What you need to do to lower your tax burden
I get a lot of questions about how to lower your taxes not just in the current year, but over your lifetime. It’s an important topic, especially as taxes are set to rise in just a few years (or maybe sooner).
Next Wednesday at 6 PM MST/5 PM PST, I’ll be hosting a live webinar on how you can start creating your own tax strategy so that you can lower your lifetime tax burden and retire comfortably.
Last week a politician said something so head scratching about taxes that made me wonder how much he really understands our tax system. The Congressman (Jerry Nadler) said: “No one should ever be taxed twice on the same income. It’s not fair and it’s not just.” Where in the world has he been? What tax code has he been looking at for the 29 years he’s been in Congress? Since I am a teacher at heart, let’s do a little education for Mr….
I recently went to the Dentist for my annual check up and like I do often, saw a connection to our personal finances. Thanks to my amazing parents (and the braces they got for me decades ago) my teeth are pretty straight. However, I did get chastised a bit for not wearing my Night Guard to prevent grinding my teeth while I sleep. Meeting up with a professional, like a Dentist, on an annual basis not only helps prevent immediate…
Last week my girlfriend and I were out doing some shopping, getting some essentials so we (okay, she) could make something tasty for us later that night. We grabbed some organic pink Himalayan salt that was marked for $2.50, along with some other things, and get to the cash register. But once the salt is rang up, it displays a new, absurd price of $6.79. It was a classic case of an item being in the wrong section, and a…
To the surprise of a number of people that I’ve worked with and talked to, yes, there is a chance that your Social Security Benefits will be taxed. Currently, about 40% of people who get benefits pay income taxes on them. I know what you may be thinking: I’ve paid Social Security Taxes all throughout my earning years, and now you’re telling me that I could be taxed on it again? Yup, that’s exactly what I’m saying. It’s kind of…
As we detailed in the last blog (Understanding Your Social Security Options), although you can start receiving your Social Security benefits at age 62, it really pays to wait. The longer you wait to take your benefits (between the ages of 62 and 70), the higher your monthly benefits are than if you took your Social Security early. So, what if I wait? To put this into perspective, here’s an example of what those different benefit amounts would look like…
Despite the hyper partisan times that we are living in, there is one thing in my experience as a financial planner that unites both Republicans and Democrats: Taxes. I work with people on all sides of the aisle, and they all want to know what they can do to lower their taxes. As we get closer to Election Day, the polls are showing that Joe Biden has a good chance of winning, which means it’s important to understand what his…
Recently, I have met with a number of clients and friends who are thinking of getting out of the Golden State of California. It makes sense! You can cut your housing expense in half, lower your taxes, and have a better quality of life. But before you get out of dodge, you need to be mindful of two very important things, which I describe in the video below: Want a free copy of my book on retirement and taxes? Go…
With the end of the year fast approaching, I wanted to share some time sensitive strategies that could help you pay less money to the tax man and keep more money in your pockets. If you want help in getting this done, schedule a call with me and let’s get to work. If you want to do it on your own, read on: Maximize Your Employer Match Opportunities A lot of companies offer to match contributions that their employees make…
Are you looking for ways to decrease the taxes you owe? Or have some of your investments grow tax free? If so, read on as I describe three benefits of Health Savings Accounts (HSA). But before we get to the benefits, we have to detail who these plans are suitable for, and the one big disadvantage to them. The big disadvantage to an HSA is that you must have a high deductible health insurance plan. Which means that while your…