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Author Archive for: ‘Myrick CPA’

Strategic Tax Planning Helps Build Wealth for Future Asset Purchases

If you're focused only on filing your taxes each April, you might be missing out on bigger financial opportunities. Strategic tax planning isn't just about saving money today; it's about using the tax code to keep more of your income, grow your savings faster, and invest in meaningful assets like real estate, retirement accounts, or a growing business. Smart planning can help you set the foundation for serious financial growth. Here's how.

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How to Lower Your Tax Burden on Required Minimum Distributions (RMDs)

Required Minimum Distributions (RMDs) can be a surprise for many retirees, increasing their taxable income once withdrawals begin. Since these distributions are taxed at your ordinary income rate, they can push you into a higher tax bracket, reducing the amount of retirement savings you keep. Fortunately, there are ways to lower the tax impact while staying compliant with IRS regulations. Let’s walk through how RMDs work, why they matter, and the strategies you can use to keep more of your savings.

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IRS Announces Higher 401k Contribution Limits for 2025: What to Know

The IRS recently announced updates to retirement plan contribution limits for 2025, giving savers a chance to build their financial futures more effectively. Whether you're just starting your retirement journey or refining an existing plan, understanding these changes can help you take full advantage of tax benefits while maximizing your savings potential.Here's what you need to know about these updates and how they can support your financial goals.

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