Taxes / Tax Laws

Tax rules

Tax Rules on Retirement Accounts

Tax-advantaged accounts, or qualified accounts, allow your portfolio to grow without the impact of taxes. This is a major benefit when it comes to saving for your goals. There are multiple retirement account options to choose from, and tax rules vary for each of them. Where you end up focusing your contributions may change over…

Contribution

Reminder to Take Advantage

With the due date for filing tax returns fast approaching, you may be getting ready to make your 2021 contribution to your IRA or other qualified account. While you are at it, why not make your 2022 contribution at the same time? That would allow your money to work for you for an extra 12…

Tax

Taxes

With so much going on around us in the market, it is difficult for many of our clients to take the time to hit pause and think about the impact of taxes on their retirement savings. We thought we would make it easier for you by sharing an up-to-date 2022 Tax Reference Guide. You can…

tax refund

Tax Refunds

We are well into tax season, which means more and more individuals are beginning to think about their tax refunds and what they can do with them. The solution relates to how healthy the individual’s cash flow is. If you like the feeling of getting a “windfall” in the form of a tax refund, you…

Social Security Tax

How is Social Security Taxed?

With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The…

tax season with retallick

Tax Season is Fast Approaching

The third tax-filing season to happen during the Coronavirus pandemic is quickly approaching. This is likely to come with yet more frustration and uncertainty for taxpayers and tax preparers. Some things will return to normal this year. The individual tax deadline will return to its usual mid-April date, for the first time since 2019. Additionally,…

Federal Tax Brackets

Adjusting For 2022 Tax Rules

Soon it will be time to file your 2021 taxes. But did you realize that the 2022 tax rules will “differ substantially from 2021”?  Your tax brackets will be higher, and so will your standard deduction.  There is still time to reduce your 2021 tax bill, but time is running out. Knowing the tax brackets…

capital gains tax

Capital Gains Taxes Explained

We’ve received calls asking to explain capital gains taxes so we thought this week’s article might be of interest. It tells us, “There are two categories of capital gains: short term (assets held for a year or less) and long term (assets held for longer than one year). The day you acquire the asset isn’t…

Tax Laws for the 2020 Tax Year

(And how they may impact your retirement) Several changes occurred in the tax laws for 2020 that may impact your retirement. To help keep you informed, we’ve put together a list of some of them here. Of course, you should always consult a qualified tax professional regarding any tax laws or questions. Please note, Don…

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