Retirement Tax Planning Near You
Gould, Blake & Company CPAs plans the tax side of retirement for clients near you in Phillipsburg, NJ and Easton, PA. We help you decide when to draw from each account and how New Jersey and Pennsylvania will tax what you receive.
2,000+ Clients Served
Businesses and individuals alike trust us with their tax and accounting needs.
30+ Years of Experience
More than three decades of comprehensive tax and accounting solutions for individuals and businesses.
PA & NJ Focused
We serve clients throughout Pennsylvania and New Jersey, in person and remotely.
Retirement tax planning with a CPA
The order you draw from your accounts, and the years you do it, can change your taxes for the rest of retirement. We map out withdrawals, Roth conversions and required minimum distributions so you keep more of what you saved.
You work with our partners, Bob Gould and Mallorie Blake, both CPAs. We handle the tax side and work with your financial advisor, who manages the investments.
How New Jersey and Pennsylvania tax retirement income
Neither New Jersey nor Pennsylvania taxes Social Security. Federal tax applies to at most 85% of it.
New Jersey lets residents 62 and older, or disabled, exclude pension, annuity and IRA income: up to $100,000 for married couples filing jointly, $75,000 for single filers and $50,000 for married filing separately, when total income is $100,000 or less. With income from $100,001 to $150,000, part of it can be excluded. Above $150,000, none of it can.
Pennsylvania doesn't tax most retirement income: pensions and 401(k) payouts once you've retired under your plan's rules, and IRA withdrawals after age 59½. Local earned income tax doesn't apply to retirement income either.
Required minimum distributions and Roth conversions
- Required minimum distributions start at 73, or 75 if you were born in 1960 or later. We plan the amount and timing so they don't push you into a higher bracket than they need to.
- Roth conversions move money from a traditional IRA to a Roth. You pay tax in the year you convert, so we look for the years when it costs the least.
- Qualified charitable distributions let you give from an IRA after age 70½. The gift counts toward your required distribution and stays out of your income.
- Medicare Part B and D premiums are based on your income from two years earlier, so we watch for conversions and sales that would raise them.
Retirement plans for business owners
If you own a business, the right retirement plan lowers your taxes now. We compare SEP-IRAs, SIMPLE IRAs, solo 401(k)s and defined benefit plans based on your income and the number of employees you have.
Some plans can still be opened after the year ends. A SEP-IRA can be set up and funded up to your tax return's due date, including extensions. We build this into your tax planning during the year.
Frequently Asked Questions
No. We're CPAs, so we handle the tax side of retirement: plans, contributions, conversions and withdrawals. Your financial advisor manages the investments, and we work with them.
It usually pays off when your tax rate now is lower than you expect it to be later, such as the years between retiring and starting Social Security and required distributions. We run the numbers for several years before you convert.
Our Proactive Tax Planning plan, which includes retirement guidance, tax projections and withholding planning, starts at $125/month*. *Prices shown are starting prices subject to change based on complexity
Have more questions? Contact us
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Office Location
600 Avenue A, Phillipsburg, NJ 08865
Phone
908-859-6530Office Hours
Monday–Friday, 8:30 AM – 4:30 PM
After-hours appointments available