With the changes in federal income taxation resulting from the recently passed “Tax Cuts and Jobs Act,” NOW is the time to update your withholding. With so many changes in federal income taxes, including an increased standard deduction, elimination of personal exemptions, increases in the child tax credit, limited or discontinued certain deductions, and changes…
Category: income tax
Useful Reference & Planning Guides: 2018 Taxes, Long term care, Social Security, & Medicare
Manning & Napier produced four 2-page guides to the latest developments in federal income taxes, long term care, Social Security, & medicare that are succinct and easy to understand. Check out: Tax Reference Guide Our new tax guide has everything you need to know about tax reform, and changes to contribution limits and tax rates.…
Tax time is the time to act on retirement savings!
It’s time to feed your “Financial Freedom Fund.” The federal government (under previous administrations… not sure how long this great deal will last….) offers a tax credit to help workers boost their retirement accounts. “The Retirement Savings Contribution Credit, aka the Saver’s Credit, is a tax credit that may be applied to the first $2,000…
Wealthy likely to get huge tax cut under Trump propsal
As reported December 2, 2016 by the conservative Wall Street Journal, despite promises of big tax cuts, the middle class is likely to pay higher taxes under Trump while the wealthy enjoy big tax cuts under trump’s proposed tax plan. Bottom line: big increase in the federal deficit under this Republican administration. Trump;s pick for…
Why You Need to Think About Your Retirement Taxes Long Before You Retire
If you wait until retirement to figure out your tax liability on your retirement accounts… it’s too late to do much to reduce your tax obligation. You need to plan for “tax diversification” while you are investing for retirement. Tax diversification means having some funds in non-taxable accounts like Roth IRAs. To learn more about…