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Taxes
Understanding the Tax Torpedo and Its Implications for Various Retirees
Did you know that 62% of aged beneficiaries relied on Social Security for at least half of their income in 2015, as reported by the U.S. Social Security Administration? Whether…
Read MoreHow to Leave Grandkids Your Retirement Savings—and Not a Huge Tax Bill
Recent regulations have made it harder for older Americans to leave retirement savings to their grandchildren without subjecting them to significant tax bills. With non-spousal heirs now required to draw…
Read More5 IRS Changes in 2023 That Affect Your Retirement Accounts
Navigate the complexities of the U.S. tax code and stay informed about the significant changes in 2023 that could influence your retirement savings journey, as this article highlights key updates…
Read MoreHow to Cut Your Social Security Taxes
Explore the surprising truth about Social Security benefits and taxes, as this informative article reveals how additional sources of income can lead to potential tax obligations on a significant portion…
Read MoreThe Retirement Tax Break That Will Pay You an Annual Income
Explore the new opportunity for retirees aged 70½ or older to support charities by donating up to $50,000 from their IRAs towards gift annuities, allowing them to receive fixed-rate monthly…
Read MoreYou may face a ‘stealth tax’ on Social Security benefits, expert warns. These steps can help
Sometimes, Social Security benefits can be taxed. That’s what happened to Susan Desmond’s parents, who were shocked when they realized half the money they sent in for Social Security taxes…
Read MoreOwe Taxes This Year? Here’s How to Lower Your Balance Due in the Future.
Tax season is synonymous with the promise of a big check in the mail. But if your refund is bigger than expected, you might consider having some of it applied…
Read MoreWhy it’s ‘just no question’ new investors should start by opening a Roth IRA, expert says
Opening a Roth IRA is something most financial advisers and experts recommend if you’re new to the world of investing. But why exactly should you open up a Roth? …
Read MoreWhen It Pays to Hire a Tax Pro
Tax season can be a stressful time of year, and it becomes even more complicated when you live abroad. A year ago, Crystal Dyck realized she needed the services of…
Read MoreThe last chance for some retirees to avoid a 25% tax penalty is April 1
If you turned 72 in 2022, the last chance for your first mandatory retirement plan withdrawal is April 1 — or you may face a hefty tax penalty. Enjoy…
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