Now is a good time, while tax season is fresh in your mind, to prepare for next year and to make plans to pay as little tax as possible. Here are two goals for everyone:
- Eliminate or reduce taxes on income you’re not spending.
- Minimize taxes on income you are spending.
That income could be from Social Security, income annuities or from interest, dividends and capital gains. It doesn’t matter whether you’re planning for retirement or in retirement, minimizing your tax bill is a worthy objective. More