Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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This will be the most difficult year-end tax planning session most of us ever will face. Since 1994 tax rates declined and tax breaks increased for the most part. Now, a raft full of tax increases is scheduled to take effect Jan. 1, 2011. But Congress could act to at least delay some of the […]
Your tax return for this year will determine your Medicare premiums in two years, if you’ll be a Medicare participant then. Since 2007, as income rises Medicare Part B premiums rise. More people will pay the higher premiums each year under the Affordable Health Care Act of 2010. Through 2010, the incomes at which the […]
The new Medicare surtax is a major source of funding for the recent health insurance reform. The tax has two elements. A 0.9% surtax is added on earned income over $200,000 for single taxpayers and $250,000 for married couples filing jointly. There’s also a 3.8% surtax on unearned income (investment income) of taxpayers with adjusted […]
Many financial strategies are changing, and one of the oldest tax planning strategies should be among them for many of you. Since the beginning of the income tax, taxpayers have been told to defer taxes whenever possible. Don’t pay a tax today when you can put it off to a future year. The advantages are […]
In my new Retirement Watch Spotlight Series, I’ll share my newest breakthrough strategies for protecting your assets and growing your portfolio, including how to prepare for the next market downturn. Click here now to learn more.
Tax changes are in the works, and you need to take action in 2010 to avoid paying more than you have to this year and in coming years. Strategies in 2010 will be different from past years because of the way the law will change. Consider these unique or overlooked strategies. Consider accelerating income. Tax […]
Some of the government incentives from the financial crisis have expired, but the tax breaks for making your home more energy-efficient are available through the end of 2010 and apply to energy- efficient improvements you made in 2009. We know more about the breaks than when the law first was enacted, but you still have […]
Don’t close your income tax return file just yet. You need that tax return to plan for the rest of this year and next year. Tax planning used to be something you could do near year-end. These days, it should be more of a year-round activity, and last year’s tax return is the best place […]
Retirees need to pay careful attention when completing their 2009 tax returns. Some changes in the forms and in the financial services industry could cause confusion and mistakes in your return. The mistakes could cause the IRS to contact you in a few months and maybe result in penalties and interest. Financial industry upheaval. Many […]
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