March 2025
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…
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