Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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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 […]
States have been aggressively trying to expand their tax bases, and their efforts aren’t always successful. The U.S. Supreme Court recently shut down an attempt by North Carolina, which other states have fully or partially replicated, to impose income taxes on what are essentially out-of-state trusts. In the case, the trustee resided in Connecticut, the […]
There are four basic strategies for reducing estate taxes: • Reducing assets from the estate • Removing future appreciation from the estate • Increasing deductions, and • Buying life insurance. Within those four estate planning strategies are many options. Not all will be appropriate for you. But below I discuss your estate tax reduction options […]
You probably heard something about the tax benefits that can be reaped from investing in the new “qualified opportunity zones.” But you probably haven’t heard all you need to know before making a decision. The tax benefits of investing in qualified opportunity zones (QOZs) were created by the Tax Cuts and Jobs Act, enacted at […]
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Children and grandchildren often want some financial help, and parents and grandparents frequently are glad to provide it. Too often, everyone involved considers the help to be a private arrangement. The IRS, however, has an interest in the transactions. When you don’t review the tax rules and structure the arrangements the right way, you might […]
Many mutual fund investors focus on the fees they pay but don’t pay enough attention to the taxes on their investment returns. Taxes are a greater drag on net investment returns than expenses and fees, according to a study by Rob Arnott of Research Affiliates. Most investors leave a lot of money on the table […]
The most frequent, most expensive mistakes with IRAs occur when it’s time to pass the IRAs to the beneficiaries. Sometimes the fault is with the original owner. Sometimes the fault is with the beneficiaries. In either case, the mistakes cause the tax-deferred compounding of the IRA to be lost. Income taxes are paid earlier than […]
In Part 1 of this article, we discussed how a growing number of retirees are getting “snagged” in the estimated tax trap. Now let’s review 3 safe harbor ways to avoid tax penalties: Pay at least 90% of the current year’s tax liability through timely estimated tax payments; Pay at least 100% of last year’s total […]