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Income Tax Planning in Retirement

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how-to-maximize-charitable-giving-tax-benefits-in-the-new-tax-reform-law

How to Maximize Charitable Giving Tax Benefits in the New Tax Reform Law

March 9, 2018

Many savvy taxpayers will change their charitable giving strategies… now that they’ve had time to process the Tax Cuts and Jobs Act of 2017. For years I’ve advised that writing checks to charities each year, or more frequently, is an inefficient way to donate. It’s even less efficient now. The latest tax law made several […]

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 […]

retirement-tax-havens

Which States Are the “New Best” Retirement Tax Havens?

November 17, 2017

Taxes, especially when all types of taxes are added together, are one of the largest expenses of most retirees. State and local taxes are a big portion of the taxes paid, and many people don’t realize the total they’re paying in all those taxes. Of course, some states are considered high-tax states and others are […]

how-to-navigate-the-kiddie-tax

How to Navigate the “Kiddie Tax”

September 22, 2017

Shifting assets and income to your children and grandchildren can provide many benefits, including tax benefits. That’s why Congress set up hurdles to keep you from enjoying all the potential tax benefits. When planning gifts of investments to your loved ones, be aware of the Kiddie Tax. This tax was created in 1986 to reduce […]

When You Should File Gift Tax Returns

January 1, 2009

Too often people neglect to file gift tax returns. A smart plan is to file a gift tax return even when not required to. In some situations that provides substantial insurance. Gifts above the annual exemption amount ($13,000 for 2009) potentially are taxable and must be reported on Form 709. The gift might not be […]

How to Multiply the Benefits of Gifts

January 1, 2009

A key estate planing tool for almost every family is more valuable as of Jan. 1, 2009. The annual gift tax exclusion is increased to $13,000, up from $12,000. Each person can make gifts of up to $13,000 annually to any other person without incurring gift taxes or counting against the lifetime annual gift credit […]

year-end-tax-planning

Year End Tax Planning for Possibly Reduced Taxes

October 1, 2008

This could be an especially profitable year to do year-end tax planning. The elections might lead to major income tax changes in 2009, and the gyrations of the markets provide some investors with tax planning opportunities. Tax planning is best done two years at a time. Taxpayers usually have flexibility over when to recognize some […]

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