Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 452 Articles.
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Advanced Social Security Strategies for Couples
Social Security benefits are a key source of retirement income. While many people approaching retirement say they don’t plan to rely on Social Security, a majority of those already retired say it is an important percentage of their income. Too many people leave money on the table by not maximizing their Social Security retirement benefits. […]
Nailing Down Charitable Deductions
We’re heading into the traditional charitable giving season. You should start your planning early this year to make sure you incorporate tax law changes for 2013, and a few changes from the last 10 years that many people still haven’t absorbed. Here’s a guide to securing 2013 write offs. Higher income people should keep in […]
Staying in the 15% (or Lower) Tax Bracket
Most retirement tax planning and tax discussions have the wrong focus. They look at marginal tax rates, or the tax rate on the next dollar of ordinary income earned. If you’re married and earning $50,000 annually, for example, your next dollar will be taxed at the 15% rate. That’s a fine approach during the working […]
Importance of Slashing AGI
Minimizing adjusted gross income on your tax return reduces other retirement expenses. For example, $1 of additional AGI can bump your premiums by more than $500 annually. A host of additional costs and taxes are imposed when income is “too high.” For the full story and the strategies to consider see our April 2013 visit. […]
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The Secret to Tax-Free Annuity Distributions
In select cases, annuity owners can take tax-free distributions. Not many people know this, but it can provide a real benefit to people who need long-term care. Typically when distributions are taken from a deferred annuity, the income and gains are included in gross income and taxed as ordinary income. There’s an exception for distributions […]
Understanding 2013’s New Taxes
It’s time to clear away the confusion about some new taxes for 2013: the 3.8% tax on investment income and changes that affect the alternative mini-mum tax. Act now, or you’ll have an unpleasant surprise when completing your 2013 tax returns in 2014. The 3.8% investment income tax is separate from all other taxes and […]
Your Home and the 3.8% Investment Income Tax
When the 3.8% net investment income tax was enacted, there was a lot of talk about whether it applies to taxes on home sales. Here’s how that really works. When you sell a home that isn’t your principal residence, such as a vacation home, second home, or rental property, all of the gain potentially is […]
Retirees and State Taxes
How retirees are treated by states varies considerably. Some states that overall are high-tax states actually provide a lot of tax breaks for seniors and are low-tax states for them. But you have to stay on top of things. Many states are changing their tax policies in response to budget shortfalls, and some are removing […]
