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 When There are Family Caregivers
Younger family members often care for their parents or grandparents. There often is some agreement that the caregivers should be compensated in some way for their efforts. The compensation often is with an increased share of the estate. Too often, these agreements are haphazard and create both tax and family problems. It’s easy to avoid […]
Avoid Becoming One of the IRS’s New Targets
New laws, changing demographics, and a new budget cause the IRS to shift its priorities. Many people who don’t pay attention will fall into the IRS’s snare. The new estate tax law means far fewer estates will be subject to taxes and need to be audited. The IRS plans to move many of its estate […]
Exploring the New Tax Law
You know that around New Year’s Day the crowd in Washington finally put agreed to a deal to avoid the fiscal cliff, titled the American Taxpayer Relief Act of 2012. In this visit we review the deal in detail. We start with a couple of provisions that haven’t received much media attention but are important […]
Reducing Medicare Premiums, Social Security Taxes and More
Retirees face the highest marginal tax rates. They use the same tax tables as everyone else, but there are nuances in the tax code that can trigger higher marginal rates for seniors. For retirees in what I call the marginal rate trap zone, reducing gross income or taxable in-come can have powerful benefits. The marginal […]
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Proving Charitable Contributions
Many taxpayers still don’t realize the charitable contribution deduction rules changed a few years ago. Now, you can’t take a deduction unless you have certain paperwork in hand when your tax return is filed. If you don’t have the paperwork, you can’t take the deduction. Consider this recent case. A very successful real estate developer […]
Wrapping Up the Year’s Finances
The last few months of the year are a good time to devote to cleaning up your finances. You need to adjust for things that happened this year and plan for things you want to happen or that could happen in 2013. Don’t try to take these actions at once. Spread them over a few […]
Planning Taxes in a Transition Period
We’re hurtling toward the fiscal cliff. Tax increases across the board are scheduled to take effect on Jan. 1, 2013. In addition, a number of tax breaks expired at the end of 2011 and still haven’t been extended. (See our February 2012 visit for details.) Congress, at least at the moment, doesn’t seem inclined to […]
Avoiding the New Tax on Investments
The Supreme Court upheld the Patient Protection and Affordable Care Act of 2010 (a.k.a., Obamacare). As a result, among the provisions that will go into effect in 2013 are the expanded Medicare taxes on high income taxpayers. Foremost among the new taxes is the 3.8% tax on the “unearned” income of single taxpayers with modified […]
