The Tax Shop Accountants Plattekloof (incl. Parow)’s Post

Cecil Kilpin | September 2024 Newsletter: (i) Tax Implications of Withdrawing from Two-Pot Retirement System; (ii) The Mandatory Compliance Checklist; (iii) 2024 Tax Filing Season Updates; (iv)Interesting Statistics about South Africa... Introduction: Starting from 1 September 2024, individuals planning to withdraw from the savings pot of the Two-Pot Retirement System must be registered for tax. Unregistered individuals must complete their registration before applying to their relevant fund, as unregistered requests will be rejected by SARS... *Learn More >> https://lnkd.in/dEc2Ffgu

Retirement brings new opportunities—and new tax challenges. Understanding how your retirement income is taxed is key to preserving your savings. From managing Required Minimum Distributions (RMDs) to planning for Social Security taxes, there are steps you can take to minimize your tax burden and keep more of your hard-earned money. Being proactive now can make a big difference in your financial future. Want to learn how to navigate retirement taxes with confidence? Contact us to get started! https://lnkd.in/gE53J-Xc

Retirement brings new opportunities—and new tax challenges. Understanding how your retirement income is taxed is key to preserving your savings. From managing Required Minimum Distributions (RMDs) to planning for Social Security taxes, there are steps you can take to minimize your tax burden and keep more of your hard-earned money. Being proactive now can make a big difference in your financial future. Want to learn how to navigate retirement taxes with confidence? Contact us to get started! https://lnkd.in/eSHZifFV

Want to maximise the value of your bonus? Consider contributing part of it to your retirement savings. Not only will this reduce your taxable income, but you’ll also get the benefit of SARS’s tax rebate when filing your return. It’s a win-win for your finances today and your future tomorrow. Get expert advice on tax-efficient savings from Nwanda. Contact us: https://lnkd.in/eZYYekBm #RetirementSavings #BonusTaxTips #FinancialGrowth #NwandaAccounting

📊 What’s the Future of Federal Tax Rates? Is it time to explore Tax-Free Retirement Accounts? 💡 With the upcoming election and the national debt soaring past $25 trillion, now is the perfect time to review your retirement strategy. Many rely heavily on tax-deferred accounts like 401(k)s, assuming tax rates will remain favorable. But the real question is: What will federal tax rates look like when you retire? 🤔 By paying taxes on contributions today, you can benefit from tax-free growth and enjoy tax-free withdrawals when it matters most—during retirement. 💸✨ And don’t limit your tax-free accounts to just a Roth IRA! Roth IRAs have contribution limits, and if your income exceeds certain thresholds, you may not qualify. There are additional tax-free strategies that could fit your needs! Let’s connect and discuss strategies that can help you stay ahead. Be proactive, not reactive! 🚀 #RetirementPlanning #TaxFreeGrowth #FinancialFreedom #TaxStrategy #Election2024 #RothIRA #TaxPlanning #RetirementGoals #FinancialEducation

Read article: https://lnkd.in/e__yhe-z As a retiree, keeping your taxable income low is a big part of protecting your retirement savings. This article looks at how Social Security benefits affect income taxes—and outlines five strategies that can minimize the taxes you’ll pay on your benefits, extending the life of your nest egg.

📉 Want to lower your tax burden? 📉 Consider maxing out those retirement contributions! Not only are you setting yourself up for the future, but you’re also reducing your taxable income today. 💼💰 #TaxTips #RetirementSavings #TaxPlanning #FinancialFuture #TaxStrategy #MyBooksAndTaxes

The biggest threat to your wealth isn’t the market. It’s taxes. The IRS has a lien on your retirement accounts. They get first dibs on your money when you turn 72 and are forced to take required minimum distributions. And those taxes can be brutal… The government can change the rules at any time and raise tax rates. With the national debt soaring, it’s almost guaranteed taxes will go up in the future. That means you could be paying more in taxes when you withdraw your retirement savings than you saved by contributing to them in the first place. If you have a 401

Minimizing taxes in retirement can significantly impact your income. Let's discuss the best withdrawal strategies to keep more of your hard-earned money. #TaxEfficiency #RetirementSavings

Minimizing taxes in retirement can significantly impact your income. Let's discuss the best withdrawal strategies to keep more of your hard-earned money. #TaxEfficiency #RetirementSavings