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Taxes in Retirement

Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less

Found 451 Articles.
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Estate, Gift, Income Tax Amounts Increased for 2019

December 17, 2018

The IRS announced the annual inflation increases for various tax provisions as of January 1, 2019.The lifetime estate and gift tax exemption has been increased to $11.4million (from $11.18 million). A couple can jointly exclude $22.8 million. The annual gift tax exclusion remains$15,000 for 2019.The standard deduction for married couples filing jointly is $24,400 (up […]

Charitable Contribution Deductions Are Different For 2018 Tax Returns

November 20, 2018

Major changes will affect charitable contribution deductions for 2018 tax returns. The first major change is that fewer people will be able to deduct their charitable contributions. To deduct charitable gifts, you have to itemize deductions on Schedule A. Fewer people will be doing that in 2018 and later years because of the higher standard […]

How To Capture All The IRA Investment Benefits The Tax Law Allows

November 19, 2018

Stocks and bonds are down, so investors are looking for investment alternatives. Your IRA can invest in a lot more than stocks, bonds and mutual funds. IRAs can own real estate, private businesses, hedge funds, mortgages, tax liens and more. But only a certain type of IRA can own those other assets. Most IRA custodians […]

How Year-End Tax Planning Is Different in 2018

October 19, 2018

Year-end tax planning is different this year, because of last year’s Tax Cuts and Jobs Act. Unlike last year, we are approaching the end of 2018 with certainty about most details of the tax law for this year, next year and probably a few years after that. This allows more multi-year tax planning than has […]

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Check Your Estimated Tax Payments, Withholding

October 16, 2018

This year, it’s especially important for retirees and near-retirees to double- and even triple-check their estimated tax payments and withholding to avoid penalties. Checking your tax prepayments before the end of the year always was important, but it became more important in recent years. I reported in our February 2017 issue that estimated tax underpayment […]

Puerto Rico As A Tax Haven for Wealthy Retirees

September 25, 2018

Puerto Rico became a popular hurricane for some fairly wealthy U.S. residents after Hurricane Maria. This article explains the tax rules and profiles some of the people who decided to take up residence on the island to save a lot of money. To comply with Act 22, Nissman said, it all came down to what […]

State Taxes And Migration of Retirees to Low Tax States

September 11, 2018

Are people leaving high-tax states for low-tax states and will tax reform affect decisions? This paper argues that through 2016 there was a substantial movement of people from high-tax states to lower-tax states and argues that’s likely to continue and perhaps accelerate after tax reform. Interstate migration flows are influenced by many factors, including retirement, […]

7 Tax Mistakes Many Retirees and Pre-retirees Will Make This Year: How to Save Thousands of Dollars by Avoiding Them

September 7, 2018

The Tax Cuts and Jobs Act changed the tax rules for many people. While most of the provisions are beneficial, many people are unaware of some key changes and may end up paying higher taxes than necessary. In the latest online seminar for my Retirement Watch Spotlight Series, I’ll identify the seven tax planning mistakes […]

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