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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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 […]
Using Low Interest Rates to Cut Your Taxes
Low interest rates put a crimp in your investment income, but they can help reduce your income, estate, and gift taxes. Treasury rates and mortgage rates recently hit record lows, and that means the rates the IRS uses to calculate taxes on different strategies also were at all-time lows. Around the middle of each month […]
Taking Advantage of Market Declines
The silver lining in the recent market declines is you might be able to use tax strategies to recover some losses. We’ve been fortunate that the losses in our recommended in-vestments have been very modest. But you probably own assets beyond our recommended portfolios, and might have losses from a recommended investment if you bought […]
Still Taking Advantage of the 0% Tax Rate
The 0% tax rate still is in effect. Created for select taxpayers for 2008-2010, it was extended with other tax breaks in the December 2010 tax deal in Washington. The 0% tax rate applies to long-term capital gains and qualified corporate dividends earned by those in the two lowest income tax brackets. For other taxpayers […]
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Updating State and Local Tax Burdens
State tax codes are being shaken up, and that could shake up your retirement plans. State and local taxes are growing in absolute terms and relative to federal taxes. Total taxes paid are among the top three expenses for many retirees, and the share of state and local taxes is rising. We review the state […]
Reducing Taxes for 2010 and Later
Here are some tax tips that can help with your 2010 income tax returns and your planning for 2011 and later. Those in Medicare Part D prescription drug plans probably know that under the Affordable Health Care Act the coverage gap, or doughnut hole, is being phased out. In 2010, members whose prescription drug costs […]
Still More Changes in the New Tax Law
Congress passed a big tax law in late December 2010. We cover parts in this month’s Estate Watch and IRA Watch, and we reveal other key provisions here. – The big news is the individual income tax rates from 2010 are extended for 2011 and 2012. The tax tables will be indexed for inflation in […]
Navigating the New Broker Reporting Rules
Brokers and mutual fund companies soon will be reporting to the IRS and to you the cost basis of assets sold during the year. You soon will have to make a decision that will affect these reports. In 2008 Congress passed the requirement, and phased it in. The first reports occur on Form 1099-B in […]
