Financial Advice

A little planning can go a long way in keeping your taxes as low as possible in retirement. We can help you understand how your retirement income will be taxed.
How is Retirement Income Taxed? Retirees often receive income from a variety of sources, including Social Security benefits, and distributions from pensions, annuities, IRAs and other retirement plans. Let us help you figure out how much of your benefits need to be included as taxable income. We can also tell you if your Social Security benefits are completely or partially tax free, depending on your total income. Retirees have more control over their tax situation, since they can decide how much they need to withdraw from various retirement plans. We can guide you in several strategies in keeping your taxes in check.

College Savings

Let us give you an overview of Connecticut education tax benefits.  We can help you identify the options you have when planning and saving for your dependents’ educational needs.

Certain gifts given or received may be taxable by the Internal Revenue Service (IRS). We can help you determine “what is a taxable gift” under the IRS code. The IRS defines a gift as “Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return.” Many gifts are not taxable, regardless of the dollar amount of the gift. Gifts to a spouse, a charity or a political organization are exempt from tax. Monetary gifts used for school tuition or to pay medical bills are also not taxed.

Cash Flow Budgeting & Debt Management
Cash-In minus Cash-Out equals Cash Flow. 
Cash Flow is the difference between your income (Cash-In) and the Cash-Out for taxes, insurance, mandatory deductions, etc.  Let us help you budget your cash flow while also guiding you in your cash-out routines and debt management.

Charitable Giving
Tax benefits of charitable giving can be made on the federal, state, and local level. If the gifts are deductible, the actual cost of the donation is reduced by your tax savings.  Contributions to qualified charities are deductible in the year in which it was paid. Most charitable organizations qualify for charitable contribution deduction. There are limits to how much you can deduct, but we can guide you through this process and how to document your donations.  There are also rules for non-cash donations, like clothing and household items.

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