Dreading Income Tax Season? Try Planning Instead
Maryann Vognild, CFP, Wealth Advisor with Buckingham Strategic Wealth presents tax planning strategies. Tax planning involves: 1) projecting income for a given year; 2) making knowledgeable decisions about future income and tax events; and 3) determining what, if anything, can be done to lower the overall tax paid.
Key Takeaways
- Use the IRS W-4 calculator or tax software to project your annual income and adjust withholding accordingly, so you're not surprised by large refunds or bills at tax time
- If retiring before 70, strategically fill low-tax-bracket years with Roth conversions or other income to avoid paying higher rates later—converting at 12% now beats paying 22-28% after 2026 tax increases
- Social Security creates a hidden tax trap: for every $2 of additional income, $1 more of Social Security becomes taxable; use a comprehensive calculator that accounts for these phase-in rules
- Medicare IRMAA thresholds are based on income from 2 years prior and can trigger thousands in premium increases if you exceed the limit by just $1—plan ahead during tax planning season
- Your tax situation is unique; avoid one-size-fits-all rules and instead work with a professional who can model multiple scenarios (single year vs. multi-year strategies) specific to your circumstances before tax filing season
Dreading Income Tax Season? Try Planning Instead: Maryann Vognild, CFP, Wealth Advisor with Buckingham Strategic Wealth presents tax planning strategies. For more free videos to help you with tax planning, please visit the finStream Tax Planning Center at this link: https://www.finstream.tv/videos/tax-planning/
{ "@context": "https://schema.org", "@type": "VideoObject", "name": "Dreading Income Tax Season? Try Planning Instead - Finstream.TV", "description": "Dreading Income Tax Season? Try Planning Instead: Maryann Vognild, CFP, Wealth Advisor presents tax planning strategies.", "thumbnailUrl": [ "https://www.finstream.tv/wp-content/uploads/2022/02/tax-season-tax-planning-1920.jpeg" ], "uploadDate": "2022-02-18T14:39:00+00:00", "contentUrl": "https://finstreamtv-videos.s3.amazonaws.com/dreading_income_tax_season__try_planning_instead%20(1080p).mp4", "publisher": { "@type": "Organization", "name": "Finstream.TV", "logo": { "@type": "ImageObject", "url": "https://www.finstream.tv/wp-content/uploads/logos/FinStream-800w-red.png", "width": 1920, "height": 1080 } } }