Posts by sherry@reedcompanies.com
How Will Taxes Impact My Retirement Income? Proper tax planning enhances your financial security throughout retirement
Taxes can significantly affect your retirement income, reducing the amount available for spending. Understanding how different income sources are taxed and implementing tax-efficient withdrawal strategies can help minimize tax burdens and maximize savings. Taxable vs. Tax-Advantaged Income Retirement income falls into three categories: Taxable Income: Withdrawals from traditional 401(k)s, IRAs, pensions, and some Social Security…
Read MoreYour Guide to Taxes for Self-Employed and Gig Workers
A cheat sheet on the taxes, breaks and business deductions that apply to workers who get 1099s By Ashlea Ebeling Taking on a gig job means taking on new tax responsibilities. You might not think you’re in business, but if you’re reselling items online, tutoring or pet sitting, for example, the money you make is generally…
Read MoreThe SALT Deduction Cap Is Due to Expire. How Taxpayers Can Prepare for What’s Next.
Whether the deduction limit is raised, eliminated or extended, there are steps taxpayers can take to minimize their tax burden By Debbie Carlson As Congress debates tax policy this year, the state and local tax-deduction cap is in the crosshairs. The SALT deduction cap is set to expire at year’s end, along with a host of…
Read MoreKey Tax Numbers That Have—and Haven’t—Changed for 2025: A cheat sheet for new brackets, deductions and credits you need to know for filing 2024 taxes and for this year’s tax planning
By Laura Saunders By Laura Saunders The U.S. tax code has many provisions that are adjusted for inflation and some that aren’t. Here’s a selection of key numbers to help with tax planning for 2025 and tax prep for 2024, plus useful references. Some of these might change depending on what Congress does later this year. For…
Read MoreFive Things You Did Last Week for Your Finances: Small, intentional choices can steadily build a more secure financial future
Recently, federal government employees received an email asking them to reflect on their work by listing five things they accomplished in the past week. The idea behind this exercise was to encourage employees to recognize their contributions, stay focused on their goals, and maintain accountability. This got me thinking: What if we applied the same…
Read MoreRaiding Your Retirement Funds? Here’s How to Avoid Hidden Tax Traps
By Laura Saunders from WSJ Sometimes in an emergency you just have to break the glass. While tapping a retirement plan for an early withdrawal should always be a last resort, it can be unavoidable. The cause could be a job loss, a natural disaster like a wildfire, or even an opportunity like a coveted house…
Read More2024 Taxes: 8 Things to Know Now
Here are eight things to keep in mind as you prepare to file your 2024 taxes. 1. Income tax brackets shifted a bit There are still seven tax rates, but the income ranges (tax brackets) for each rate have shifted slightly to account for inflation. For 2024, the following rates and income ranges apply: 2. The…
Read MoreWhat’s New This Tax Season That Can Save You Money: Key changes to consider before filing your tax return
By Ashlea Ebeling Even though Congress didn’t make major changes for this year, there are some new wrinkles to be aware of, especially for those who sell things online, bought an electric vehicle, or prefer to get their refund as a savings bond. Taxes might also be slightly less aggravating now. The Internal Revenue Service…
Read MoreAre You Sticking To Your 2025 Financial Goals?
By Melissa Houston As the calendar edges closer to the end of January, it’s the perfect time to weigh in and reflect on the financial goals that you set at the outset of the year. Whether you planned to save more money, invest wisely, pay down debt, stick to a budget, or make more money in 2025,…
Read More5 Financial Lessons From Dr. Martin Luther King Jr.
By Lynnette Khalfani-Cox In memory of one of America’s most pre-eminent heroes, here are five financial lessons we can all learn from Dr. Martin Luther King, Jr.’s life and legacy. Lesson No. 1: Don’t wait for economic change—create it How many times have you complained about your workplace, your low pay or something unfair that happened…
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