Retirees: Here’s How to Pay for 5 Common Expenses and Cut Your Taxes While Doing It
by Chase Mouchet, CFP®, CIMA®
Apr 19, 2022
3 minutes
Even though the April 18 income tax deadline has passed, it’s worth exploring how to plan to pay for some common expenses in retirement to receive the most tax benefits, ahead of the next filing deadline in April.
One of the most foundational tax-planning questions a retiree faces is how to best pay for expenses while minimizing the tax impact. Fortunately, the Internal Revenue Service allows several tax-advantaged ways to accomplish this goal, depending on the funding source and type of expense.
Here are five common expenses in retirement that could cut your tax
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