Tax Planning
You've worked hard through the accumulation phase of your life -- working and saving towards a retirement dream. Now with retirement on the horizon, you need to switch gears and think about the distribution phase - a completely different ballgame.
Taxation in retirement can get complicated. Too many retirees are losing money and a chance at the retirement they want because they did not have a good tax plan before they entered retirement.
Keep in mind that tax planning is different from tax preparation. Many CPAs offer tax preparations, but few offer tax planning advice. By delivering proactive tax planning strategies to you both while you work and throughout your retirement, we can help you avoid costly mistakes and minimize tax surprises.
The tax code these days is in a state of flux and new bills and rules can be introduced at any time. Currently, the SECURE Act recently lead to significant changes affecting retirement plans.
Planning strategies include:
Social Security
Medicare and taxes
Roth IRA conversions
Step-Up in basis strategy
Inherited IRAs
How Tax Planning Changes Through Four Stages of Retirement
People often pay more in taxes than expected because a confusing system treats various income types differently, and contains hidden taxes and penalties.
Tax Reform and Families: 3 Essential Changes
There is both good and bad news for families in the new tax act.
1. The child tax credit has improved. With higher phase out limits, more families can take advantage of a higher credit.
2. New calculation for the kiddie tax: the more favorable capital gains rates are now applied to the net unearned income of a child, rather than the parent's top marginal rate.
3. 529 Plans just got better. The new law allows an annual distribution of $10,000 to pay for K-12 private or parochial education.
2019 Tax Cuts and Jobs Act
Tax deductions you counted on in the past may have been eliminated or changed.
How to Make the Tax Code Work for You
