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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!

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.

2024 Income Tax Chart

Tax Rate Single Filer Your Tax Due is: Married filing separately Your Tax Due is: Head of household Your Tax Due is: Married filing jointly Your Tax Due is:
10% Not over $11,600 10% of taxable income Not over $11,600 10% of taxable income Not over $16,550 10% of taxable income Not over $23,200 10% of taxable income
12% Over $11,600 but not over $47,150 $1,160 plus 12% of the excess over $11,600 Over $11,600 but not over $47,150 $1,160 plus 12% of the excess over $11,600 Over $16,550 but not over $63,100 $1,655 plus 12% of the excess over $16,550 Over $23,200 but| not over $94,300 $2,320 plus 12% of the excess over $23,200
22% Over $47,150 but not over $100,525 $5,426 plus 22% of the excess over $47,150 Over $47,150 but not over $100,525 $5,426 plus 22% of the excess over $47,150 Over $63,100 but not over $100,500 $7,241 plus 22% of the excess over $63,100 Over $94,300 but not over $201,050 $10,852 plus 22% of the excess over $94,300
24% Over $100,525 but not over $191,950 $17,168.50 plus 24% of the excess over $100,525 Over $100,525 but not over $191,950 $17,168.50 plus 24% of the excess over $100,525 Over $100,500 but not over $191,950 $15,469 plus 24% of the excess over $100,500 Over $201,050 but not over $383,900 $34,337 plus 24% of the excess over $201,050
32% Over $191,950 but not over $243,725 $39,110.50 plus 32% of the excess over $191,950 Over $191,950 but not over $243,725 $39,110.50 plus 32% of the excess over $191,950 Over $191,950 but not over $243,700 $37,417 plus 32% of the excess over $191,950 Over $383,900 but not over $487,450 $78,221 plus 32% of the excess over $383,900
35% Over $243,725 but| not over $609,350 $55,678.50 plus 35% of the excess over $243,725 Over $243,725 but not over $365,600 $55,678.50 plus 35% of the excess over $243,725 Over $609,350 $181,954.50 plus 37% of the excess over $609,350 Over $731,200 $196,669.50 plus 37% of the excess over $731,200

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.

Rate Single Married Filing Jointly Married Filing Separately Head of Household
0% $0 - $47,025 $0 - $94,050 $0 - $47,025 SO - $63,000
15% $47,025 - $518,900 $94,050 - $583,750 $47,025 - $291,850 $63,000 - $551,350
20% $518,900+ $583,750+ $291,850+ $551,350+

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 "still" young to NOT know about 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.
Check the Estate Tax Chart below

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.

Estate Tax Rate

To know your taxable amount, subtract $13.61 million from your total estate value.
Taxable Amount Estate Tax
Rate 		What You Pay
$1 - $10,000 18% SO base tax + 18% on taxable amount
$10,000 - $20,000 20% $1,800 base tax + 20% on taxable amount
$20,000 - $40,000 22% $3,800 base tax + 22% on taxable amount
$40,000 - $60,000 24% $8,200 base tax + 24% on taxable amount
$60,000 - $80,000 26% $13,000 base tax + 26% on taxable
amount
$100,000 - $150,000 28% $18,200 base tax + 28% on taxable amount
$100,000 - $150,000 32% $38,800 base tax + 32% on taxable amount
$250,001 - $500,000 34% $70,800 base tax + 34% on taxable amount
$500,001 - $750,000 37% $155,800 base tax + 37% on taxable amount
$750,001 - $1 million 39% $248,300 base tax + 39% on taxable amount
$1 million+ 40% $345,800 base tax + 40% on taxable amount

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!
Items 1960 2000 MON
One Dozen of Eggs $0.57 $0.91 $3.08
Gallon of Milk $0.49 $2.78 $4.36
Gallon of Gasoline $0.31 $1.56 $3.80
House (1,500 sq. ft.) $12,700 $166,000 $384,000

Without proper planning, you can lose

10% to 30%
of your wealth in unnecessary taxes.

Don’t 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!