CLAIM TAX CREDITS

TAX CREDITS Tax credits are perhaps the greatest tax break of all. Let’s look at a scenario: Maybe your overall income for the year was $50,000. You spend $8,000 of that on IRS-friendly deductible expenses. You will pay your ordinary tax rate on $42,000, assuming that...

3 Tips to Minimize Retirement Income Tax

WATCH FOR TAX BRACKET CHANGES Withdrawals from non-Roth retirement accounts can push you into a higher tax bracket. Bracket tax rates are referred to as “marginal” because they apply to your highest dollar of income. For example, you will pay only 10% in 2023 on...