It’s often been said that the only inevitabilities in life are death and taxes. And frankly, both are nothing any sane person likes to spend time even thinking about. However, although you can’t cheat the Grim Reaper, luckily, there are some things you can do to keep more of your assets in your wallet when the Tax Man comes to call.
It’s that time again… like a bad penny, Tax Day keeps turning up, year after year. But while for many of us investors the tax filing deadline is enough to induce a headache, it doesn’t have to be that way. Especially since there is plenty of tax software to make this annual chore a whole lot easier.
One of the realities you will face upon retirement is navigating the world of Social Security. The whole time you earn income, you’re paying into the system, and are entitled to receive some of that back when you retire. However, understanding Social Security basics, when to take benefits, and learning what happens if you don’t follow correct procedure, can be a daunting task.
One of the realities of our current tax system is that we are required to pay taxes when we log gains from our investments. So, if you sell a stock, you will need to pay taxes on the gains. The good news is, that you don’t have to pay taxes on this type of income until you sell and lock in the gains.