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tax strategies

Your taxes are going up. You just don’t know it yet.

Posted by | economy, indexed life insurance, tax strategies | No Comments

It’s only a question of when your taxes will go up, not if.  Here’s what the Washington Post recently reported:

Yet look out over the next 10 years, and it is also hard to find a scenario where the United States doesn’t raise taxes, potentially even on the middle class. The only alternatives may be for the country to significantly pull back on the country’s commitments to seniors and the poor, or to forfeit its global competitiveness.

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$5.8 Billion in 401k early withdrawal penalties. Should companies provide a more liquid savings option?

Posted by | pension, retirement income, small business, tax strategies | No Comments

The IRS collected more than $5 billion in 2011 from penalties incurred by taxpayers who withdrew money from tax-deferred retirement accounts before the age of 59 1/2. The people who pay the penalty include younger workers who switch jobs and don’t bother to roll over their accounts and older workers who believe they have no place else to turn. The cash out factor occurs among all age groups: Read More

Wealth For Life Radio – The myth of the “Retirement Tax Bracket”

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Topics from this weeks show:

Is there such a thing as a “Retirement Tax Bracket”? No there is not. It is important to plan for and remember that when you take money out of a 401k or IRA, 100% of that withdrawal is counted and taxed as ordinary income. The entire amount counts toward the tax calculation.

If you haven’t planned for the cost of taxes during retirement it could potentially cause you some big problems. If taxes go up you could pay more in taxes. If you need a large chunk of your own money for emergencies or just to use as you choose – you could end going into a higher tax bracket and getting hit with the full force of the U.S. tax coded. You could be faced with tax rates of 25% to 39% depending on your income and withdrawals during retirement. Read More

Creating tax free income with indexed life insurance

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From one of our live webinars, this is the most complete overview of indexed universal life insurance you will find on the internet. Details of growth strategies, cost structure and case studies. Denver Nowicz is one of the top experts in the nation on indexed life insurance and has been using these in the real world for 15 years.

The 401k Tax Deception Part I

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People have been told they can save money in taxes by maxing out a 401k or Defined Benefit Plan. These plans are not tax savings plans. You still have to pay the taxes in the future when you take out money. High income earners could end up paying more in taxes by waiting. Watch this video to learn how these plans really work.

Your tax bill: $321,050

Posted by | retirement income, small business, tax strategies | No Comments

money_in_toilet_800_clr_4526-1Your tax bill: $321,050

If you are a successful professional or business owner and your goal is to retire with $100,000 per year in retirement income, this is roughly what you can expect to pay in taxes over the course of your retirement.  (Let’s assume you retire at 65 and you or your spouse lives to age 90.)

How can this be your tax bill? Aren’t taxes supposed to be lower when you retire? Read More