Posts Tagged ‘taxplanning’
Your Guide to Taxes for Retirees and Retirement Accounts
A cheat sheet on contributing to, withdrawing from and converting 401(k)s, traditional IRAs, Roth IRAs and other funds By Laura Saunders / WSJ To encourage retirement saving, Congress has provided Americans with an array of tax-favored accounts. These provide individual Americans many benefits, but there are pitfalls in terms of when and how you contribute to,…
Read More5 Tax Scams to Watch for This Filing Season: High-pressure tactics, official-sounding messages and other tricks are potentially bedeviling taxpayers
By Lori Ioannou for WSJ Tax-filing season is prime time for scams, and this year could be particularly busy thanks to several new rules for taxpayers to deal with under the One Big Beautiful Bill Act, and the rise of artificial-intelligence techniques that give scammers powerful new ways to infiltrate communications. Tax-scam perpetrators often use fear,…
Read MoreUnpacking How the Tax Landscape is Changing: Enjoy current tax advantages, but prepare for a future that might be different
The U.S. tax landscape is shifting in ways that carry real implications for investors and households alike. Congress’s passage of the One Big Beautiful Bill Act (OBBBA) makes the Trump-era tax cuts permanent, offering short-term certainty while diminishing the need for urgent year-end tax maneuvers. At the same time, tariff-driven inflation is acting as an…
Read MoreThe “Family Tax Office” Mindset: Kids, Education, and Inter-Generational Planning
Most families experience taxes in fragments: a 529 plan opened when a child is born, a custodial account started with a grandparent gift, retirement accounts scattered across employers, and estate documents drafted years ago. The “Family Tax Office” mindset takes a different approach. Instead of treating each account or decision in isolation, it views the…
Read More2026 Tax Brackets, Deductions and “Paycheck Planning”
The tax code does not usually change in dramatic fashion from one year to the next, but even “routine” inflation adjustments can add up to meaningful dollars over time. For 2026, federal income tax brackets have been adjusted for inflation, and the standard deduction has stepped higher again. For many households, this combination slightly reduces…
Read MoreTax Season has begun: What You Need to Know…
This week marks the official opening of the 2026 federal tax filing season, when the Internal Revenue Service begins accepting and processing 2025 individual income tax returns. For many Americans, this filing period will feel different from prior years—not just because of new forms and digital tools, but because of a significant wave of temporary…
Read MoreHow Will Taxes Impact My Retirement Income? Proper tax planning enhances your financial security throughout retirement
Taxes can significantly affect your retirement income, reducing the amount available for spending. Understanding how different income sources are taxed and implementing tax-efficient withdrawal strategies can help minimize tax burdens and maximize savings. Taxable vs. Tax-Advantaged Income Retirement income falls into three categories: Taxable Income: Withdrawals from traditional 401(k)s, IRAs, pensions, and some Social Security…
Read MoreYour Guide to Taxes for Self-Employed and Gig Workers
A cheat sheet on the taxes, breaks and business deductions that apply to workers who get 1099s By Ashlea Ebeling Taking on a gig job means taking on new tax responsibilities. You might not think you’re in business, but if you’re reselling items online, tutoring or pet sitting, for example, the money you make is generally…
Read MoreThe SALT Deduction Cap Is Due to Expire. How Taxpayers Can Prepare for What’s Next.
Whether the deduction limit is raised, eliminated or extended, there are steps taxpayers can take to minimize their tax burden By Debbie Carlson As Congress debates tax policy this year, the state and local tax-deduction cap is in the crosshairs. The SALT deduction cap is set to expire at year’s end, along with a host of…
Read MoreKey Tax Numbers That Have—and Haven’t—Changed for 2025: A cheat sheet for new brackets, deductions and credits you need to know for filing 2024 taxes and for this year’s tax planning
By Laura Saunders The U.S. tax code has many provisions that are adjusted for inflation and some that aren’t. Here’s a selection of key numbers to help with tax planning for 2025 and tax prep for 2024, plus useful references. Some of these might change depending on what Congress does later this year. For now, though,…
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