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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.)CONTINUE READING
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.CONTINUE READING
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.CONTINUE READING
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.CONTINUE READING
Bringing on another professional to assist in planning can be daunting, but it can add value for clients.CONTINUE READING
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.CONTINUE READING
The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.