Ace Your Tax Game: The Top 10 Tax Deductions Commonly Available to Retirees
As you approach retirement, it’s time to focus on your financial game plan and make sure you’re maximizing your tax advantages –– especially if you’re expecting a large payout. Every deduction can make a difference in your “final score”. Whether it’s covering medical expenses, paying property taxes, or making charitable donations, these tax breaks can […]
Your Legacy Made Clear: What to Include in a Letter of Instruction
A Letter of Instruction may not have the legal standing of a will or trust, but it’s an invaluable document in your estate planning toolkit. It provides your heirs and executor with vital information, from where your assets are located to your funeral wishes, making the process of settling your estate smoother and less stressful. […]
How to Leverage Your $3,000 Tax Exemption for Qualified Healthcare Expenses
The $3,000 exemption for withdrawals from a 457(b) plan is a valuable benefit for eligible retired first responders who use their retirement funds to pay for qualified health insurance premiums. Understanding how this exemption works, whether payments are made directly to a healthcare provider or received by the participant, is critical for maximizing the tax […]
Selecting the Right Pension Option for Your FRS Pension Plan
Choosing the right pension payout option for your Florida Retirement System (FRS) Pension Plan is one of the most critical decisions you’ll make as you approach retirement. With several options available, it’s essential to carefully weigh the pros and cons of each to ensure you’re making the best decision for both you and your family. […]
How to Maximize Charitable Contributions
Charitable giving not only allows you to support causes you care about, but it can also offer significant tax benefits when approached strategically. Whether you’re a retiree looking to maximize your charitable impact or a donor seeking to make the most of your contributions, there are various ways to give smarter. To maximize charitable contributions […]
Tax Playbook: Section 179 Deduction with 2024 Bonus Depreciation
Section 179 Deduction with 2024 Bonus Depreciation The Section 179 deduction allows businesses to deduct part of a vehicle’s purchase price used for business in the year it is bought. For 2024, you can also use bonus depreciation to deduct an additional percentage of the remaining cost after applying Section 179. How It Works: Example […]
The Top 10 Social Security Claiming Strategies You Should Consider
Deciding when and how to claim Social Security benefits is a significant financial decision that can greatly impact your retirement income. Utilizing the right social security strategy can help you maximize the amount of money you receive from the government during your lifetime, maximize “guaranteed” survivor income or maximize the opportunity for wealth creation (the […]
