Albany Financial Group

80 Wolf Road

Suite 301
Albany, NY 12205

Tax Planning

Tax PlanningYou'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

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

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

2019 Tax Cuts and Jobs Act

Tax deductions you counted on in the past may have been eliminated or changed. 

Making Your Tax Bracket Work

Making Your Tax Bracket Work

Have you explored all your options when it comes to managing your taxable income?
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Five Most Overlooked Tax Deductions

Five Most Overlooked Tax Deductions

Five overlooked tax deductions to help manage your tax bill.
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Does Your Child Need to File an Income Tax Return?

Does Your Child Need to File an Income Tax Return?

When your child has income, there’s a good chance that he or she will need to report it and pay taxes.
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Helpful Links

Click on the button below to find forms, explanations and other tools to help you manage your taxes.

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