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Ask an Advisor: How Can Tax Rates Be Higher in Retirement Than Your Earning Years?
Required minimum distributions (RMDs) are certainly a reason that a person’s tax rate might go up in retirement, but they’re not the only reason. There are a number of possible scenarios in which a person faces higher taxes in retirement when compared to their earning years. (And if you need help with planning for taxes in retirement, consider matching with a financial advisor.)
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Yes! As Little As $600 Is Reported
It wasn’t a secret this was coming. But, it may still come as a surprise to many taxpayers. Beginning on January 1, 2022, there was a MASSIVE reduction in the […]
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The Tax Planning Process Every Advisor Can Implement
The default approach to tax preparation does little to ensure tax planning, and with it tax savings, are actually happening. This creates a huge opportunity for financial advisors who are willing to be proactive.
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