When should 今後 and 未来 be used? Both of the words can mean "future". I have noticed that 今後 refers to both present time and what will happen from now on, and 未来 is simply what will happen in the future sometime. Is this correct?
今後 means "from now on", whereas 未来 refers to a time far in the future.
Note that 未来 refers to some point in the future, whereas 今後 is something starting from the present, and continuing (indefinitely) into the future.
For the near future (even one's own future), you're better off using 将来. 未来 usually has a sense of being farther forward in time than that.