Tax Services & Strategies

As retirees enter a new phase of life, one of the biggest challenges they face is managing healthcare costs, particularly those associated with Medicare. With its complex premium structure and coverage limitations, navigating Medicare expenses can significantly impact retirees' financial stability. Here, we explore how strategic management of retirement withdrawals can lower these expenses and extend the life of your retirement savings. Understanding Retirement Withdrawals and Medicare Expenses As retirees say goodbye to their corporate healthcare insurance, how they'll receive healthcare coverage becomes a significant concern. For most, Medicare is the answer. However, Medicare isn't free like many assume, Read More

You've worked hard all your life, saving for those golden years of retirement. Yet, many don't realize that the financial decisions you make during retirement, particularly regarding your retirement plan distributions, can have unexpected ramifications on your Medicare costs. Here, we look at how these distributions can impact your Medicare premiums, plus financial planning strategies to effectively manage and mitigate these impacts. What Are Required Minimum Distributions? Required minimum distributions, commonly referred to as RMDs, are the minimum amounts you must withdraw annually from qualified retirement plans, starting when you reach 72 years of age. The amount of each Read More

The end of the year is in sight, and holiday festivities aren’t the only thing we should be planning for. It’s also a pivotal time for tax planning. Here are the crucial tax moves to consider before the year wraps up. Why does end-of-year tax planning matter? The April tax deadline may feel like a distant concern as we approach the year’s end, but taking proactive steps now can significantly influence your tax bill later. The year’s final months are a prime window to execute strategies that optimize deductions, credits, and overall tax liability. It’s the financial foresight during Read More

Taxes are nuanced and complex, but you don’t need to be a certified expert to call yourself tax savvy. With the right knowledge and strategies, you can transform this annual obligation into an opportunity for financial growth. What does it mean to be tax savvy? Despite misconceptions, being tax savvy doesn’t mean dodging taxes. It’s about understanding the tax system, knowing how it impacts your financial situation, and using it to your advantage. The ultimate goal of being tax savvy is to legally and strategically lower the taxes you pay so you can boost your financial growth. Maximizing your Read More

Income tax and estate tax: While they seem unrelated, understanding how they intersect is critical for your financial health (and that of your heirs). In this blog, we dive into the essentials of both, highlighting the importance of strategic planning in maximizing your legacy and minimizing your loved ones’ tax burden. Estate Tax: The Essentials What is estate tax? Federal estate tax is a tax levied on the transfer of a deceased person’s estate. The “estate” includes everything the individual owned or had interest in at the time of passing, including cash, securities, insurance policies, business interests, and more. Read More

If you're like many small business owners, you might see taxes as a fixed business expense. However, with strategic planning, taxes can become a variable cost you manage and optimize to maximize your company's profits. Here's what you need to know. How Can Tax Planning Boost Your Profitability? Though often seen as a tedious necessity, tax planning holds the potential to be one of your company's most powerful tools for financial success. Here's how this crucial process can pave the way for your long-term growth. Reduced Tax Liability: Tax planning centers around reducing your overall tax burden through strategies Read More

Navigating corporate taxes can seem daunting, especially when the stakes are as high as your company's bottom line. However, effective corporate tax planning can go a long way towards maximizing your business's profitability and ensuring compliance. Whether you're approaching mid-year review or drafting a plan for the next fiscal year, it's crucial to arm yourself with a solid understanding of the tax-saving strategies at your disposal. Mid-Year Saving Strategies Don't wait until tax season rolls around to begin implementing tax planning strategies. Here are some mid-year tactics to help position your business for financial success. Conduct a Mid-Year Tax Read More

Mid-year is here. Have you started thinking about your tax situation? Many people tend to think about taxes only when tax season rolls around. However, adopting a more proactive, year-round approach to tax planning can significantly impact your financial health. Here, we delve into various tax strategies you should consider implementing now to save the most money come filing time. Boost Your Retirement Contributions Enhancing contributions to tax-advantaged retirement accounts such as 401(k) plans, Traditional Individual Retirement Accounts (IRA), or Health Savings Accounts (HSA) can be a highly effective strategy for tax mitigation. These contributions are often tax-deductible, thus Read More

You’re undoubtedly familiar with your annual tax return preparation process. But are you thinking about taxes year round? If not, you could miss out on valuable opportunities to legally lower your tax burden now and in the future. To start taking a holistic approach to your taxes, you need a tax plan in place, and here, we go over how you can get started. What Is Tax Planning? A central part of your financial plan, tax planning involves analyzing your finances from a tax perspective to maximize your tax efficiency and minimize your tax burden. In addition to lowering Read More

In 2021, only 14% of participants reached the 401(k) contribution limit, according to a Vanguard study. And this year, maxing out your account will be an even bigger feat. If you have the means to do so, however, you can take full advantage of the benefits this retirement account has to offer. What’s New in 2023 The 401(k) contribution limit for 2022 was $20,500 ($27,000 for people age 50 or older). In 2023, 401(k) owners can contribute even more, with the maximum contribution limit being $22,500. If you’re 50 or older, you can contribute an additional $7,500 in catch-up Read More