Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Deductions

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2017-tax-reform-a-game-changer-for-retirement-part-2

2017 Tax Reform: A Game Changer for Retirement? (Part 2)

February 2, 2018

Editor’s Note:  This week, we’re continuing our deep dive into the Tax Cuts and Jobs Act of 2017.  Click here to get caught up on Part 1 of our story: The 2017 Tax Reform Law and Your Retirement Finances Some readers are asking about the charitable contribution deduction, of which there are a few changes. […]

The Complete Retirement Finance Guide to New Tax Law Changes in 2018

January 26, 2018

It’s the #1 burning question on my readers’ minds these days… What are the most important individual income tax changes I need to know in the Tax Cuts and Jobs Act of 2017? (It was signed into law in late December) First off, most of the individual income tax changes are in effect from 2018 […]

more-ways-to-boost-medical-deductions

More Ways to Boost Medical Deductions

November 1, 2007

A small percentage of taxpayers deduct medical expenses. That is partly because of the deduction limits. It also is because many people do not know all the costs that qualify for medical expense deductions. Medical expenses can be deducted only by those who itemize expenses on Schedule A. They deduct only the medical and dental […]

new-rules-for-donating-used-cars

New Rules for Donating Used Cars

August 1, 2005

Plans need to be revised by taxpayers who intended to reap big tax breaks by donating used cars, boats, or planes to charity. Congress rewrote the law in 2004, and the IRS recently issued rules explaining the new law. Under the old law, a taxpayer could donate a used car to charity and deduct the […]

get-a-jump-on-charitable-giving

Get a Jump on Charitable Giving

July 1, 2005

Charitable giving tends to be clustered in the last couple of months of the year. But if you want to maximize charitable giving and your after-tax wealth, begin your charitable gift planning now. Instead of rushing the process in the busy year-end period, take the time today to plan the best way to make gifts […]

new-deduction-for-ira-owners

New Deduction for IRA Owners

May 1, 2005

Many IRAs charge a wrap fee that includes money management, account maintenance, and perhaps other costs in one annual or monthly fee. A recent IRS private ruling states that many of these wrap fees can be paid with money outside of the IRA without the payment being treated as an additional contribution to the IRA. […]

tapping-that-new-real-estate-wealth

Tapping that New Real Estate Wealth

November 1, 2004

Managing the equity in appreciated homes and second homes has become a pleasant and unexpected challenge for many. Especially on the coasts, residential real estate values soared the last five years. Suddenly owners, especially long-time owners, have properties that are more valuable than they imagined. For many families, real estate wealth exceeds the value of […]

how-to-reduce-taxes-by-passing-up-some-deductions

How to Reduce Taxes by Passing Up Some Deductions

November 1, 2004

In early October, Congress voted to extend for another year the higher exemption amounts for the AMT that were enacted in the 2003 tax law. The exemptions were to expire at the end of 2004. Yet, many of you still are likely to be snared by the AMT. You need to carefully review your finances […]

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