Michael Fortey’s Post

Help stay ahead of tax season with this guide to 10 essential forms retirees receive and what they signify. Understanding these forms is crucial to help for a smooth filing process, making sure you have everything necessary for accurate tax preparation. 📜 ✔ https://lnkd.in/eVe46qmm #taxes #retirement #financialwellbeing

10 Tax Forms Retirees Receive and What They Mean Note: Knowing what you’re getting and why is important so you can ensure that you or your tax preparer have what’s needed to file your taxes. https://lnkd.in/eVe46qmm #tax #retirementplan #retirement #retirementplanning #taxpreparer #financialplanning #moneymanagement #taxplanning #personalfinance

Check out this article from our team regarding important tax updates to consider for 2024. A downloadable tax resource document for quick reference is included - just follow the link: https://lnkd.in/gmmnrW4m #taxes #retirement #financialplanning #wealth #meirawealth

"Will my taxes be higher, lower, or about the same when I retire?" The answer to this question might shock you... 👇 Nobody wants to pay more than they have to in taxes, especially in retirement. And a lot of people think they will pay less because they're exiting the workforce and losing their main source of income. There are many factors at play though, and a few significant ones, that a lot of people don't realize. Here are some of the significant ones that you should think of when tax planning: 1️⃣Tax Rate Changes --- The Tax Cuts and Jobs Act (TCJA) which went into effect Jan. 1 2018 reduced tax rates at just about all levels of taxable income. This Act is set to expire Dec. 31, 2025, so we know rates will be going back up and who knows what they'll look like in the future. --- Also, the fact that the US national debt is at all-time highs and continuously growing, and historically speaking, tax rates are at all time lows does not make future rates look promising. 2️⃣Required Minimum Distribution (RMD) Rules --- In case you are unfamiliar with RMDs, they are the minimum amounts you must withdraw from tax-deferred retirement accounts, such as, 401ks, 457bs, traditional IRAs, etc.. --- This law has seen some recent changes, but to put it simply, you must start RMDs when you reach age 72 (73 if you reached age 72 in 2023) or you will be penalized with a 25% excise tax.😦 3️⃣Income Sources and Income Tax Deductions --- Everyone is subject to the first two factors, however, #3 can vary a little more from person-to-person. --- Depending on you job success and saving habits over the years, you may just find yourself in quite a strong financial position when you retire. Possible income sources: Pension, retirement accounts, Social Security, taxable investments, rental properties, and part-time work. --- You also tend to miss out on income tax deductions you would have had when younger, thus pushing you into higher brackets. Some common deductions you may lose: IRA/401k/Retirement plan contributions, mortgage interest, dependents So... Will your taxes be higher, lower, or about the same in retirement? Well, unfortunately, there isn't an exact answer for that. However, if you strategize and plan out your finances correctly, you can certainly minimize the tax impact you will see when you do retire. 👍 For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.

If you are over 50, you may qualify for more tax deductions than you think! 🤩 Here are 10 of them: https://lnkd.in/ekBc4vBV #retirement #taxbreaks #financialwellbeing

Before Doing a #RothConversion, Evaluate These Three Thresholds https://buff.ly/3W8RP6M #Roth #RothIRA #IRA #Retirement #RetirementPlanning #Taxes #TaxPlanning #IncomeTax #TaxRate #CapitalGains #Medicare #IRMAA #PersonalFinance #FinancialPlanning

Before Doing a #RothConversion, Evaluate These Three Thresholds https://buff.ly/3W8RP6M #Roth #RothIRA #IRA #Retirement #RetirementPlanning #Taxes #TaxPlanning #IncomeTax #TaxRate #CapitalGains #Medicare #IRMAA #PersonalFinance #FinancialPlanning

Before Doing a #RothConversion, Evaluate These Three Thresholds https://buff.ly/3W8RP6M #Roth #RothIRA #IRA #Retirement #RetirementPlanning #Taxes #TaxPlanning #IncomeTax #TaxRate #CapitalGains #Medicare #IRMAA #PersonalFinance #FinancialPlanning

Before Doing a #RothConversion, Evaluate These Three Thresholds https://bit.ly/3ybeYgE #Roth #RothIRA #IRA #Retirement #RetirementPlanning #Taxes #TaxPlanning #IncomeTax #TaxRate #CapitalGains #Medicare #IRMAA #PersonalFinance #FinancialPlanning

As we navigate the complexities of the tax season, many individuals overlook valuable opportunities to reduce their tax liability. One such gem is the Saver's Credit, a powerful incentive designed to encourage retirement savings among eligible taxpayers. In this blog, you can explore the criteria for the 2023 tax year, helping you understand if you can take advantage of this credit to not only bolster your retirement savings but also potentially lower your tax bill. Whether you're a seasoned investor or just starting your savings journey, this guide is tailored to ensure you don't miss out on this beneficial credit. Interested in adapting these tax-saving strategies to your business? Send me a message to explore how the Saver's Credit and other tax incentives can benefit your financial planning! #taxseason #taxstrategy https://lnkd.in/eYqsgZ7P