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Taxes

Many people have no idea where their taxes go or how much it can impact their wealth. Are you one of them?

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DID YOU KNOW?

Our taxes go to help fund essential services like healthcare, education, social security and more!

SCROLL OVER THE PIE CHART FOR MORE INFORMATION:

Health Insurance (24%)

Social Security (21%)

Defense (13%)

Economic Security Programs (8%)

Benefits for Veterans & Federal Retirees

Interest on Debt

Education

Transportation

Natural Resources & Agriculture

Science & Medical Research

Law Enforcement

International

All Other

Health Insurance (24%): Funding programs like Medicare and Medicaid to ensure millions have access to healthcare coverage.
Health Insurance (24%): Funding programs like Medicare and Medicaid to ensure millions have access to healthcare coverage.

As the need for these areas increases, it’s possible that our taxes will increase as well to help support these areas.

BUT...

Knowing where your taxes go is just one piece of the puzzle.
Here’s how income taxes affect your earnings and what you can actually keep.

2025 Income Tax Chart

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When you sell an asset for a profit, you will need to pay capital gains tax, either short-term or long-term.

WHAT IS A CAPITAL GAINS TAX?

A capital gains tax is a tax you pay when you make a profit from selling something like a house, stocks, or another investment. You only pay this tax on the money you made above what you originally paid for the item.

Long-Term Capital Gains Tax Rates

If you own something for more than a year before selling it, you pay less tax on the profit.

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Self-Check: Are You Making the Same Mistakes?

Retirement doesn’t mean tax-free living. Fewer write-offs means more tax pressure!

Ray: "I'll be in a lower tax bracket when I retire."

Ray always thought retirement meant less income and, therefore, less taxes. After retiring as an accountant, Ray was surprised to see that his tax bill hadn’t decreased as much as he expected.

With his mortgage paid off and his kids grown, Ray lost deductions. Plus, his income from Social Security, 401(k) withdrawals, and a side gig consulting kept him in the same tax bracket. Ray learned the hard way that fewer deductions and steady income streams in retirement meant he wasn’t in the lower tax bracket he had once assumed.

Alicia: "Social Security benefits aren’t taxable."

Alicia retired early, excited to finally claim her Social Security benefits. She was under the impression that her Social Security income would be tax-free, a nice supplement to her part-time job and withdrawals from her 401(k).

What Alicia didn’t expect was that because of her other income sources, up to 85% of her Social Security benefits were taxed. Alicia was shocked when her tax return came, and she realized that even her "safe" Social Security was not fully shielded from taxes.

Steve: "All of my retirement income is taxed the same."

Steve saved diligently for retirement through a traditional 401(k) and a Roth IRA. When he retired, he started regularly withdrawing from his 401(k), not realizing that every withdrawal was taxed as regular income.

It wasn’t until later that Steve discovered his Roth IRA withdrawals were tax-free. However at that point, he had already faced higher taxes than expected.

You are not too young to start understanding taxes.

Prepare for retirement by understanding how taxes will affect your income. Review your income sources and consider working with a financial advisor to make sure your plan is tax-smart. Small steps now can save you big later!

The Estate Tax Trap

Think your heirs will get everything? These four things to know about estate taxes might surprise you!

The Estate Tax Trap

$13.61 MILLION

(per individual as of 2024)

Only the amount above the threshold is taxed.

If your estate is worth more than the threshold, only the portion that exceeds $13.61 million is taxed, not the entire estate.

Estate tax rates can be high.

Tax rate can go up to

40%

This means a significant portion of your estate could go to taxes if it exceeds the threshold.

Estate taxes must be paid before your heirs receive their share.

The tax is taken out of your estate before your assets are distributed to your heirs, so planning helps them keep more of what you leave behind.

Another way to lose your money is NOT to protect it from inflation, also known as the "SILENT TAX"

Over the past 60 years, prices of goods have tripled—or worse!

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Without proper planning, you can lose 10% to 30% of your wealth in unnecessary taxes.

IT’S YOUR CHOICE…

DONT’ LET POOR PLANNING COST YOU.

Taxes are inevitable, but losing a significant portion of your wealth to taxes doesn’t have to be. Without a solid tax strategy, you risk leaving a big chunk of your estate to the government rather than your loved ones.

START PLANNING TODAY!