7 Strategies to Reduce Taxes

No matter which phase of life you’re in, you might be looking for ways to trim your tax bill. Here are some strategies to consider! Nothing is certain but death and taxes. Perhaps a phrase most known for being spoken by Benjamin Franklin, the old adage seems to have held up over the course of centuries as a constant, dogmatic…

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2021 Limits for IRAs, 401(k)s and More

Numbers to know for the new year. On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the…

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Are your Social Security benefits taxable?

Social Security

The answer is: Yes, sometimes. If you don’t have significant income in retirement besides Social Security benefits, then you probably won’t owe taxes on your benefits. But if you have large amounts saved up in tax-deferred vehicles like 401(k)s, you could be in for a surprise later. AGI (Adjusted Gross Income) versus Combined Income. You are probably familiar with what…

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