People often pay more taxes in retirement than they need to because of confusing rules and surprises in the tax code. Another reason for that is simply not looking ahead and asking how their actions today will affect their tax situation in later years. Your tax exposure changes over time depending on a variety of factors. If you don't look ahead and plan for these changes, it can cost a lot of money. A professional in income tax preparation can help you look ahead and make the right decisions to ensure that you can save big on taxes, and your money lasts longer. There are basically four phases of retirement tax planning:

* Late Working Years (50 to 65) - This phase is the last few years of saving and planning, and you want to ask questions like Roth versus Traditional? Mortgage versus No Mortgage? How much you need to spend, when to take SS, PBGC, CPRP, and more. Tax planning at this stage allows you to create the probability of your financial picture.

* Early Retirement Years (65 to 70) - This phase is where your actual retirement starts. It’s the stage of your transition to Medicare and retiree medical benefits, and then a big part of this stage, for tax planning purposes, is planning for required minimum distributions (RMDs) whether you are going to consider Roth conversions during the period before your MD starts. Another important part of this stage is planning your order of withdrawals, which can make a huge impact on the taxes you pay over your lifetime.

* Mid Retirement Years (70 to 80) - At this stage, your spending generally decreases but it does not necessarily mean your tax bracket decreases because the big factor here is RMDs. Qualified charitable distributions (QCDs) are a way to potentially replace withdrawals from RMDs. You can take money out of a tax-deferred account and send that money directly to a charity. It helps you fulfill your RMD obligation.

* Late Retirement Years (80+) - Late retirement years include legacy planning and other important things to consider are elder care, long-term care (LTC), cognitive decline, and more.

People miss opportunities, deadlines, or create obstacles by not looking ahead, and then letting certain dates ages or events pass them by. And before they know it, they are stuck with a decision or a lack of a decision that cannot be undone, which can prove to be very costly. Avoid these mistakes! Contact Chris Cooper — your expert for tax Planning and advice — and plan your taxes wisely.