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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Planning for Probable Tax Changes
Since the election last Nov. 8, Republican leaders in Congress and new President Donald Trump made clear that changing the tax code is a priority. There are many unknowns about what any final law will be and when it will be effective. I caution you against following the advice of anyone who’s already telling you […]
Finding States That Are Retiree Tax Havens
Taxes, especially when all types of taxes are added together, are one of the largest expenses of most retirees. State and local taxes are a big portion of the taxes paid, and many people don’t realize the total they’re paying in all those taxes. Of course, some states are considered high-tax states and others are […]
New Rulings Show Importance of Checking IRA Beneficiaries
A series of recent IRS rulings shows how important it is to review carefully your IRA beneficiary designations. The rulings show that your will and other documents don’t matter. Only the beneficiary designation form on file with the IRS custodian or trustee matters to the IRS. In the rulings, an IRA owner had IRAs at […]
IRS Announces 2017 Estate, Income Tax Adjustments
The IRS announced the inflation-indexing of many tax provisions for 2017. The lifetime estate and gift tax exemption will increase to $5,490,000 from $5,450,000 for the estates of those who pass away in 2017. That gives married couples a potential joint exemption of $10,980,000. The annual gift tax exclusion remains at $14,000 in 2017, where […]
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Timing Your Investment Sales, Gifts and More
We’re heading into the end of the year. For many people, this is an opportunity to minimize your income taxes for the year, especially capital gains taxes. Actions you take, or don’t take, the rest of the year could have a substantial impact on your 2016 tax bill. Before we dive into the details, keep […]
Negative Surprises in the Economic Data
Markets are more volatile after a placid summer, and the economic data are a major cause. The recent economic data has been full of negative surprises, reports that are not as good as investors expected. Early in the summer it appeared that manufacturing had found its low point and might even start recovering. But most […]
IRS Curbs Some Estate Planning for Taxes of the Wealthy
The IRS never has liked estate planning strategies that result in what are known as valuation discounts. In August, it issued proposed regulations that would curb many of these strategies. Only a small number of estates will be affected by the new rules, since most estates avoid the federal estate and gift tax. After indexing […]
Understanding the Rules of IRA Contributions
Contributing to an individual retirement account (IRA) is an action that every account holder should be familiar with and comfortable doing. While, on the surface, contributing may seem like a simple enough part of managing an IRA, it is actually an incredibly important pillar of the retirement finance sector. As an experienced IRA owner can […]
