{"id":7239,"date":"2022-10-19T17:27:55","date_gmt":"2022-10-19T17:27:55","guid":{"rendered":"https:\/\/bulmanwealth.com\/?p=7239"},"modified":"2022-10-19T17:29:16","modified_gmt":"2022-10-19T17:29:16","slug":"know-these-3-mistakes-to-avoid-striking-out-on-your-taxes","status":"publish","type":"post","link":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/","title":{"rendered":"Know These 3 Mistakes to Avoid Striking Out on Your Taxes"},"content":{"rendered":"

\"Know<\/p>\n

Taxes are a common concern for retirees. You may be wondering how to begin thinking about your tax strategy, so you are not excessively taxed. These three mistakes can help you begin thinking about what a comprehensive tax strategy might look like for you.<\/p>\n

Having Too Much Taxable Income<\/strong><\/p>\n

When you approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation phase to the income phase of your life. You save for retirement so you can live off your savings in retirement. But you\u2019ll want those savings to last as long as possible.<\/p>\n

Asking your money to grow is a different question from asking it to generate income. You could run out of money if you simply live off a stockpile of cash but using that cash to provide you income is a different game. Make sure you know as best you can about your future expenses and don\u2019t try to turn your hard-earned savings into taxable dollars.<\/p>\n

Think of it this way: suppose you have already saved up money. If it will just be taxed and returned to your account, providing yourself extra taxable income is pointless.<\/p>\n

Not Knowing the Rules and Regulations on Your Retirement Accounts<\/strong><\/p>\n

Each type of retirement account is unique, and you need to be aware of the various structures and advantages to avoid paying penalties or missing out on any tax-advantaged benefits. Retirement accounts may be a critical piece of the retirement puzzle, but each one is slightly different.<\/p>\n

Firstly, learn about the distinctions between a Roth IRA and a Traditional IRA. In general, the Roth IRA provides greater tax advantages but comes with more stringent restrictions, such as contribution limits based on income.<\/p>\n

Your 401(k) may also be worth considering. Your employer may provide a 401(k), and although they often come with contribution matching benefits and other tax advantages, they sometimes offer less flexibility with what they contain and how you can utilize them.<\/p>\n

Forgetting About Social Security<\/strong><\/p>\n

Your Social Security taxes are based on the amounts of other income you receive when you retire. Your Social Security tax rates, on the other hand, are not all equal. Up to 85% of your Social Security payments are subject to regular income tax rates based on your other income amounts. You should ensure that your Social Security and retirement account income plans are aligned so that you can receive your maximum benefit with minimal taxation.<\/p>\n

Don\u2019t just wait until tax season to figure out your tax plan. Taxes affect your whole retirement so factor them into your wealth preservation and income plan too. We can help you build a comprehensive retirement that considers your unique financial situation. Sign up for one of our complimentary meetings to get one step closer to working towards your retirement goals.<\/p>\n

\n
Disclosure:
\nAll content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results.<\/div>\n
\nOpinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training.<\/div>\n
<\/div>\n
Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.<\/div>\n
<\/div>\n
The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted.<\/div>\n
<\/div>\n
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.<\/div>\n
<\/div>\n
Purchases are subject to suitability. This requires a review of an investor\u2019s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.<\/div>\n","protected":false},"excerpt":{"rendered":"

