Latest News

EFG Financial

2 months ago

📣 What the 2026 Senior Tax Deduction Means for You
Retirees and soon-to-be retirees: a significant change is coming in 2026 that could affect your tax bill — and there’s still time to plan. Here’s what you need to know.

🧾 New Senior Tax Deduction Coming in 2026
Starting in 2026, taxpayers age 65 and older may qualify for a larger standard deduction on their federal income taxes. This is sometimes called a “senior bonus” deduction — and it’s meant to give older taxpayers a little extra tax-cutting power.
• Couples filing jointly may be eligible for an increased deduction of thousands of extra dollars beyond the regular standard deduction.
• Individuals age 65+ also get an extra amount on top of the standard deduction.

📈 Why It Matters
A higher deduction can reduce taxable income, which often means a lower overall tax bill. That’s especially important for retirees who rely on Social Security, pensions, IRA withdrawals, or part-time income.

💡 How to Take Advantage
The key isn’t just the deduction itself — it’s planning around it. With smart timing of withdrawals from retirement accounts and thoughtful income planning, you could potentially keep a larger portion of your income in lower tax brackets.

✔ Before year-end: evaluate your income sources and withdrawals
✔ Review how IRA, Roth conversions, and Social Security timing affect your taxes
✔ Confirm how the senior deduction interacts with your overall tax picture

📌 Don’t Wait Until 2026
Even though the new rules begin in 2026, actions you take now — like adjusting withdrawal timing or tax strategies — can put you in a better position to benefit later.

⸻

💼 EFG Financial has the experience to help retirees navigate these changes.
If you want to understand how the 2026 senior tax deduction impacts your retirement plan, reach out — we’ll walk through the strategies that make sense for your goals. ... See MoreSee Less

EFG Financial

2 months ago

📣 Worried About What AI Like ChatGPT Means for Your Taxes?
Here’s what retirees and income-earners need to know 👇

A recent report explored how tools like ChatGPT could influence income taxes and tax planning strategies — and why it’s not just “tech talk.” The takeaways matter for your bottom line. (finance.yahoo.com)

📌 AI Isn’t Changing Tax Law — People Are Still in Control
AI can help answer tax questions, run scenarios, and explain complex rules — but it cannot replace a financial professional or make decisions for you. It’s a starting point, not a finish line.

💡 Where AI Helps:
• Clarifying new tax concepts
• Modeling different income scenarios
• Helping you understand how deductions, credits, and brackets work

❗ Where It Falls Short:
AI can’t:
• Know your unique financial picture
• Predict future IRS guidance
• Replace personalized retirement or tax planning advice

📊 Practical Insight:
Good tax planning isn’t just about software — it’s about strategy. Tools like ChatGPT can support your questions, but they should complement professional guidance, not replace it.

⸻

💼 EFG Financial is here to help you:
✔ Understand how tax rules affect your retirement income
✔ Use technology strategically (not blindly)
✔ Build a financial plan that’s tailored to you ... See MoreSee Less

EFG Financial

2 months ago

📣 Attention Retirees! Key 2026 Tax Changes You Can Still Act On Now 📣

2026 brings significant tax rule updates that could impact your retirement income, and planning now could save you money this year and next. Here are the top moves retirees should consider: 

📌 1. Maximize the New Senior Tax Deduction
Thanks to recent tax law changes, taxpayers 65 and older can claim an extra deduction — up to $6,000 for individuals and $12,000 for couples filing jointly — on top of the standard deduction. 

💡 Smart Strategy: Consider converting part of your traditional IRA to a Roth IRA while you’re in a lower tax bracket. For example, retirees over 65 may be able to convert up to $12,000 per year tax-free — meaning decades of tax-free growth. 

📊 2. Understand Your 2026 Tax Bracket
IRS marginal tax brackets are adjusted for 2026. Knowing which bracket you fall into helps you plan how much income to take from retirement accounts and avoid accidentally bumping into a higher tax rate. 

📉 3. Control Your Income to Maximize Deductions
Even part-time income or IRA withdrawals can push you into a higher bracket. Thoughtful timing and spreading withdrawals across years can help keep taxable income lower. 

💰 4. Look at Charitable Giving with Purpose
Qualified charitable distributions (QCDs) can satisfy required minimum distributions (RMDs) without increasing taxable income — especially valuable under the new rules. 

⸻

📆 Bottom Line:
2026 tax rule changes offer opportunities if you act now. From enhanced senior deductions to smart Roth strategies, planning before year-end can make a real impact on your tax bill.

🔹 Questions about how these changes affect your unique situation?
Contact EFG Financial — we’re here to help you build a strategy that keeps more of your money where it belongs: in your pocket. 💼 ... See MoreSee Less

Call Now

EFG Financial updated their profile picture.

2 months ago

... See MoreSee Less