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The Complete Cardinal Guide

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62+ Taxes.

THE CARDINAL GUIDE TO:
Strategizing Income Taxes

￭ Social Security income is partially taxed depending on your other income.

￭ Medicare applies a surcharge to high-income beneficiaries.

￭ Long-term care insurance has tax benefits.

￭ IRAs let you postpone income taxes, but you can’t avoid income taxes altogether.

￭ Investment income is taxed depending on how it is held.

￭ There are income taxes even in death.

￭ Long-term care implications of income taxes: Long-term care costs can be a deductible medical expense that offsets other income.

￭ Get professional help with your income tax preparation.

￭ If you’d like to learn more about the above statements, or if you have any questions, fill out the form below.

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3 Tax Benefits of Roth IRAs in Retirement

by | August 7, 2020 | Income Taxes, IRA | 0 Comments

In retirement, taxes change a lot. A source of many of these changes comes from the fact that most retirees are now drawing from their IRAs for income.  Roth IRAs are going to give retirees a triple crown of tax benefits with a proper plan in place for how to use this...
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Selling your home in retirement? You might not have to pay taxes on the gain

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Retirement is full of changes. For many, this means moving homes.  When you sell your house, are you going to be saddled with a huge tax bill? For most, the answer is no. What are Capital Gains? Capital gains are any profit you make when selling any capital asset you...
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How to Take Advantage of Low Tax Rates for Retirement

by | April 28, 2020 | Income Taxes | 0 Comments

In 2017, the Tax Cuts and Job Act was passed, significantly lowering personal tax rates. While most people see this as an opportunity to get a larger refund check, there is a lot more you can do to take advantage of these rates.  Understanding tax rates, the rate...
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Do I pay tax on my Social Security?

by | March 12, 2020 | Income Taxes | 0 Comments

When it comes to income tax, a lot changes when you retire. Your money is not coming from a paycheck anymore. Social Security is the baseline of many retirees' income. It is important to know how this benefit will be taxed in order to accurately plan for your...
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How do taxes change in retirement?

by | June 21, 2019 | Income Taxes | 0 Comments

Retirement brings a lot of changes, one of the most significant being the way you are receiving your income. Instead of coming from your employer, you are getting a Social Security check, possibly a pension, and then taking the rest from the saving...
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What is the Grandparents scam and how do I avoid it?

by | April 13, 2018 | Assets, Income Taxes | 0 Comments

There are so many scams targeting the elderly, one of the most recent being the grandparents scams. This scam involves being called by someone posing as the grandchild of the victim and requesting money. In 2015, the FTC received over 10,000 family or...
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Cardinal Lessons with Hans.

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