Retirement Tax Services | Tax Library - Retirement Tax Services

All / Consumer Posts/Media/Tax Strategies

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.)

Ask an Advisor: I’m in the Highest Tax Bracket and ‘Plan to Be There Moving Forward.’ Should I Do a Roth Conversion?

If you ask some financial professionals, the answer to this question might be a resounding no, and the discussion would be over. But there are arguments for doing Roth conversions, even if you are in the highest tax bracket.

7 Tax Pitfalls Financial Advisors Should Avoid This Season

Some financial advisors may be tempted to wash their hands of taxes and leave them to the accountants. But that approach doesn’t ensure the best outcome for their clients. Great financial advisors know that, while the calendar has turned over on 2022, there is still work to be done before it is left behind. And that work is around taxes.

Is it too late to convert to a Roth?

There is also no earned income requirement to convert to a Roth. As long as you have a balance in an IRA, in theory, you can keep converting to a Roth as long as you like.

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.

Advisors’ Most Asked Questions on Working With Tax Professionals

Bringing on another professional to assist in planning can be daunting, but it can add value for clients.

Tax-Efficient Family Gifting: An Advisor’s Guide

A powerful strategy to discuss with clients interested in gifting is funding Roth accounts on behalf of children or grandchildren.

Midyear Tax Planning for Financial Advisors

There is a fantastic opportunity for advisors to add value for their clients by checking in midyear and reviewing a pay stub to make sure their clients are on track.

Clients Don’t Care About Roth vs. Traditional IRAs. So What?

Many financial advisors will object to the headline of this article, but advisors represent an incredibly small percentage of all taxpayers. Very few taxpayers care to be able to describe the difference between a Roth IRA and a traditional IRA. What they want to know is which option is right for them and what action they should take.

Tax Library