Gary Sonnenburg Tax
I am 72 years old and started working part time for my son’s business as a subcontractor. Fortunately we are having a really good year and my income is very high causing tax issues. I am on SS and Medicare and it will affect my Medicare and put me into a very high tax bracket. Looking for help and advice.
I heard Ed on a podcast talking about if you have a will which I do, my advisor should look at this and I’m not sure why.
Next year I will be required to take RMD’s FYI.
Are there any tax strategies I should be considering that would make good sense?
My grandchildren help me with this business. Should I be considering paying them as a strategy?
I am on Medicare but are there any health savings accounts I might be eligible for?
Thank you for your help.
Gary Sonnenburg
Permalink Submitted by BruceM on Fri, 2024-12-13 12:34
Gary
As Alan points out, you seem to have many financial moving parts that are interacting with each other. This can get a bit complicated for many and will require quite a bit of research on your part to make good decisions. An alternative at this point would be to hire a fee-only financial planner holding the CFP designation, who is trained and experienced at these kinds of financial topics and the best way to manage them to your financial benefit. If this sounds of interest to you, I’d suggest two sources.
The CFP Board has a search function for a CFP near you who specializes in certain areas of personal or small business financial planning. navigate to find-a-cfp-professional . However, this will not show how the planner is compensated, which may be important to you. If so, I’d suggest the Garrett Financial Planning network of fee-only CFP Certificants which you can also navigate to
(it seems this forum does not like inserting links….which is understandable)
Best wishes