Let Us Help With Your Year-End Tax Plan ning
How to Reduce Your Tax Bill in 2019
Whether you are having a great financial year, rebounding from some unfortunate recent losses, or still struggling to get off the ground, you might be able to save a bundle on your taxes if you make the right moves before the end of the year. According to the Bureau of Labor Statistics and its new data on consumer expenditures, Americans spent more on taxes than they spent on food and clothes combined in 2017. People sharing a single household — defined as “consumer units” — spent an average of $9,562 on food and clothing but spent more than $16,000 on federal, local, and state taxes. Because the difference in these numbers is quite high, our team here at Wolf Retirement Navigation wants to offer you some tips to assist with your year-end tax planning. Retirement Accounts
they compound over time tax-free and are free of taxes at the time of distribution. Contribute annually to a Roth IRA. The maximum amount of money allowed is $5,500 for 2018 and $6,500 if you are age 50 or over. You must have earned income (i.e., be working or be a spouse of someone who is working). In addition, if you own an IRA, 401(k), or other tax- deferred investment, you are eligible to convert a portion or all of tax-deferred plans to a Roth IRA. You must pay taxes on the amount converted, but when you withdraw funds in the future, they are tax-free distributions. If taxes increase because of unsustainable federal debt and spending, then you are protected against these increased taxes.
If you are in need of more options to lower your tax bill this current tax year or next year, or if you want additional help with your year-end planning, don’t hesitate to reach out to the professionals at Wolf Retirement Navigation by calling 904-232-8760.
Popular and widely used investments during the working years are tax-free retirement accounts, including Roth IRAs. They can grow to substantial sums because
SUDOKU
No matter how you cook your bird for Thanksgiving, it will taste better if you brine it beforehand. Break out your biggest cooler and some ice to ensure that your guests rave about your turkey.
INGREDIENTS
• 3/4 cup plus 2 tablespoons kosher salt • 3/4 cup sugar • 1 carrot, peeled and diced • 1 large onion, peeled and diced • 1/4 cup celery, diced
• 2 large sprigs thyme • 2 bay leaves • 1 tablespoon black peppercorns • 1/4 teaspoon crushed red pepper flakes • 1/4 teaspoon fennel seeds (optional) brine in the fridge, uncovered, until cold. 3. Add 6 quarts cold water to brine. Add turkey and submerge completely. Brine chilled for up to 72 hours.
DIRECTIONS
1. In a large stock pot, bring salt, sugar, and 4 cups water to a boil. Stir until all ingredients are dissolved. 2. Turn off heat and add remaining ingredients. Place
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2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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