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Medical expense deductions are the elusive goal of many taxpayers. With higher medical expenses than others, retirees are the taxpayers most likely to be able to deduct their medical expenses. They can maximize those deductions by knowing the rules. The definition of deductible medical expenses is broad. Qualified medical expenses, however, can be deducted only […]
The marital deduction is perhaps the best-known estate tax reducer. It also is among the most misused planning devices. While powerful, the mari-tal deduction also can trigger higher taxes or other headaches. The marital deduction is straightforward. The estate executor totals the value of all assets owned by the deceased to arrive at the gross […]
The family residence often is one of the most valuable assets in a person’s estate. Despite recent price declines in numerous markets, many people own homes worth far more than they paid for them. The residence often accounts for a significant portion of a person’s net worth. The personal residence can create both estate tax […]
Don’t be in a hurry to put away that copy of your income tax return. It can be a great financial planning tool. Study it for a little while, and you might discover ways to adjust your finances that will increase your wealth. Here are a few ideas. Too much income? It is not unusual […]
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 […]
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 […]
This year more than ever it is advisable to read the instructions carefully and check the IRS’s web site before filing 2006 tax returns. If you use tax preparation software, be sure to download the free updates before completing your returns. Take these precautions because Congress slipped through a new tax law before it adjourned […]
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 […]
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