If you want to save more money in this year, you’re definitely not alone. A Fidelity Investments study found that 44% of Americans want to boost their savings. (Dallas Tax Strategy: Prepare For Retirement in 2021) Increasing your retirement savings could be your ultimate money goal this year, as one survey found that 27% of respondents stopped saving for retirement last year in 2020. … Read More
Flower Mound Accounting: Biggest 2020 Tax Breaks
None of us want to pay more in taxes than we have to. Fortunately, the government gives taxpayers lots of ways to reduce their tax bills, with a host of deductions, credits, and other breaks designed to help you manage your taxes effectively. (Flower Mound Accounting: Biggest 2020 Tax Breaks) There are countless provisions that can help taxpayers, but most of the … Read More
Dallas Tax Savings: Best States For Retiring
Even in retirement you’ll likely owe your fair share of taxes. If your retirement savings are kept in a 401(k) or traditional IRA, you’ll generally have to pay income taxes on your withdrawals each year. You’ll also typically be responsible for federal taxes on your Social Security benefits. Depending on what state you live in, you could pay state taxes on … Read More
Dallas Texas CPAs: Make Your Money Last In Retirement, Part 2
Things will get more expensive as you age. Inflation will erode your buying power, putting pressure on your spending. Having a plan for inflation will help you not run out of money in retirement. (Dallas Texas CPAs: Make Your Money Last In Retirement, Part 2) 1. Make Healthier Choices Being sick is miserable and expensive. Many chronic health conditions are … Read More
Flower Mound Accounting Help: Biggest Retirement Mistake
Without your own savings, you may risk struggling to pay the bills in retirement. That’s why it’s crucial to contribute money to your nest egg throughout your working years. But the type of account in which you house your money could decide how much growth you see on your savings. And in this regard, a large number of Americans are … Read More
Flower Mound CPA Advisor: Common Retirement Tax Mistakes
Most soon-to-be and recent retirees don’t think about taxes when heading into retirement. This can be a problem. Don’t worry, if this is you. Keeping taxes at the forefront of your retirement plans will help you not only avoid mistakes, but allow you to take advantage of certain opportunities. (Flower Mound CPA Advisor: Common Retirement Tax Mistakes) Mistake #1: Not … Read More
Dallas Texas CPAs: Make Your Money Last In Retirement, Part I
Many of us worry about running out of money in retirement. That make sense since we don’t know how long we’ll live, what our future costs might be, and what kind of returns we can expect on our savings. (Dallas Texas CPAs: Make Your Money Last In Retirement, Part I) But there are ways to boost the odds that your … Read More
Dallas Tax Reduction: Avoiding Social Security Tax
Even though you’ve been paying Social Security taxes for years, you may not be able to escape Uncle Sam even after you claim benefits in retirement. (Dallas Tax Reduction: Avoiding Social Security Tax) It’s important to understand how taxes affect your benefits. For many of us, Social Security is a significant source of retirement income. In fact, roughly half of baby … Read More
Dallas Business Advisors: Stretch Your Retirement Savings
People are living longer, which means your retirement years are longer, too. But do you have enough money saved up to have a long, healthy retirement? (Dallas Business Advisors: Stretch Your Retirement Savings) Watch out for fees. You’d be flabbergasted to see how much of your retirement can go to administrative fees. Many savers focus solely on their returns, not … Read More
Flower Mound Tax Advice: Retirement Tax Savings
For people nearing retirement or in retirement, every dollar counts and planning ahead is crucial. That’s especially true for taxes. (Flower Mound Tax Advice: Retirement Savings) Now that 2018 tax returns are done and gone, this is an opportune time to look for 2019 tax savings strategies for retirement. Here are two ways to do it: Use your IRA to … Read More
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