Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 453 Articles.
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How Inflation Still Increases Your Taxes
Inflation hits most of us with one or more tax increases every year, and that will continue for the rest of our lives. Years ago, Congress began inflation-indexing many parts of the tax code to eliminate some unfairness and stealth tax increases. Inflation erodes the purchasing power of the dollar. A person can receive a […]
Here’s How You Can Deduct the Medical Expenses of Others
Before explaining how you can deduct medical expenses incurred by others, let’s review a related new tax break that was snuck into one of the year-end spending bills Congress passed before its recess in December. You know medical expenses are deductible only when they exceed 10% of adjusted gross income (AGI). In the December legislation […]
Little-Known Deductions for Medical Expenses
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 […]
How to Decide When to Take Taxable Gains
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. […]
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How to Decide When to Take Taxable Gains
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. […]
Must-Take Year-End Actions for Retirees: 2019 Edition
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 […]
Set Up a Guaranteed Lifetime Income and Create a Large Tax Deduction, Often Without Cash
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 […]
2 Ways To Avoid the ‘Double Tax’ on Your Retirement Benefits
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 […]
