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When it comes to managing your retirement, a small mistake can cause a major loss of capital. That is why it's important to speak with a financial advisor who is familiar with your Company's benefits. Schedule a call today..  
 
 
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2022 Year-End Tax Tips

Oct 27, 2022 10:58:03 AM
written by The Retirement Group

Here are some things for Fortune 500 employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Fortune 500 employees must consider opportunities to defer income to 2023, 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, rent, and payments for services. As a Fortune 500 employee, doing so may enable you to postpone payment of tax on the income until next year. 


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posted in Financial Planning, Tax, Retirement, 2022

Now Might Be a Good Time for a Roth Conversion

Jul 13, 2022 3:05:26 PM
written by The Retirement Group

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met, the Roth account will incur no further income tax liability for you or your designated beneficiaries, no matter how much growth the account experiences.


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posted in Financial Planning, Tax, Roth Conversion

Watch Out for These Common Tax Scams

Mar 23, 2022 10:01:31 AM
written by The Retirement Group

According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme. Here are some of the most common tax scams for Fortune 500 employees and retirees to watch out for.


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posted in Tax, Scams

Federal Tax Filing Season Has Started

Feb 9, 2022 9:18:28 AM
written by The Retirement Group

The IRS announced that the starting date for when it would accept and process 2021 tax-year returns was Monday, January 24, 2022.

Tips for making filing easier
To speed refunds and help with tax filing, the IRS suggests the following:

  • Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to recipients vary by form, but they are generally not required before February 1, 2022. You may need to allow additional time for mail delivery.

  • Go to irs.gov to find the federal individual income tax returns, Form 1040 and Form 1040-SR (available for seniors born before January 2, 1957), and their instructions.

  • File electronically and use direct deposit.

  • Check irs.gov for the latest tax information, including how to reconcile advance payments of the child tax credit or claim a recovery rebate credit for missing stimulus payments. Also, watch for letters from the IRS with important information about those payments that may help you file an accurate return.

Key filing dates
Here are several important dates to keep in mind.

  • January 14. IRS Free File opened. Free File allows you to file your federal income tax return for free [if your adjusted gross income (AGI) is $73,000 or less] using tax preparation and filing software. You can use Free File Fillable Forms even if your AGI exceeds $73,000 (these forms were not available until January 24). You could file with an IRS Free File partner (tax returns could not be transmitted to the IRS before January 24). Tax software companies may have accepted tax filings in advance.

  • January 24. IRS began accepting and processing individual tax returns.

  • April 18. Deadline for filing 2021 tax returns (or requesting an extension) for most taxpayers.

  • April 19. Deadline for filing 2021 tax returns (or requesting an extension) for taxpayers who live in Maine or Massachusetts.

  • October 17. Deadline to file for those who requested an extension on their 2021 tax returns.

Awaiting processing of previous tax return?
The IRS is attempting to reduce the inventory of prior-year income tax returns that have not been fully processed due to pandemic-related delays. Taxpayers do not need to wait for their 2020 return to be fully processed to file their 2021 return.

Tax refunds
The IRS encourages taxpayers seeking a tax refund to file their tax return as soon as possible. The IRS anticipates most tax refunds being issued within 21 days of the IRS receiving a tax return if the return is filed electronically, any tax refund is delivered through direct deposit, and there are no issues with the tax return. To avoid delays in processing, the IRS encourages people to avoid paper tax returns whenever possible.


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posted in Tax, Federal

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

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