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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Thinking About Charitable Giving All Year
Many people leave money on the table when they think seriously about charitable giving only at year-end. Think about charitable giving all year and focus on how to give instead of how much. You’re likely to generate higher immediate tax benefits plus income or other benefits. I’m not talking about the small checks you might […]
Planning from Your Income Tax Return
Most of you recently completed your 2011 income tax returns or soon will. Don’t file your copies of the returns away just yet. The federal income tax return is one of the best financial planning documents available. Many financial planners insist on seeing the latest returns very early in the relationships with a potential client. […]
The IRS and Your Retirement Income
Retirees are a major source of the “tax gap,” according to the IRS. The tax gap is the difference between what Americans actually pay in income taxes and what they’re supposed to pay if they followed the law exactly. The IRS says about $4.2 billion of the tax gap is attributable to underpaid taxes on […]
Income Tax Planning for 2012-2013
It’s time to sharpen your pencils or tighten up your spreadsheets. Income tax planning for 2012 and 2013 is likely to be more important and trickier than in the previous few years. Key provisions expired at the end of 2011. Others expire at the end of 2012. New provisions are kicking in. And Congress could […]
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New Tax Rules for Investment Sales
There are new forms and rules for reporting some capital gains and losses in 2011 and following years. For sales of stock purchased after Jan. 1, 2011, on Form 1099-B brokers report the cost basis as well as the sale proceeds. For stock purchased before 2011, only the proceeds are reported. Also reported is whether […]
Deducting Medical Expenses
Many people believe that they’re no longer able to deduct medical expenses. They don’t even track their expenses or enter them on their income tax returns. That can be a costly mistake. Medical insurance covers fewer expenses each year, and more people would save taxes by deducting medical expenses than realize it. Congress did make […]
Planning Year-End Taxes
You finally can do serious year-end tax planning in 2011. Year-end planning was difficult the last few years, because so much of the tax code was up in the air. But the December 2010 deal made the tax code fairly certain for 2011 and 2012. That’s important, because tax planning requires looking at two years […]
New Estate Tax & Social Security Rules, Limits
Inflation and other factors triggered some tax and benefit changes for 2012 announced recently by the IRS and Social Security Administration. The exempt amount for estates and gifts increases because of inflation. The estate of anyone dying in 2012 excludes up to $5.12 million from federal estate taxes. The annual gift tax exclusion remains at […]
