Monday, November 22, 2021

IRS Announces 2022 Tax Rates, Standard Deduction Amounts And More

The Internal Revenue Service has announced annual inflation adjustments for tax year 2022, meaning new tax-rate schedules and tax tables and cost-of-living adjustments for various tax breaks. Most numbers are up more than in recent years because of higher inflation. Note: These numbers, for the tax year beginning January 1, 2022, are what you’ll use to prepare your 2022 tax returns in 2023.

Read More at Forbes - 8 minute read

Monday, November 15, 2021

Do You Have a Tax-Smart Withdrawal Strategy?

 Your plan for drawing down retirement assets could be just as important as your approach to accumulating retirement savings. Experts recommend various methods, such as the so-called 4% rule — withdrawing 4% of your nest egg each year (with adjustments for inflation) — or a three-phase system dividing your assets into groups for short-term, mid-term, and long-term retirement needs.

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Before you make any final decisions, it would be wise to consider the tax consequences of your withdrawal strategy.