It's one thing to build up your retirement savings so you can retire, but equally important is the planning you should do to minimize the tax bite after retirement. The task may take some time, so it’s important to plan in advance....
A Reminder for First-time RMD Retirees
Even though the IRS is extending the April 15 deadline for filing your tax return to April 18 this year because of the weekend and a Washington, D.C., holiday, you don't get a similar extension for taking your first required minimum distribution (RMD). If you turned 70½ in 2016, you actually have until April 1, 2017 to take your first RMD...
Yes, Taxes are Still Certain in Retirement
Tax season is in full swing, and by now your mail (or in) boxes have begun to be inundated with “IMPORTANT TAX DOCUMENTS ENCLOSED” correspondence. For the newly retired, their first tax season after leaving the workforce may catch them a bit by surprise. They are used to receiving a paycheck from their company, and their employer usually helped them when it came withholding taxes from their earnings...
Relating Retirement Savings to Taxes
Making the right decisions about your retirement savings can do wonders for your tax burden. That’s because retirement accounts come with tax advantages. How much you pay in federal income tax is based on your taxable income, which is your income minus any exemptions or deductions for which you qualify. The higher your taxable income, the higher the percentage of your income you may pay in taxes, depending on your income tax bracket....