Experts have long warned that taxes in the future are likely to be dramatically higher than they are today. If so, Americans have to dramatically change the way they approach their retirement. You don’t have a choice about paying taxes, but you can avoid the risk of overpaying them in the future.
Your taxes may represent one of your largest annual expenses. Careful financial planning can reduce the risk of falling into higher tax brackets, as well as reducing the exposure to future income and estate tax increases.
click to see the 2020 tax summary Tax Chart
The views expressed herein reflect the views of Ed Slott as of the date referenced. These views may change as conditions change. The views expressed herein are not intended and should not be construed as investment advice and they do not address any individual’s specific situation. Pursuant to IRS Circular 230, it is not intended to provide specific legal or tax advice and cannot be used to avoid penalties or to promote, market, or recommend any tax plan or arrangement. You are encouraged to consult your personal tax advisor or attorney. The source(s) used to prepare this material is/are believed to be true, accurate and reliable, but is/are not guaranteed.