Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 427 Articles.
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How To Maximize the Tax Benefits of Estate Planning Gifts
Today’s high estate and gift tax exemptions could be slashed in a few years. Maximize those and other benefits now. The substantial increases in estate and gift taxes that were widely discussed in 2021 appear to be off the table, at least for now. But the current lifetime estate and gift tax exemption is scheduled […]
How To Avoid a Residency Tax Audit
Here’s a long-term financial consequence of the pandemic no one talks about… An increase in disputes over which states can tax a person’s income. The pandemic made some state tax departments more aggressive as they became more concerned about losing tax revenue previously paid by remote workers and retirees who moved out of state. A […]
When You Can Treat Portfolio Management as a Tax-Deductible Business
After leaving the career behind, your work isn’t done. You’re now in the business of ensuring there’s steady cash flow to pay your expenses. Or, as I put it, you need to generate your Retirement Paycheck. That leads to a question many people ask: Can I report managing my retirement portfolio as a business on […]
How to Minimize the Most Important Number on Your Tax Return [Part 2]
In last week’s edition of Retirement Watch Weekly, I shared my first three strategies for how minimize your adjusted gross income (AGI). Today let’s go through six more such strategies… Minimize Your Tax Return’s Most Important Number in Retirement: Strategy #4: Be charitable with your IRA. When you’re making charitable contributions each year and are […]
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How to Minimize Your Tax Return’s Most Important Number in Retirement
It’s the most important number on your federal income tax return. You can find it on line 11 of the first page of Form 1040 for 2021. The number I’m referring to is your adjusted gross income (AGI). In your retirement years, AGI is more important than for most other taxpayers. Before retiring, taxable income […]
The ‘Widow’s Penalty Tax’ and How to Avoid It [Part 2]
It’s one of the “Stealth Taxes” no one talks about, and it comes at an emotionally vulnerable time. I’m referring to the “widow’s penalty tax.” Last week we discussed the first three potential hits to the surviving spouse: Income is likely to decline. Second, the surviving spouse is pushed into a higher tax bracket. A […]
The ‘Widow’s Penalty Tax’ and How to Avoid It
The widow’s penalty tax is one of the least known yet most onerous of the retirement Stealth Taxes. Since few people are aware of it, few retirement plans defend against the widow’s penalty. I frequently warn people about the “solo” years. Those are the years after one spouse has passed away. The surviving spouse must […]
More Ways To Increase Your After-Tax Investment Returns
Last week’s Retirement Watch Weekly covered ways to increase your after-tax investment returns. Let’s pick up where we left off. When your investment strategy says it’s time to sell an investment, don’t hold it for months hoping it will mature to a long-term capital gain. It might make sense to wait if it will mature […]
