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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 424 Articles.
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The Power of Health Savings Accounts for Retirement Planning

July 20, 2021

The number of health savings accounts (HSAs) is soaring, but most account holders fail to take full advantage of the retirement planning power of HSAs. There were more than 30 million HSAs holding about $82.2 billion at the end of 2020, according to an estimate from Devenir, a firm that offers investment services to health-based […]

Estate Planning

The Overlooked ‘Triple Tax-Saving’ Estate Planning Tactic

July 4, 2021

Estate Planning advisors agree that one of the most underused estate planning strategies is the charitable remainder trust (CRT). That might change. New trends are making CRTs more attractive for estate planning. Taxpayers with appreciated property should take a fresh look at CRTs as part of their retirement and estate planning strategies. In a CRT, […]

How to Use a FLIP Trust to Meet Two Key Retirement Planning Goals

June 30, 2021

Many people want to save income taxes today and create a stream of retirement income in the future. The FLIP trust, especially the FLIP-CRUT, is a venerable way to accomplish both goals.The FLIP-CRUT strategy begins with a charitable remainder trust (CRT). An individual (known as the grantor) executes a trust agreement creating a CRT and […]

reverse-mortgages-how-to-withdraw-cash-from-your-home

Home Mortgage Interest Deduction: The Tax Break That Can Cost You Money

June 6, 2021

People frequently tell me that they took a financial action – at least partly – “because it would save a few tax dollars.” Too often, a careful analysis of the situation reveals the action leaves them with fewer after-tax dollars. A classic case is the mortgage interest deduction. People often believe that owning a home […]

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Tax

How Long Should You Keep Tax Returns?

May 30, 2021

You probably think you know how long to retain tax returns, because you’ve heard the standard answer. Yet the standard answer is wrong. You probably learned that you should keep a tax return for at least three years after filing it. The reason for the three-year answer is that the IRS has up to three […]

Avoid the Tax Breaks That Cost You Money

May 26, 2021

People frequently tell me that they took a financial action at least partly “because it would save a few tax dollars.” Too often, a careful analysis of the situation reveals the action leaves them with fewer after-tax dollars.A classic case is the mortgage interest deduction. People often believe that owning a home with a mortgage […]

This Could be the Best Time to Make Low-Interest Family Loans

May 26, 2021

The low- or no-interest family loan is one of the best strategies to hedge against the numerous changes proposed in income and estate taxes and take advantage of today’s low interest rates. A family loan reduces income and estate taxes under the current law but also has flexibility so it can be adapted to almost […]

Maximizing the Power of Donor-Advised Funds

April 27, 2021

Thanks to the Tax Cuts and Jobs Act enacted in 2017, use of donor-advised funds (DAFs) is soaring. They remain one of the best ways for many people to maximize the tax benefits of charitable giving. Contributions to DAFs increased by 80% from 2015 to 2019, according to the National Philanthropic Trust (NPT). Grantmaking from […]

October 2022:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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