Eric Scott Blog Posts

4 Types of Retirement Income and How They’re Taxed
Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower...

The Pandemic Won’t Be the Last Retirement Challenge You’ll Face
The pandemic has been hard on Americans nearing and in retirement, but there are likely other obstacles coming. Increased government spending on COVID relief plus strain on our healthcare system could mean we’ll see higher taxes, inflation, and healthcare costs in the...

5 Things to Know About COVID and Your Taxes
We’ve entered a full year of living with the pandemic, and there have been several events during the year that could affect you this tax season. In April 2020, the CARES Act (Coronavirus aid, Relief, and Economic Security Aid) provided relief to individual Americans...

Your 2020 Tax Return and 3rd Round of Stimulus
When you file your 2020 income taxes could either boost or lower your next stimulus payment. The IRS began accepting 2020 tax returns on February 12. But waiting to file could mean a bigger third stimulus check. There are lots of good reasons to file your taxes early...

3 Recent Events That Could Show the Future of Your Finances
Planning for retirement is never a ?set it and forget it? activity. There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans of action. Recently, the Federal Reserve?s statements regarding interest rates...

3 Ways the SECURE Act Could Affect Your Retirement
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) recently had its one-year anniversary. It was the biggest piece of retirement legislation to be passed in many years, and it will undoubtedly have a major effect on how many Americans approach...

Concerned About Taxes On Your Retirement Account?
You might expect your tax burden to decrease in retirement ? after all, you?re no longer receiving a paycheck that incurs income tax, the payroll tax, and Medicare tax. However, your income in retirement could be significant, between investment income, rental...

3 Reasons to Review Your Tax Strategy
Now that President Biden has been sworn in and the Senate is evenly split between Republicans and Democrats, it?s time to consider what tax policy changes could be coming. President Biden and Vice President Harris proposed several tax-increasing measures on the...

How Much Can You Contribute to Your Retirement Account in 2021?
Contributing to a 401(k) or IRA, traditional or Roth, can help to reduce your tax burden and allow you to save more money for those retirement years. Contribution amounts for 401(k)s, IRA, and other retirement accounts for workers 50 and older are higher than younger...

3 Easy Ways to Get On Track for 2021 & Beyond!
Happy New Year! Many people have already taken the time to commit to their new year's resolutions. Perhaps they've made a promise to eat healthier this year. Maybe they're starting a new hobby. Possibly,?they have a shelf full of books they want to have read by...
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