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

Income Tax Planning in Retirement

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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 […]

2008-election-and-your-tax-planning

2008 Election and Your Tax Planning

September 1, 2008

The Presidential election is approaching. We cannot forecast a winner, but we can make judgments about how the tax law will change starting in 2009 and steps you should consider today in light of the likely changes. Some wealthy people already anticipate big changes and are making tax-saving moves this year. For, example, the announcement […]

tighter-rules-for-charitable-contribution

Tighter Rules for Charitable Contribution

August 1, 2008

As readers ready their year-end tax plans, they need to keep in mind recent changes in charitable contribution deduction rules. Congress tightened the rules in the Pension Protection Act of 2006, and the rules affect deductions for most types of charitable contributions on this year’s tax returns. Cash donations. Proper documentation now is needed to […]

why-triple-tax-benefits-are-not-for-everyone

Why Triple Tax Benefits Are Not For Everyone

May 1, 2008

Few tax strategies provide as many benefits as charitable remainder trusts. The trusts generate a current income tax deduction, remove assets from the estate, shelter asset appreciation from capital gains taxes, and provide income for life or a period of years. Yet, CRTs are a paradox. On the one hand, they seem underused. Many people […]

how-to-beat-the-retirement-tax-ambush

How to Beat the Retirement Tax Ambush

March 1, 2008

The days of tax advantages for retirees are long gone. In the old days, most people could count on being in a lower tax bracket in retirement than during their working years. Now, many people stay in the same tax bracket. For other retirees the marginal tax rate (the rate on the last dollar of […]

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How to Take Advantage of the 0% Tax Rate

February 1, 2008

We are finally here. It is 2008, the year the tax rate drops to 0% for some taxpayers on some types of income. We covered this tax break a couple of times over the last few years. In this visit we review who can take advantage of the 0% tax rate and the different strategies […]

estimated-tax-strategies-for-retirees

Estimated Tax Strategies for Retirees

January 1, 2008

Paying estimated taxes is a trap for many retirees. Most had income taxes withheld from paychecks while they were working. Once retired they are responsible for ensuring taxes are prepaid on their investment income, IRA distributions, and other sources of income. If the payments are late or not high enough, penalties can be imposed. If […]

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