News & Articles
How Income Taxes Work
Taxpayers and businesses spend an estimated 7.9 billion hours a year complying with tax-filing requirements, which is worth $413 billion in economic value just to comply with tax regulations.1 As complex as the details of taxes can be, the income tax process is fairly straightforward. However, the majority of Americans would rather not spend time with the process, which explains why half hire a tax professional to assist in [...]
Three Key Questions to Answer Before Taking Social Security
Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source. When to Start? You have the choice of 1) starting benefits at age 62, 2) claiming them at your full retirement age, or 3) delaying payments until age 70. [...]
Understanding Marginal Income Tax Brackets
By any measure, the tax code is huge. It is over 2,000 pages long, and even longer with footnotes.1 And almost weekly, the Internal Revenue Service publishes a 10- to 50-page bulletin about various aspects of the tax code.2 Fortunately, it’s not necessary to wade through these massive libraries to get a basic understanding of how income taxes work. Knowing a few key concepts may provide a solid foundation. [...]