The Top 10 Most Popular Strategies for Reducing Taxes in Retirement The taxman cometh, even for those in retirement. And if you?don't have a plan?to reduce what you owe in your Golden Years, then the IRS may end up taking more than it is entitled to. Money in your pocket is always better than in the government's. However, according to a recent?Northwestern Mutual?study,?one out of every three Americans?is failing to plan on how to reduce their retirement tax burden. The old saying, failing to plan is planning to fail, holds true. https://lnkd.in/gVJyUc-d
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Certified Tax Coach helping businesses survive uncertain economic times while reducing taxes and using the savings to expand.
When you're getting ready to file your taxes with us, one crucial piece of information you shouldn't overlook is your retirement account contributions. Why, you ask? Because tucked away in the tax code is a gem called the "Saver's Credit." And yes, we're talking about a credit, not just a deduction. This means it’s possible to get money back from the IRS, even if you don’t owe any taxes. The Saver's Credit is designed to encourage individuals and families, particularly those with low to moderate incomes, to save for retirement. Depending on your income and filing status, you could qualify for this credit, making saving for the future a bit more rewarding. Just make sure you contribute to your retirement account by April 15 for it to count towards the previous tax year.
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When you're getting ready to file your taxes with us, one crucial piece of information you shouldn't overlook is your retirement account contributions. Why, you ask? Because tucked away in the tax code is a gem called the "Saver's Credit." And yes, we're talking about a credit, not just a deduction. This means it’s possible to get money back from the IRS, even if you don’t owe any taxes. The Saver's Credit is designed to encourage individuals and families, particularly those with low to moderate incomes, to save for retirement. Depending on your income and filing status, you could qualify for this credit, making saving for the future a bit more rewarding. Just make sure you contribute to your retirement account by April 15 for it to count towards the previous tax year.
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Financial Advisor and Planner at Capstone Partners Financial and Insurance Services
Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/gazNJ7Py.
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(IRS Notice Defines Retirement Plan Tax Distribution Exceptions) The?notice?states that taxpayers are permitted to receive distributions from an eligible retirement plan to meet unforeseeable or immediate financial needs related to necessary personal or family emergency expenses. The emergency personal expense distribution is taxable as gross income but is not subject to the 10% additional tax. #retirementplans #plansponsors #IRS https://lnkd.in/gdnbjbfu ________________
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Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/e9ZAedqK.
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Financial Planner, Investment Advisor Representative at Creative Financial Group
Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/dJ-qW_v5.
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Owner at Polanco Wealth Strategies Inc / Financial Services Professional at MassMutual
Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/gP3MN_gZ.
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Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/gWe4JK-G.
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Owner of Poker Financial Group / Partner at WestPoint Financial Group a MassMutual Firm
Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/gmVaJn6h.
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Avoid paying extra on your hard-earned nest-egg. Let’s talk through the tax advantages of retirement accounts and the penalties that could come with them. https://lnkd.in/gHW9FgFc.
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