Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 456 Articles.
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Plan Now to Avoid Stealth Taxes this Year
Retirees and near-retirees need to worry more about Stealth Taxes than regular income taxes. Stealth Taxes include the amount of Social Security benefits added to gross income, the Medicare premium surtax (also known as IRMAA), the 3.8% net investment income tax and more. Some Stealth Taxes are directed specifically at retirees, such as the tax […]
Plan Now to Avoid Stealth Taxes in 2023
Retirees and near-retirees need to worry more about Stealth Taxes than regular income taxes. Stealth Taxes include the amount of Social Security benefits added to gross income, the Medicare premium surtax (also known as IRMAA), the 3.8% net investment income tax and more. Some Stealth Taxes are directed specifically at retirees, such as the tax […]
The Facts About the 28% Tax Rate on Gold and Collectibles
The tax code doesn’t treat all investments the same. Investment assets designated as collectibles, such as gold, are treated less favorably than many others. The following are listed as collectibles in the tax code: any work of art, any rug or antique, any metal or gem, any stamp or coin, and any alcoholic beverage. The […]
The Four Ways You Can Make Tax-Free Gifts
Gift giving is an essential strategy in many estate plans. When done properly, gifts reduce lifetime income taxes and reduce or eliminate estate and gift taxes. Through gifts, you help loved ones today, and see the benefits of that help, instead of having them wait to inherit. To optimize gifts, know how to minimize gift […]
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Know the Tricks and Traps of the ‘Wash Sale’ Rules
Few taxpayers were interested in or needed to know the “wash sale” rules, until recently. When stock prices rose steadily, the wash sale rules didn’t come into play. The rules matter only when investors sell stocks at losses. That’s why the wash sale rules have been more important since 2021. The wash sale rules were […]
Know the Tricks and Traps of the ‘Wash Sale’ Rules
Few taxpayers were interested in or needed to know the “wash sale” rules, until recently. When stock prices rose steadily, the wash sale rules didn’t come into play. The rules matter only when investors sell stocks at losses. That’s why the wash sale rules have been more important since 2021. The wash sale rules were […]
Yes, Your IRA Could Be Taxed, Even a Roth IRA
Years ago, a pension plan acquired an interest in a spaghetti factory. A consequence of that episode is your IRA might owe income taxes on some of its investment income. Other spaghetti manufacturers said it wasn’t fair they had to compete with a business owner who was tax-exempt. Eventually, Congress agreed and enacted the unrelated […]
7 Strategies to Reduce Taxes & Beat Inflation in Retirement
For many people, reducing taxes is the easiest, fastest way to increase investment returns, put a retirement plan back on track, beat inflation and enhance retirement security. Retirees and pre-retirees often leave a lot of money on the table for the IRS to scoop up because they don’t execute the key tax reduction strategies that […]
