Taxes aren’t something that put a smile on a lot of people’s faces. Unfortunately, you can’t escape paying taxes – even in retirement. If you’re retired and wondering how 2021 will impact how much tax you pay, how charitable tax deductions work this year, and so on, this is the episode for you.We’re thrilled to have Tom Turner, CPA and Partner at Heroux and Company, LLP, on the podcast to discuss the ins and outs of taxes in retirement in 2021. Tom walks us through QCD (Qualified Charitable Distribution), which is not subject to typical federal income taxes. Tom explains QCD in more detail and talks about how it can help reduce the amount of tax you pay in retirement, especially if you are 70 years of age or older.We also cover unemployment benefits, medical deductions, income tax credit, and so much more!In this episode find out:How charitable tax deductions work in 2021The difference between non-itemized vs. itemized tax returnHow a qualified charitable distribution works and the tax benefits of doing soHow to deal with straight donationsHow to approach medical deductions in 2021What earned income tax credit is and how it worksWhat the child tax credit is this yearHow to deal with a stimulus check concerning your tax returnWhether unemployment benefits are taxable or notWho is eligible to deduct their home officeTips for doing your taxes in 2021Tweetable Quotes:“Make sure you make all your estimated payments to avoid an underpayment of estimated tax penalty.” – Tom Turner“Your stimulus check doesn’t go on the tax return.” – Tom TurnerImportant Links & Mentions:Heroux and Company websiteCall Tom on 9197889570Email Tom directly at [email protected] Your Retirement Ep.13- Tom Turner – Planning Taxes and RetirementResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to [email protected].

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