No matter who you are or how old you are, you can’t sneak away from good ol’ Uncle Sam.
The good news is that, with proper tax planning, you can make sure you don’t overpay or have surprise taxes hit you down the road. Some important changes have been made to the tax plan this year, and they’re likely to affect how you file.
In this episode of The Chris Berry Show, I’ll talk about the most common retirement tax traps that people fall into, and expert CPA Matt Sova will discuss what you can do to avoid them and maximize the money you – and your recipients – keep in your pocket.
In this episode, you’ll learn...
- Chris’ positive focus for the week.
- Why tax planning – not just preparation – is important.
- What happens at 70 ½ and how you can pay income tax sooner.
- About the taxes on required minimum distributions, pensions, and social security.
- The common deductions that most people lose in retirement.
- About the access trap and limitations on certain qualified accounts.
- About the distribution trap and death trap.
- How to use charitable contributions to minimize taxes, move money out of tax-deferred accounts, and determine if Roth conversions make sense.
- Some of the changes to the new tax plan and the higher standard deduction.
- A technique to maximize your standard deduction each year.
- How to reduce your tax bill if you must take out of your retirement account.
- Which exemptions are gone and what credits took their place.
- About changes to the brackets and marriage penalty.
- About estate tax issues, the kiddie tax, and when student loans may be a good idea.
- How trusts get taxed.
- About bunching charitable contributions.
Links & Resources
CJBerryGroup.com
TheChrisBerryShow.com
Michiganestateplanning.com
Register for one of our free estate & asset protection workshops
Matt’s Website
Matt’s Email
Follow us on Social Media
Twitter: www.twitter.com/ElderCareFirm
Facebook: www.facebook.com/chrisberryshow
LinkedIn: www.linkedin.com/in/christopherjberry
