Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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It is more important than ever to track your retirement medical expenses and know which qualify for tax deductions. The ability to deduct medical expenses was restricted by the Tax Cuts and Jobs Act (TCJA) in several ways. The standard deduction was doubled. You deduct medical expenses only if you itemize expenses on Schedule A […]
Investors have a tax conundrum as we approach the end of 2019. Major U.S. stock indexes are hitting record highs. Bonds had a strong run in 2019. Gold has been a strong per-former as well. Owners of some individual stocks and other assets have substantial paper gains. But the outlook is shaky to many people. […]
Investors have a tax conundrum as we approach the end of 2019. Major U.S. stock indexes are hitting record highs. Bonds had a strong run in 2019. Gold has been a strong performer as well. Owners of some individual stocks and other assets have substantial paper gains. But the outlook is shaky to many people. […]
The last few months of the year are important for your finances. You can either make a few key moves that will increase your financial security, or you can treat the period like how you handle the rest of the year and let opportunities slip by. In my latest Retirement Watch Spotlight Series presentation, I […]
In my new Retirement Watch Spotlight Series, I’ll share my newest breakthrough strategies for protecting your assets and growing your portfolio, including how to prepare for the next market downturn. Click here now to learn more.
A mainstay of tax and retirement planning from years gone by is making a comeback, and it deserves to be considered in your plans. As the baby boomers age and market volatility increases, more Americans are seeking secure lifetime income. There’s a way to obtain guaranteed lifetime income and net a substantial tax deduction in […]
As you know, IRAs and other retirement plans are included in the estate of the owner… And subject to federal estate taxes — when the estate is valuable enough. Here’s what many people don’t know: Unlike other assets, the tax basis of IRAs is not increased to current fair market value by those who inherit […]
The Tax Cuts and Jobs Act slashed deductions for state and local taxes, and that’s causing many higher-income people to move to states with lower tax burdens. The higher-tax states aren’t idly accepting this situation. The residency audit is becoming more frequent. This is when a state tax agency tries to prove that someone still […]
The IRS has been busy the last few months. Some of its work is of special interest to people in or near retirement. Recently, the IRS ruled that the health portion of genetic-testing kits qualifies as medical care under the tax code. Typically, part of the report from a genetic-testing kit summarizes a person’s ethnic […]