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After you’ve focused on what needs to be done by April 17, it’s time to consider what you can be doing the rest of this year when it comes to your tax strategy. Here are five tips to help during tax time next year.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. Please consult your attorney or qualified tax advisor regarding your situation.
1 Withdrawals used for expenses other than qualified education expenses may be subject to federal and state taxes, plus a 10% penalty. Make sure you discuss the potential financial aid impacts with a financial aid professional. Tax issues for 529 plans can be complex. Please consult your tax advisor about your situation.
2 Bonds may be subject to state, local or the alternative minimum tax.
3 Withdrawals taken prior to age 59½ may be subject to a 10% federal tax penalty. Surrender penalties are usually assessed if you withdraw all or a portion of your principal during the guarantee period.
Changes in tax rules, much like the stock market, can be unpredictable. Tax diversification may help counter the tax environment and provide flexibility in retirement.Read more
Resources that can help you find ways to incorporate tax-smart investing ideas.Learn more