Tag: taxplanning

Aug182018 by adminNo Comments

New retirees: Don't overlook this tax-planning sweet spot

Finance

A special opportunity to do some serious tax-planning awaits many people heading into retirement. This sweet spot is the stretch of time that starts after you're done with full-time work and before you begin taking required minimum distributions from your 401(k) account or traditional individual retirement account at age 70½. And presumably, you'll find yourself in a lower tax bracket. "This is a good time to look at whether some strategies can work that help with taxes," said Avani Ramnani, director of financial planning and wealth management at Francis Financial in New York. ...

Sep242017 by adminNo Comments

Don’t wait for a tax reform to start your tax-planning strategy

Finance

There has been a great deal of discussion concerning tax reform these days, and many people are putting tax planning on hold until they see what Congress is actually going to do. Since that could take a lot of time and we don't know if any changes will actually occur, it makes more sense to plan now and adjust later if the world changes. Focus on what you know and what you can control, and don't worry about any changes until they actually occur.Don't wait until 1099s start arriving, to begin gathering your data for filing. The top priority and most important tax-planning advice is to file as early as possible to avoid tax-return identity theft. Have all backup data possible in early January so that when 1099s do arrive, you are ready to file.One of the most important things you can do righ...