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Tax Deductions and Retirement

Found 34 Articles.
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estate planning

A Loophole for 529 Plans Losses

December 1, 2008

Many people who saved for college through 529 savings plans face substantial losses in their accounts. There is a silver lining in the tax law, and it is one reason 529 plans are among the best ways to save for education. Income and gains earned by the 529 account are sheltered. If the account balance […]

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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 […]

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 […]

how-to-maximize-medical-expense-deductions

How to Maximize Medical Expense Deductions

August 1, 2007

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 […]

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Last-Minute Tax Law Extends Deductions

February 1, 2007

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 […]

charitable-deduction-rules

Charitable Deduction Rules

January 1, 2006

Large charitable gifts require extra detail on your tax return. When a contribution of property is between $500 and $5,000, details must be provided about the gifts on Section A of Form 8283. When the value exceeds $5,000, a qualified appraisal must be included. Complete details about the reporting requirements are in IRS Publication 561 […]

how-to-increase-charitable-deductions

How to Increase Charitable Deductions

January 1, 2006

Americans wrapped up a big year of charitable giving in 2005. Hurricanes, tsunamis, and other events created needs around the globe, and Americans responded with generosity. Charitable giving is most effective when it is planned. That is why many charities have an official or office with the title Planned Giving. Get the maximum benefit from […]

The Most Overlooked Deduction

December 1, 2005

Those who inherit IRAs often are not aware of a deduction they can take to shelter IRA distributions from income taxes. Even most tax experts do not understand “income in respect of a decedent.” Most skip over the topic in school and expect not to run into it. But with so many people owning valuable […]

November 2021:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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