We offer a range of tax services, including individual tax preparation, business tax preparation and state tax compliance.
Retirement planning simply converts what you’ve saved into money you can live on by taking taxes & benefits and healthcare costs into consideration.
It covers the target retirement date, expected spending and a year-by-year map of where cash will come from. Therefore, the plan is in line with the math — not guesswork.
You should take the initial action when you still have options — not when deadlines force a prompt decision. Even five years out, the plan can present what to build next, what to pay down and how much risk fits the distinct situation.
Our planners begin with a transparent snapshot of the accounts, income sources and the tax rules linked with each item.
It’s a documented plan for how cash flows each month, plus the rules for what to do if market conditions / life changes. The straightforward approach is outlined below:
It’s the order and timing used to pull money from taxable & tax-deferred and Roth accounts. Because the sequence has the potential to change the tax bill.
There isn’t one universal rule. Yet, many retirees, in general, spend from taxable accounts before tax-deferred and Roth accounts in order to preserve tax-advantaged growth.
At this point, tax-efficient retirement withdrawals and tax-efficient retirement planning become very practical — not theoretical.
For IRA owners in general, the IRS says the first required minimum distribution is for the year you reach age 73 for many people and 75 for some later. It can be taken as late as April 1 of the following year. Delaying that first withdrawal might mean taking 2 distributions in the same calendar year — which has the potential to push taxable income higher.
It’s the preference of when to claim so the lifetime benefit and your household cash flow line up. You can claim as early as 62. And waiting past full retirement age may increase monthly benefits up to age 70.
It focuses on enrollment timing & premium surprises, particularly IRMAA for higher earners. If income drops after a life event, Social Security presents a formal process to request an IRMAA reduction.
You receive an actionable planning roadmap, with decisions laid out in the order they matter.
You can visit our comprehensive financial planning page for a wider view within the CFP services context.
Watter CPA brings CFP services and tax experience together in order to match your plan to the rules you actually file under. If you want a plan that feels usable day to day, contact us today to set up a conversation.
Pricing totally varies with the complications and circumstances and our rates start from $480.
The recent account statements, the latest tax return and a simple list of monthly expense items and insurance.
We recommend at least once a year. And anytime you change jobs, move, retire or see a major income shift, you should consider updating it.
It sets the roadmap. A retirement income strategy converts it into a monthly payout plan with tax-efficient retirement planning behind it.
Yes. The retirement withdrawal strategy supports tax-efficient retirement withdrawals and might influence Medicare planning and Social Security planning.
Our dedicated team is ready to assist you on your path to financial success.
5 N Adams St,
Rockville, MD 20850, United States
At Watter CPA, we believe that understanding your needs is the first step toward providing exceptional service. Determining the specific service required involves a thorough review of your financial situation, which is only possible with proper documentation and accurate data. This approach helps us deliver tailored solutions that best meet your needs and compliance requirements.
Below, you will find answers to some of the most frequently asked general questions. If you have more specific inquiries or require additional information, please feel free to Contact Us.
