Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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After deciding it makes economic sense to rent your old home or vacation home instead of selling it (see last month’s visit), learn the tax rules. Structure your rental activity so the rental income is at least partially tax sheltered. The amount of your tax deductions depends on how the rental property is used. When […]
In many families, younger members help care for older members for at least a brief period. Care can take several forms. It could involve financial help for at-home services or residence at an assisted living or other facility. Care also could involve personally providing a person’s needs in either the caretaker’s home or in the […]
The year’s first required estimated tax payment is coming due, and many retirees should re-evaluate how they compute their payments this year. Estimated tax payments are a traditional trap for many retirees. Most were employees during their careers and had income taxes withheld from their paychecks. They never had to deal with the estimated tax […]
Conventional investment advice has been turned on its head by changes in the fundamentals of the economy and markets. Next, fundamental changes in the government, demographics, and the economy will force changes in tax policy and tax planning advice. The age-old advice to defer taxes whenever possible could become a thing of the past, at […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
A key estate planing tool for almost every family is more valuable as of Jan. 1, 2009. The annual gift tax exclusion is increased to $13,000, up from $12,000. Each person can make gifts of up to $13,000 annually to any other person without incurring gift taxes or counting against the lifetime annual gift credit […]
Too often people neglect to file gift tax returns. A smart plan is to file a gift tax return even when not required to. In some situations that provides substantial insurance. Gifts above the annual exemption amount ($13,000 for 2009) potentially are taxable and must be reported on Form 709. The gift might not be […]
Many people who saved for college through 529 savings plans face substantial losses in their accounts. There is a silver lining in the tax law, and it is one reason 529 plans are among the best ways to save for education. Income and gains earned by the 529 account are sheltered. If the account balance […]
This could be an especially profitable year to do year-end tax planning. The elections might lead to major income tax changes in 2009, and the gyrations of the markets provide some investors with tax planning opportunities. Tax planning is best done two years at a time. Taxpayers usually have flexibility over when to recognize some […]