Retirement Planning


Retirement Planning

Woodbury Retirement Planning Professionals

Reducing your tax liability as a retiree is important for getting the most out of what you have worked all your life to earn. What you owe in taxes as a retiree is often a function of taking full advantage of deductions, credits and exemptions. We help to create a strategy of matching income (distributions from retirement plans) with deductions in the same year in order to lower taxes in that or the following year. We search for opportunities to take full advantage of special tax credits for persons 65 or older.

Business Entity Tax

It may be advantageous to maintain your income within certain limits to qualify for state and federal benefits.

Our planning strategies include planning to reduce tax liability in current and future years for you and your family. Regardless of whether you are about to retire or have already done so, we can help you take steps now to ensure that you get the most out of your retirement plan, Social Security benefits and savings.

There are numerous issues to be consider when looking for ways to enhance your income while striving to minimize tax. At Stefans Associates we develop retirement tax plans utilizing your:

401(k) distributions
Pension and annuity income
IRA distributions
Social Security benefits

Pension and Annuities

Pension and annuity income is reported on Form 1099-R and may be fully or partially taxable.

How your contributions were treated at the time they were made will determine the degree to which your pension or annuity distributions are taxable when withdrawn. We assist with reviewing your pension payments and distribution options to help you plan more effectively to maximize your after-tax income.

401(k) and IRA Distributions

Many retirement plans have the option of contributing before-tax income (deductible in the year contributed) or after-tax contributions (not deductible in the year contributed). Accounts grow tax deferred until assets are withdrawn.

Roth IRAs are plans in which contributions are not tax deductible, but income on the account accrues tax-free as long as the account is open for at least 5 years prior to any distributions and the owner is at least 59½ years old when the first distribution is made.

For traditional IRAs,distributions may be fully or partially taxable.

Social Security Benefits

The degree to which your Social Security benefits are taxed will depend on your taxable income from other sources (such as a pension, taxable distributions, wages, interest, dividends, job, etc.). Your filing status (married filing jointly or filing separately, single, or head of household) will be used to calculate the taxable portion of Social Security. Sound tax planning may help reduce the amount of Social Security that may be added to your taxable income.

Contact Our Woodbury Corporate Tax Attorneys at the Stefans Law Group

The tax code can be complicated and confusing. At Stefans Associates and Stefans Law Group, we have the knowledge and resources to help you maximize your retirement income.

For further information about our law practice or regarding any aspect of your tax needs, call us at:

(516) 692-0123

Caring for All Aspects of Your Financial Life

We make the pieces fit together

Tax Preparation
Small Business Accounting
Estate Planning and Administration
Retirement Planning
Asset Protection
Geriatric Care Management
Individual Corporations & LLCs
Trusts & Estates

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