We take a holistic approach, guiding you from your annual tax return through how you draw income in retirement with the aim of reducing the taxes you pay.
We review your return line by line to look for missed deductions, credits and planning opportunities.
Contribute to workplace or retirement plans and consider the adjustments and age-based benefits you may qualify for:
Standard deduction or itemize? We compare both methods every year. The three largest itemized deductions are:
Tip: track medical, property tax and charitable receipts throughout the year, not just in April.
Credits reduce your tax bill dollar for dollar. We also review prior returns for overlooked credits and carryovers:
Track required minimum distributions and plan withdrawals.
Good retirement tax strategy coordinates your investments, your tax brackets and your withdrawal timeline before required distributions force your hand.
All investing involves risk, including loss of principal. No strategy can eliminate risk.
| Income source | Bucket | How it’s generally taxed |
|---|---|---|
| Pensions | Tax-deferred | Taxed as ordinary income |
| Social Security | Partly taxable | Up to 85% may be taxable, depending on your other income |
| 401(k) / 403(b) | Tax-deferred | Pre-tax contributions; withdrawals taxed as ordinary income |
| Traditional IRA | Tax-deferred | Withdrawals taxed as ordinary income; required minimum distributions apply |
| Roth IRA | Tax-free | Funded after tax; qualified withdrawals are tax-free |
| Non-retirement savings | Taxable | Interest taxed as ordinary income; qualified dividends and long-term gains at capital-gains rates |
With large traditional IRA or 401(k) balances, beginning planned withdrawals before age 73 spreads the income across more years and may help limit a sudden jump in tax brackets and Medicare premiums.
In lower-income years between retiring and starting required minimum distributions, converting part of a traditional IRA to a Roth uses today’s known tax rates and may create tax-free growth later. Tax laws can change.
Keeping a mix of account types may give you the flexibility to manage your tax bill every year of retirement.
Explore Turning 65 →Tax preparation records what already happened last year and files an accurate return. Tax planning looks ahead across multiple years so your IRA withdrawals, Roth conversions, Social Security claiming and Medicare premiums work together, which may lower what you owe over your retirement.
Yes. Every new client can bring their prior return for a complimentary second opinion. Mary Garza reviews it line by line for missed deductions, credits or reporting errors at no cost and with no obligation.
The years just before and after you retire, especially between ages 60 and 73, can offer a wider window to manage tax brackets, plan for the 2-year Medicare lookback and consider Roth conversions before required minimum distributions begin.
Bring your most recent tax return, any retirement account or Social Security statements, and your questions. We’ll review where you stand and outline clear next steps in plain English.
This page is general education, not tax, legal or investment advice. Investing involves risk, including loss of principal. Tax rules change and your results will vary.
A 30-minute consultation with Mary to review your return, answer your questions and map out what’s next.
