No one wants to pay more in income taxes than they have to! The good news is that tax credits are one of the most powerful ways to lower your burden. How are credits different from deductions - and which ones should you keep in mind as you prepare your filing? Let’s find out.
Growing older has its advantages - retirement being a terrific, well-earned one! But there are also additional tax-related requirements of which you need to be aware. Let’s take a quick look at some of the tax and financial breaks that become available as you reach a certain age.
There is incredible peace of mind that comes with “getting your affairs in order.” You work hard to provide for your family and loved ones; and with estate planning, you can continue to do so when you are gone. Many people are intimidated by the idea of estate planning - and many others assume it’s just a matter of drawing up a will. As usual, the truth is somewhere in the middle. Thorough estate planning is more extensive, and you do need additional documents - but it is also very manageable.
Start by knowing what types of documents you should include in your estate plan:
Committing to investing in your retirement can be challenging when you are young. However, when you finally reach retirement, you can finally start enjoying the money you have been diligently saving for so many years. Unfortunately, the government could also cash in on your savings as you begin to draw from your Social Security and tax-free retirement accounts. In fact, many people are caught off guard, finding they are in an entirely different tax bracket in retirement than they were while working.