Tax

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Weekend Reading: 6 Months and 1 Day

Minimizing taxes is a worthy goal, but is it worth sacrificing other priorities?

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Weekend Reading: Social Security is Taxable? Don’t Be Caught Off Guard

Primarily, the tax affects those with higher incomes, including anyone still working or receiving substantial retirement income.

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Weekend Reading: Use Net Unrealized Appreciation to Save on Taxes in Retirement

You want to minimize the money you owe Uncle Sam, and Net Unrealized Appreciation (NUA) is just one of many strategies that can help you do so.

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Weekend Reading: What’s Changing for Retirement in 2024?

While you aren’t faced with many major changes for 2024, tax shifts are on the horizon for 2026 as the Tax Cuts and Jobs Act (TCJA) is set to expire. Don’t let these low tax years pass you by without intentional tax planning.

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Weekend Reading: Is Tax-Loss Harvesting Worthwhile?

Tax-loss harvesting is an incredibly powerful wealth-building tool when used properly, but it must be done intentionally.

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Weekend Reading: Maximize Retirement Savings With Charitable Remainder Trusts: A 2023 Guide

If you are at all charitable-minded, you should leverage the variety of options available to maximize your tax deductions, allowing you to be even more generous with your wealth.

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Weekend Reading: Managing Taxes in Retirement using the Effective Marginal Tax Rate

To create a “tax alpha” retirement plan, your focus should be on leveraging tax-saving strategies that maximize your after-tax returns.

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Weekend Reading: Don’t Overlook Post-Retirement Roth Conversion Benefits

You often hear of the benefits of Roth conversions during your working years, but when carried out during retirement, they can also help you enhance your income options, manage tax situations and support your estate planning goals.

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Weekend Reading: Don’t Rule Out Tax-Loss Selling as 2023 Winds Down

You have much to gain from tax-loss harvesting during volatile times, but even amidst the market’s 15 percent increase year-to-date, tax-selling opportunities still exist. Bonds in particular have underperformed and could be offset by gains elsewhere.

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Weekend Reading: Check Before Leaving

Planning for retirement involves asking the big questions, such as: How do I protect and grow my savings? Or, do I have enough? Beyond this, however, you have other factors to consider, both financial and non-financial.

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Weekend Reading: Deferring Taxes Until Retirement? You May Want to Rethink That

If you want to minimize the dollars you owe Uncle Sam, it’s crucial to focus on limiting your long-term tax liability, versus only minimizing taxes in the current year.

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Weekend Reading: Four Threats to the Distribution Phase of Retirement

You may find – like many of the families we meet with – that the distribution phase of retirement is often the most challenging. However, it can be greatly simplified by focusing on a handful of key risks.