Joy Lutz, CPA, CTP’s Post

Yes, Social Security is Taxable in various situation specially when you start pulling out money from 401K. Very few people know about it. Instead of funding 401K with risky market exposure, I would highly recommend a max funded life insurance policy with no market loss guarantee which you could use as tax free income ( in the form of a loan) and avoid paying taxes on your social security income. Ultimate tax free income Startegy in your retirement along with many more benefits. Read the article below for general understanding but it didn’t cover Life Insurance products as part of a strategy for tax free retirement. DM me if you want to learn more.

“When making a withdrawal from traditional 401(k)s and IRAs, you’ll be expected to pay income tax on each one,” said Kim Gattis, senior vice president and financial planning manager at UMB Bank. “With the help of tax strategies, you can minimize what the government takes from you. These strategies include moving to a state that doesn’t charge income tax, delaying receipt of benefits until age 70 and reassessing your investment holdings.” Learn more about the expenses many retirees forget to plan for.

If you have lost your job, there are several tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances. #aradhanaaggarwalcpa #cpa #taxes https://lnkd.in/e-QXfk53

*FINANCIAL FOCUS FRIDAY* - Don’t leave your IRA to the IRS You can get retirement income from your IRA — but what if you don’t use it all? If you leave the remainder to your grown children, could they face taxes? It’s possible. Until a few years ago, beneficiaries could stretch out the mandatory withdrawals from an IRA over their lifetimes, resulting in smaller annual tax bills. But new legislation changed this lifetime limit, so some beneficiaries may now have to take taxable withdrawals each year for a decade following the passing of the IRA’s account owner. Not all beneficiaries are subject to the new rules. But to help protect those who are, you may want to consider a couple of moves. For example, you could use a permanent life insurance policy to provide your children with enough funds to possibly offset the IRA taxes. And if you leave assets from a taxable account, such as stocks and bonds, your beneficiaries could sell them immediately, avoiding capital gains taxes, and use the proceeds to help with taxes from the IRA. In any case, consult with your tax advisor before making any moves related to an inherited IRA. And the sooner you start planning, the better. This content was provided by Edward Jones for use by Mandy Beecher, your Edward Jones financial advisor at (937) 738-7460. Member SIPC

Tax day will make you cringe but don’t let it. You’ll get through it and here are some tips! To expand your real estate portfolio, give me a call 678-598-2467. Let’s discuss Cost Segregation for that real estate!

Investing in Education is not only Investing in Knowledge but can also help you in Tax Savings - watch the whole video to know how🤩 Dive into our latest post to discover how paying your health insurance premiums could be your ticket to significant savings! #TaxSmartHomeowner #FinancialWellness #DeductYourWayToWealth” [Tax Savings, 31st March, Smart Investing, Save Taxes, Tax Savings Hacks, Tax Saving Tips, Taxation, Investment Ideas, Investment Hacks, Money Growth Hacks, Money Growth Ideas, Grow Your Money, Retirement Planning, Retirement Scheme, Work From Home Entrepreneurs, entrepreneurs]

Stuck just above the income limit for Roth IRA contributions? 📈 Check out these 7 clever strategies to help bring it down and unlock the benefits of Roth savings! 💡 https://lnkd.in/eUsFg7cF #rothira #income #financialstrategies

New retirement plan options could help you access funds during emergencies without penalty, thanks to SECURE 2.0 Act. Learn how these changes could provide a financial safety net: https://bit.ly/4bE5s3z #employeebenefits

401K 🤝 IRA Trying to roll over your money from a 401k to an IRA?! 🎢 We're here to help you every step of the way! 😉 *Securities and advisory services offered through Commonwealth Financial Network ®, member FINRA/SIPC, a registered investment adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network ®. **If you are considering rolling over money from an employer-sponsored plan, you often have the following options: leave the money in the current employer-sponsored plan, move it into a new employer-sponsored plan, roll it over to an IRA, or cash out the account value. Leaving money in a plan may provide special benefits including access to lower-cost investment options; educational services; potential for penalty-free withdrawals; protection from creditors and legal judgments; and the ability to postpone required minimum distributions. If your plan account holds appreciated employer stock, there may be negative tax implications of transferring the stock to an IRA. Whether to roll over your plan account should be discussed with your financial advisor and your tax professional.

One-time transfer from IRA to HSA explained in 1 minute. Thinking about transferring funds from your IRA to an HSA? The IRS allows a one-time rollover from an IRA to a Health Savings Account (HSA), but there are specific rules to follow. This rollover is tax-free, but you must stay within the annual HSA contribution limit. Also, you need to have a High Deductible Health Plan (HDHP) and ensure you're eligible for an HSA before making the transfer. It's always best to consult with Teaching Tax Flow to understand the implications and ensure compliance. #IRS #HSA #hsabenefits #family #health #finance #savings #medical #taxes #tax #retirement #taxplanning #medicalbills