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2021 Year-End Tax Tips

Dec 16, 2021 2:44:02 PM
written by The Retirement Group

Here are some things to consider as you weigh potential tax moves between now and the end of the year for corporate employees.

1. Defer income to next year
Consider opportunities to defer income to 2022, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable you to postpone payment of tax on the income until next year.


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posted in Tax, Year-End

Advancing Tax Proposals Put Corporations and High-Income Individuals in Spotlight

Sep 30, 2021 3:04:40 PM
written by The Retirement Group

On Saturday, September 25, 2021, the House Budget Committee voted to advance a $3.5 trillion spending package to the House floor for debate. The House Ways and Means Committee and the Joint Committee on Taxation had previously released summaries of proposed tax changes intended to help fund the spending package. Many of these provisions focus specifically on businesses and high-income households.

Expect these proposals to be modified; some will likely be removed and others added as the legislative process continues. As we monitor progression through the legislative process, though, here are some highlights from the previously released proposed provisions worth noting.

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posted in Tax, Corporate, Proposal

New Tax Bill Proposal Summary

Sep 21, 2021 2:15:00 PM
written by Wesley Boudreaux of The Retirement Group (800) 900-5867

 

1. Individual income tax rates

If you work for Corporate Employee and are in your Retirement Years this information will apply to you specifically. The top tax rate is proposed to return to 39.6% from 37%, where it has been since the 2018 implementation of the Tax Cuts and Jobs Act. The bracket would apply to individuals earning more than $400,000 or $450,000 for married couples filing jointly.


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posted in Tax, Proposal

New Global Tax Accord Takes Shape

Jul 22, 2021 10:46:38 AM
written by The Retirement Group

After more than four years of international negotiations taking place mostly behind the scenes, 132 countries — representing more than 90% of worldwide gross domestic product (GDP) and including the Group of 20 (G20) large economies — recently agreed to a new plan to reform international tax laws in an effort to "ensure that multinational enterprises pay a fair share of tax wherever they operate."[1] If you work for a U.S. multinational enterprise such as SONY, your company may be subject to the new tax rules.


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posted in Tax, Global

IRA Withdrawals that Escape the 10% Tax Penalty

Apr 4, 2020 12:53:00 PM
written by The Retirement Group

The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other than retirement.1


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Tax

How Income Taxes Work

Apr 3, 2020 11:22:00 AM
written by The Retirement Group

The Internal Revenue Service estimates that taxpayers and businesses spend 8.1 billion hours a year complying with tax-filing requirements. To put this into perspective, if all this work were done by a single company, it would need about four million full-time employees and be one of the largest industries in the U.S.1


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Tax

Budget Check Up: Tax Time is the Right Time

Feb 9, 2020 9:23:00 AM
written by The Retirement Group

Every year, about 140 million households file their federal tax returns.1 For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.

It seems a shame not to make the most of all that effort.

Tax preparation may be the only time of year many households gather all their financial information in one place. That makes it a perfect time to take a critical look at how much money is coming in and where it’s all going. In other words, this is a great time to give the household budget a checkup.

Six-Step Process


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Tax

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