Taxes

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund [...]

2020-10-26T12:48:20+00:00October 26th, 2020|Financial Planning, Social Security, Taxes|

3 Reasons Why Your Tax Burden Could Increase In Retirement

Most people assume that their tax burden will dramatically decrease in retirement once they stop receiving a paycheck, but this isn’t always true. A high tax bill is one retirement risk to be aware of and to try and mitigate. We may be experiencing relatively low taxes right now, but a change in leadership in [...]

2020-09-08T02:50:23+00:00September 8th, 2020|Taxes|

3 Ways a Financial Advisor Can Help You With Tax Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is [...]

2020-04-24T15:02:05+00:00March 27th, 2020|Financial Planning, Taxes|

Why You Might Need to Adjust Your Withholding

One truth becomes apparent at tax time: Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an [...]

2020-04-24T15:14:05+00:00March 6th, 2020|Taxes|