by Hans E. Scheil | Sep 24, 2020 | Income Taxes
In retirement, keeping your income steady requires planning since you are not receiving a regular paycheck anymore. While you are receiving a Social Security check, you are also going to start living off the savings that you’ve accumulated during your working years....
by Hans E. Scheil | Aug 7, 2020 | Income Taxes, IRA
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...
by Mackenzie Gokey | Jun 16, 2020 | Income Taxes
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...
by Hans E. Scheil | Apr 28, 2020 | Income Taxes
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...
by Hans E. Scheil | Mar 12, 2020 | Income Taxes
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...
by Hans E. Scheil | Jun 21, 2019 | Income Taxes
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 vehicles you used...
by Hans E. Scheil | Apr 13, 2018 | Assets, Income Taxes
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 friend imposter...
by Hans E. Scheil | Apr 6, 2018 | Income Taxes
While the end of tax filing season is near, the end of IRS scams is nowhere in sight. Scams involving people posing as the IRS have been going on for a long time, the Treasury Inspector General for Tax Administration estimates victims have lost over $36.5 million to...
by Hans E. Scheil | Dec 20, 2017 | Income Taxes
Under the new tax bill, there are many changes that taxpayers will encounter in 2018. Following are some beneficial steps that can be taken in 2017 under the old tax law. Deductions With tax rates decreasing under the new legislation, it could be beneficial to...
by Hans E. Scheil | Nov 10, 2017 | Income Taxes
After working for decades, the freedom granted in retirement provides an unparalleled opportunity to see parts of the world you haven’t seen before. It also makes it a breeze to visit friends and family whenever you desire, for as long as you want. While this sounds...
