When thinking about taxes in retirement—surprise you still must pay taxes in retirement—most people look at their pay stubs and see how much they are paying in taxes. However, there are some taxes on your paystubs and W-2 that you do not have to pay.
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The first step to deciding which retirement plan to choose for your self-employment income is figuring out the amount that you think you will be able to contribute. From that point, then you can choose which vehicle may work best for you.
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Tax planning is considering your whole situation and making any necessary changes or decisions before the tax year is complete. Think of it as forward looking. When you prepare your tax return, you are looking backwards at things that have already happened and figuring out any credits or deductions that you can take based on things you cannot change.
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You’ve probably heard of fee-only financial advisors. But what does this mean? When you invest with a fee only advisor, you can be confident that your best interests are their priority because there’s no incentive to push products or services just to make money.
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You’ve built your business up and now you are at the point of having excess income and you think you should start saving some for retirement.
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