- Mercer Advisors, Formerly Epstein & White

Covering New Tax Proposals From the “Project 2025” Agenda

Project 2025, a policy blueprint developed by the Heritage Foundation, has stirred significant attention due to its controversial policy and tax proposals. This 900-page mandate from the conservative think tank outlines profound changes that could fundamentally alter the federal government, including the tax system. Here's what you need to know about Project 2025 and its potential impact on taxes. What is Project 2025? Project 2025 is a comprehensive plan designed for a future Republican administration, with [...]

Rebecca Mack2024-08-23T18:30:53+00:00August 23, 2024|Government, Taxes|

6 Tips for Handling Taxes in Retirement

Retirement is a stage in life that many look forward to. However, it comes with its own set of financial challenges, among them being the handling of taxes. Contrary to popular belief, tax responsibilities do not necessarily cease once you retire. Your tax liability may increase if your retirement income sources are not tax-efficient. Understanding how to manage taxes during this period can go a long way in helping you maintain a suitable standard of living. [...]

Rebecca Mack2024-07-31T17:14:44+00:00July 31, 2024|Tax Planning, Taxes|

How Much Do Retirees Really Pay in Tax?

If you’re looking for information to inform your tax planning strategies for your retirement, please read further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] Most retirees have some kind of retirement account in place, and if you are taking money out of that account, it [...]

Rebecca Mack2024-05-29T13:49:41+00:00May 29, 2024|Tax Planning, Tax Strategies, Taxes|

Quick Tips for Filing Your Taxes This Season

Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return. [...]

Rebecca Mack2023-03-02T19:09:52+00:00March 2, 2023|Tax Planning, Taxes|

4 Tips for Proper Tax Filing

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That's why it never hurts to brush up on the basics involved with filing your taxes. Knowing the most common tax-filing mistakes is critical to [...]

Rebecca Mack2023-02-09T20:03:41+00:00February 3, 2023|Tax Planning, Tax Strategies, Taxes|

3 Strikes to Avoid When Tax Planning

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you. Taking Too Much Income When you start to approach retirement, you’ll have to start thinking about transitioning from the wealth accumulation stage to the [...]

Rebecca Mack2022-09-12T18:58:34+00:00September 12, 2022|Tax Planning, Taxes|

Will You Have Tax-Advantaged Buckets in Retirement?

You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But, do you have any after-tax “buckets” that you can use strategically in retirement to help reduce your tax bill? There may be a few options available to you, so know how they work. How is a Roth IRA Different from a Traditional IRA? Many people contribute pre-tax dollars to a traditional IRA during their [...]

Rebecca Mack2022-07-08T18:32:56+00:00July 4, 2022|Financial Planning, Retirement Income, Tax Planning, Tax Strategies, Taxes|

Estimating Your Tax Burden in Retirement

Taxes could be one of your biggest expenses in retirement. But once you have an estimate for your tax burden in retirement, you can consider ways to minimize it. The first step towards creating a tax minimization strategy in retirement is looking at how your different sources of income will be taxed. Pensions If you have a private pension, your pensions payments could be taxed at ordinary income rates. They could also be subject to state [...]

Rebecca Mack2022-04-28T19:15:12+00:00April 28, 2022|Tax Planning, Tax Strategies, Taxes|

Tax Day Will Be Here Before You Know It

Tax Day is April 18th this year, due to the Emancipation Day holiday in Washington D.C. on the 15th. This is a good time of year to review your finances and think about your long-term tax strategy. Tax Day will be here before you know it, so know these important tax terms and start thinking about how you’ll work to lower your tax bill. Tax Credits A tax credit is a dollar-for-dollar benefit. It’s an amount [...]

Rebecca Mack2022-03-29T21:11:17+00:00March 29, 2022|Tax Planning, Taxes|

Don’t Forget About Your Tax Bill

Before you know it, Tax Day will be here, so it’s best to start getting ready now. Beyond your tax bill this year, don’t forget about your tax bill in the future, even in retirement. Taxes don’t stop when you stop receiving a paycheck, and they could be one of your biggest expenses in retirement. You should understand how different types of income are taxed and create a plan that works to lower your taxes throughout [...]

Rebecca Mack2022-03-22T20:12:29+00:00March 22, 2022|Tax Planning, Taxes|