One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0% to 37%, plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates planning opportunities in retirement. The basic concept Many retirees have […]
Read more...Blog
Effective Tax Planning Starts Now
With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off can create problems at the end of the year when there’s little time for changes to take effect. If you take the time to plan now, you’ll have six months for your actions […]
Read more...2020 Health Savings Account Limits
A Health Savings Account (HSA) is a tax-advantaged savings account whose funds can be used to pay qualified health care costs for you, your spouse and your dependents. The account is a great way to pay for qualified health care costs with pre-tax dollars. In fact any investment gains on your funds are also tax-free […]
Read more...Three Ideas for Charitable Deductions
The Tax Cuts and Jobs Act of 2017 (TJCA) made significant changes to how most people calculate their taxes, including a doubling of the standard deduction. One of the results of these changes is that a lot of people are under the impression that there are no longer any tax benefits given for charitable contributions. […]
Read more...