Tax Deductions and Retirement
Found 35 Articles.
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Most Overlooked Deducations
Many taxpayers don’t take all the deductions to which they are entitled. Some think all the good deductions were eliminated in the Tax Reform Act of 1986. Others are afraid that the IRS will audit them for taking certain deductions. A lack of good records is the problem for a number of taxpayers. For most […]
How Social Security Can Help Your Spouse
A key issue everyone faces is when to begin Social Security benefits. One aspect of this decision that is easy to overlook is how the choice could affect a spouse’s lifetime income. We’ve discussed when to begin Social Security benefits in past visits, most recently in the May 2002 issue (available in the Archive of […]
The Best Charitable Strategy
The greatest charitable giving innovation of the last decade might be the donor-advised fund. These funds actually have been around for some time, but they were concentrated on the local level. Few national funds existed, promotion of the funds was almost non-existent, and no effort was expended to make the funds accessible to most people. […]
Deductions For Diets?
The IRS surprised tax advisors and generated a lot of headlines last spring by expanding tax write offs for weight loss programs. In the past, the IRS had ruled that no part of the cost of weight loss programs was deductible. The new ruling reverses that, expanding the medical expenses that are potentially deductible by […]
An Alternative Estate Planning Strategy for Deducting College Expenses to Save Tax
The Holy Grail for many taxpayers is to deduct college expenses paid for a grandchild or a child. With a little planning, you can do just that using a strategy known as the college unitrust. It can make a lot of sense if you have a charitable intent to go along with the desire to […]
Tax Breaks from Retirement Activities
More and more retirees stay active. Some work or start businesses. Some have hobbies. Technology and other changes in the economy make it possible for more and more seniors to pursue avocations. But too many seniors overlook big tax breaks from these activities. Over the years I’ve driven through the horse country of Virginia many […]
Health Care Tax Strategies
Health care or long-term care can eat up a big part of a retiree’s budget – or the budget of a retiree’s children. Fortunately, the tax law can help pay for a big part of that burden. Deductions for medical expenses seemed to disappear when the rules were changed in 1986. Now, you can deduct […]
Beat Taxes On Social Security Benefits
The 90% marginal tax bracket is alive and well. Most people believe that such high marginal tax rates ended with the 1981 and 1986 tax cuts. For most taxpayers, they did. But those high marginal tax rates exist today and are reserved for retirees. Many of you who recently completed your federal income tax returns […]
