The end of the year is approaching, but it may not be too late to make some retirement account decisions that can help you reduce your 2016 tax burden. In fact, for IRA accounts you have until your tax filing deadline (usually April 15 of the following year) to make a contribution that will count towards tax year 2016. With that in mind, here are a few last-minute moves you can make that will qualify you for retirement savings tax perks....
Taxing Forethought
It may seem extreme to plan today for the taxes you'll pay 20, 30 or even 40 years from now, but smart people do just that. In reality, taxes have the potential to be one of, if not the largest expense during your retirement. Consider this - after decades of deferring tax on your retirement savings, the tax bill becomes due once you tap those resources for income when you leave the workforce. Therefore, you need to plan ahead if you want to minimize the taxes you will pay during your retirement years....
Taxes and Healthcare Under a President Trump
The results are in, and we now know that Donald J. Trump will be the next president of the United States. With this news comes the speculation about how Mr. Trump will govern. He’s talked a lot about changing quite a few areas that would affect financial planning – most notably in taxes and healthcare....
Simple Tax Tips for Retirees
Nobody wants to pay taxes, least of all retirees who often don't have a lot of money to begin with. As a retiree on a fixed income, it's natural to want to hang onto every penny you get your hands on, and the idea of forking over even a small amount of your income to taxes might seem like a major blow. But if you prepare for what's ahead and make a few strategic decisions, you could lower your taxes and keep more of that money for yourself....