Taxes are a common concern for retirees. You may be wondering how to begin thinking about your tax strategy, so you are not excessively taxed. These three mistakes can help you begin thinking about what a comprehensive tax strategy might look like for you. Having Too Much Taxable Income When you approach retirement, you’ll have […]<\/p>\n","protected":false},"author":9,"featured_media":7240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[42,67],"tags":[],"yoast_head":"\nMistakes to Avoid on Your Taxes | Bulman Wealth<\/title>\n<meta name=\"description\" content=\"Be sure that you Know These 3 Mistakes to Avoid Striking Out on Your Taxes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mistakes to Avoid on Your Taxes | Bulman Wealth\" \/>\n<meta property=\"og:description\" content=\"Be sure that you Know These 3 Mistakes to Avoid Striking Out on Your Taxes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/\" \/>\n<meta property=\"og:site_name\" content=\"Bulman Wealth\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-19T17:27:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-19T17:29:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bulmanwealth.com\/wp-content\/uploads\/2022\/10\/iStock-1351261510.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2045\" \/>\n\t<meta property=\"og:image:height\" content=\"1466\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kirby Mack\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kirby Mack\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mistakes to Avoid on Your Taxes | Bulman Wealth","description":"Be sure that you Know These 3 Mistakes to Avoid Striking Out on Your Taxes","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/","og_locale":"en_US","og_type":"article","og_title":"Mistakes to Avoid on Your Taxes | Bulman Wealth","og_description":"Be sure that you Know These 3 Mistakes to Avoid Striking Out on Your Taxes","og_url":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/","og_site_name":"Bulman Wealth","article_published_time":"2022-10-19T17:27:55+00:00","article_modified_time":"2022-10-19T17:29:16+00:00","og_image":[{"width":2045,"height":1466,"url":"https:\/\/bulmanwealth.com\/wp-content\/uploads\/2022\/10\/iStock-1351261510.jpeg","type":"image\/jpeg"}],"author":"Kirby Mack","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kirby Mack","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/","url":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/","name":"Mistakes to Avoid on Your Taxes | Bulman Wealth","isPartOf":{"@id":"https:\/\/bulmanwealth.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/#primaryimage"},"image":{"@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/#primaryimage"},"thumbnailUrl":"https:\/\/bulmanwealth.com\/wp-content\/uploads\/2022\/10\/iStock-1351261510.jpeg","datePublished":"2022-10-19T17:27:55+00:00","dateModified":"2022-10-19T17:29:16+00:00","author":{"@id":"https:\/\/bulmanwealth.com\/#\/schema\/person\/0c9c49568cdc52442bee7d3cee17b211"},"description":"Be sure that you Know These 3 Mistakes to Avoid Striking Out on Your Taxes","breadcrumb":{"@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/#primaryimage","url":"https:\/\/bulmanwealth.com\/wp-content\/uploads\/2022\/10\/iStock-1351261510.jpeg","contentUrl":"https:\/\/bulmanwealth.com\/wp-content\/uploads\/2022\/10\/iStock-1351261510.jpeg","width":2045,"height":1466,"caption":"Know These 3 Mistakes to Avoid Striking Out on Your Taxes Bulman Wealth"},{"@type":"BreadcrumbList","@id":"https:\/\/bulmanwealth.com\/know-these-3-mistakes-to-avoid-striking-out-on-your-taxes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bulmanwealth.com\/"},{"@type":"ListItem","position":2,"name":"Know These 3 Mistakes to Avoid Striking Out on Your Taxes"}]},{"@type":"WebSite","@id":"https:\/\/bulmanwealth.com\/#website","url":"https:\/\/bulmanwealth.com\/","name":"Bulman Wealth","description":"Retire with a plan tailor-made for you","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bulmanwealth.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/bulmanwealth.com\/#\/schema\/person\/0c9c49568cdc52442bee7d3cee17b211","name":"Kirby Mack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bulmanwealth.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/07886067060bd771caacfa2bc1b9f4de?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/07886067060bd771caacfa2bc1b9f4de?s=96&d=mm&r=g","caption":"Kirby Mack"},"url":"https:\/\/bulmanwealth.com\/author\/kirby\/"}]}},"_links":{"self":[{"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/posts\/7239"}],"collection":[{"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/comments?post=7239"}],"version-history":[{"count":3,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/posts\/7239\/revisions"}],"predecessor-version":[{"id":7243,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/posts\/7239\/revisions\/7243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/media\/7240"}],"wp:attachment":[{"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/media?parent=7239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/categories?post=7239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulmanwealth.com\/wp-json\/wp\/v2\/tags?post=7239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}