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

Income Tax Planning in Retirement

Related Income Tax Planning in Retirement Topics

Capital Gains & Investments for Seniors

Tax Deductions and Retirement

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should-you-choose-a-regular-401-k-or-roth-401-k

Should You Choose a Regular 401 K or Roth 401 K

February 1, 2007

Many employees have a new retirement-saving option, and many more will have that option over the next year or two. Should you take this option? In addition to regular 401(k) plans, employers now can offer Roth 401(k)s. The rules are very simple. There is no tax break for deferring salary into the Roth 401(k); it […]

how-to-make-home-sale-gains-tax-free

How to Make Home Sale Gains Tax Free

February 1, 2007

The tax rules for selling a home are generous, but not generous enough for many homeowners on the coasts and in resort areas. Many of these homeowners have gains that exceed the tax free amount. Knowing the ins and outs of the rules can boost your tax-exempt gains. Owners of more than one home also […]

How-To-Make-Unlimited-Tax-Free-Gifts

How to Make Unlimited Tax-Free Gifts

January 1, 2007

Anyone can make unlimited tax-free gifts. The strategy gets wealth out of your estate, and unlike many other gifts, you can be sure of how the money will be used. The strategy of maximizing tax-free gifts is growing in popularity, especially since the change in Congress makes it unlikely that elimination of the estate tax […]

tax-reduction-opportunities-for-2006

Tax Reduction Opportunities for 2006

December 1, 2006

There still is time to make some valuable year-end tax planning moves, and this year there are some special opportunities to reduce tax payments. The Alternative Minimum Tax. The AMT snares more taxpayers each year, taking away tax benefits and pushing up tax bills. Basically, we have two tax systems, the regular tax and the […]

how-to-shield-large-capital-gains

How to Shield Large Capital Gains

October 1, 2006

Successful investors and business owners always face a tax planning dilemma. If they sell their highly appreciated assets, they owe capital gains taxes. Even at today’s low top federal rate of 15%, the tax can amount to a sizeable chunk of money. People do not like their net worth to decline by that amount with […]

irs-pursues-non-filers-of-estate-and-gift-tax-returns

IRS Pursues Non-Filers of Estate and Gift Tax Returns

September 1, 2006

The IRS believes that nonfilers of estate and gift tax returns are a major cause of the “tax gap” between taxes legally owed and those actually paid. From 1995 to 2000, estate tax returns filed increased from 86,000 to over 123,000. In 2004, only 74,000 estate tax returns were filed. The IRS is undertaking a […]

avoid-costly-ira-mistakes

How To Avoid Costly IRA Mistakes

August 1, 2006

Though set up to help regular people save, IRAs are fraught with complicated tax rules. Missteps can be made without the owner knowing it until it is too late to correct the problem. The result often is higher taxes and penalties. Sometimes the result is reduced IRA options. Here are some little-known but very common […]

how-to-beat-the-alternative-minimum-tax

How to Beat the Alternative Minimum Tax (AMT)

July 1, 2006

The Alternative Minimum Tax (AMT) is trapping more taxpayers than ever. Created to ensure that the wealthiest taxpayers pay some income tax regardless of the tax breaks they use, the AMT now ensnares many middle class taxpayers. A taxpayer first computes regular taxable income, then adds back a number of tax breaks. After subtracting an […]

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