income streams than previous ones. Reach out to us to learn more. 

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With so much going on around us in the market, it is difficult for many of our clients to take the time to hit pause and think about the impact of taxes on their retirement savings. We thought we would make it easier for you by sharing an up-to-date 2022 Tax Reference Guide. You can use this for a quick glance at important tax filing information for the 2021 and 2022 tax year. This information may also bring to mind questions you have for 2022 planning. If you would like to discuss what changes in your retirement savings should occur

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Tax Refund

Tax Refunds

We are well into tax season, which means more and more individuals are beginning to think about their tax refunds and what they can do with them. The solution relates to how healthy the individual’s cash flow is. If you like the feeling of getting a “windfall” in the form of a tax refund, you might want to consider using that money to help plan for your retirement. New retirement savings options pop up all the time so it is a good idea to reach out and see what is being offered right now. If you know a check is

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Social Security Tax

How is Social Security Taxed? 

With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The percentage of tax is calculated off of your combined income if married and filing jointly, or as a single filer. The question then becomes: What is combined income? Combined income includes your adjusted gross income, nontaxable interest, and one-half of your annual Social Security benefits.

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Federal Tax Brackets

Adjusting For 2022 Tax Rules

Soon it will be time to file your 2021 taxes. But did you realize that the 2022 tax rules will “differ substantially from 2021”?  Your tax brackets will be higher, and so will your standard deduction.  There is still time to reduce your 2021 tax bill, but time is running out. Knowing the tax brackets for 2022 could help you make adjustments if you think you’ll get a large bill on your 2021 taxes. If you get hit with a big tax bill for 2021, you should consult a tax adviser about how to reduce that in 2022. It may

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capital gains taxes

Capital Gains Taxes Explained

We’ve received calls asking to explain capital gains taxes so we thought this week’s article might be of interest. It tells us, “There are two categories of capital gains: short term (assets held for a year or less) and long term (assets held for longer than one year). The day you acquire the asset isn’t included in your holding period, but the day you sell it is.” “Any net gain resulting from the sale of an asset with a short-term holding period will be added to your gross income and taxed as ordinary income at rates between 10% and 37%.

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tax deadline extended to May 17

What’s the Right Strategy for You?

This week’s article confirms an announcement recently made by the IRS. “You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an extra month to make IRA contributions that can potentially ease their IOU to Uncle Sam while also helping them save for retirement.” Do you need help deciding what is the right strategy for you with your retirement contribution? Call us. We’re always here to help. READ FULL ARTICLE

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