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Ed Slott, America’s IRA Expert

Ed Slott is a nationally recognized IRA distribution expert, professional speaker, television personality, and best-selling author. He is known for his unparalleled ability to turn advanced tax strategies into understandable, actionable and entertaining advice.

“Taxes will be the single biggest factor that separates people from their retirement dreams.” – Ed Slott

Who is Ed Slott?

Ed has been named “The Best Source for IRA Advice” by The Wall Street Journal, and USA Today wrote, “It would be tough to find anyone who knows more about IRAs than CPA Slott.” As president and founder of Ed Slott and Company, LLC, the nation’s leading source of accurate, timely IRA expertise and analysis to financial advisors, institutions, consumers and media, he provides advanced training to financial professionals and answers to retirement savers’ most important questions. Click here to learn more.

On May 17, 2022, we featured Ed Slott in an exclusive virtual event. This program featured strategies for navigating newly enacted tax rules.

Not only did Ed provide some great information, but he kept us thoroughly entertained! We were happy to see so many clients and non-clients alike register for our virtual educational event to learn from Ed Slott, America’s IRA Expert. Navigating the distribution phase of life can be tricky with all of the tax laws and regulations, but having a plan is key. If you missed it, don’t worry, you can still watch it by accessing the recording.

Click here for the event recap information and recording.

 

Highlights included:

  • Coordinating your investment plan and tax strategy to minimize tax.
  • Roth IRA conversions – should you or shouldn’t you? Plus new Roth benefits under the latest tax law changes.
  • In depth look at major changes in new tax rules affecting your retirement planning.
  • Creating a plan to reduce or eliminate the heavy taxes on distributions from IRAs, 401(k)s and other retirement savings, including Roth IRA conversions.
  • Retirement savings now make up a substantial portion of a person’s net worth, but these funds have not yet been taxed. Learn what to do now to reduce or eliminate the big tax hit later.
  • Why IRAs are often ignored in the typical retirement plan? Use it, leverage it or lose it to future taxes. Who is most at risk of losing their IRAs to needless taxes? How to avoid the most costly tax traps.
  • How to avoid the big “stealth taxes” that can quickly wipe out your savings.
  • The importance of the beneficiary form and how to keep it up to date. Plus, what your beneficiaries need to know.
  • Reasons why people procrastinate when it comes to tax and estate planning. How to get your plan started now!

Why Ed Slott?

For the last 18 years Greg Storen has been an active member of Ed Slott’s Elite IRA Advisor Group, an exclusive organization dedicated to the ongoing study and mastery of constantly changing and complex tax laws impacting your retirement savings. Ed and his team of IRA Experts are a valued part of our back-office team to help provide you with the latest strategies to help answer your toughest questions and avoid unnecessary taxes on your retirement. Click here to learn more.

Ed Slott is not affiliated with Storen Financial and LPL Financial.

How can we help?

At Storen Financial, we offer so much more than tax preparation and accounting services. We go beyond the numbers to provide our clients with financial planning, in-depth consulting, and year-round support. Looking for more info? Click below to learn more.

Frequently Asked Questions

How do I track my refund?

NEW! IRS2Go is the official mobile app of the IRS. Click here to learn more and as always, feel free to contact us with any questions you have.

Is there an age where Social Security is not taxed?

No, federal taxation of SS benefits is based on income level and not age. Anywhere from 0% to 85% of the SS benefit can be taxable based on how much other income a taxpayer is reporting. Note, Indiana does not tax anyone’s social security benefits. Click here to see more FAQs.

How are Indiana State and Local taxes calculated?

For new residents of Indiana, there is a learning curve on understanding State & Local taxes. Indiana has a flat rate for the State of 3.23%. So if you have $10,000 or $1,000,000 of taxable income, you are taxed at the same rate. In addition to this, each individual pays a county tax and each County can set their own tax rate. County rates range from .35% for Jefferson to 3.38% for Pulaski. There are a few exceptions to the rule, but an Indiana taxpayer is subject to County taxes based on where they lived on January 1st of the tax year. Click here to see more FAQs.

How much retirement income is taxed in Indiana?

Like a lot of other States, Indiana does not tax Social Security Benefits. Also, Indiana gives a full or partial deduction for pensions that originate from Railroad Retirement Board, Office of Personnel Management and Defense Finance and Accounting Service (Military Retirement). If one is not lucky enough to be receiving retirement from one of the listed entities, then your retirement income will be fully taxable to State and County. To keep from owing to Indiana on your Tax Return, please ask the Administrator if they will withhold State taxes on the benefits. If they do, then as a rule of thumb, we tell clients that 5% withholding will cover most taxpayers in the state. This covers both State and County rates. If someone knows that they live in a county with a rate greater than 1.7%, then take the percentage up to have withheld 6% or 7%. If the Administrator will not withhold State taxes, then Quarterly Estimates may need to be sent in. Like the Federal, Indiana can charge an Underpayment Penalty if more than $1,000 is owed at the end of the year.Click here to see more FAQs.

What do I bring to my tax appointment?

Get the full list of the items you need here in this checklist.

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