Our Top 10 Pieces of Tax Advice

Our Top 10 Pieces of Tax Advice

By Jeffrey Covert Tax season is now upon us. Even though most deadlines have passed for lowering your taxes for 2023, there are a few options still available to lessen the tax bite. You should also consider strategies to lower your 2024 tax burden as well.  Let’s discuss 10 effective ideas. 1. Get Organized First,…

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Take Advantage of These Tax Strategies Before the Year Ends 

We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Because taxes are calculated from January 1st to December 31st of each year, and certain retirement rules and laws…

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3 Tax Optimization Strategies to Remember for Retirement

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023. Consider the Tax Structure of Your State and Locality Consider living in a tax-friendly state.[1] Many states offer…

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Tax Tips for Married Couples

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Here are some important factors to consider if you are filing taxes…

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4 Tips for Proper Tax Filing

4 Tips for Proper Tax Filing Barnett Financial & Tax

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That’s why it never…

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Can You Turn Investment Losses into Tax Gains?

Can You Turn Investment Losses into Tax Gains? Barnett Financial & Tax

When markets take a spill, especially when it comes to your retirement investments, it’s harder to find ways to meet your financial goals. If you were relying on IRA or 401(k) withdrawals to cover your expenses, doing so when markets are down would decrease the lifespan of your savings. And if you’re nearing retirement, market…

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What Is a QCD and How Does It Work?

What Is a QCD and How Does It Work? Barnett Financial and Tax

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, payroll tax, and Medicare tax. However, your income in retirement could be significant between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Then starting at age 72, you will…

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