Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Logging Days Saves You Tax Dollars
Counting days is important to those who reside in more than one place that imposes taxes. In general, only people who live in more than one state have to worry, but when a locality imposes an income tax you also have to pay attention. A day here or there could change your tax bill by […]
April 2010
April 29, 2010 03:30 p.m. Wild week of headlines and more For many months volatility was declining in the investment markets, and investors were secure in the belief that the economy was solid and asset prices would continue rising. Things have changed a bit. On Tuesday afternoon, the headlines were not to rosy. Here’s what […]
Deducting All Your Medical Expenses
Many taxpayers leave money on the table because they don’t deduct all the medical expenses they are allowed. Medical expense deductions were tightened over the years, leading many people to believe they can’t deduct their expenses. But you can deduct medical payments as itemized expenses, and many people qualify for higher deductions than they realize, […]
Writing Off Long-Term Care
At least some of the expenses of a nursing home or assisted living facility usually are deductible. The amount of the deductions depends on the circumstances. You have to know the rules to maximize your deduction. When the primary reason for residing in a nursing home is one’s physical condition and the availability of medical […]
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Selling Now to Avoid Higher Taxes Later?
Income taxes are going to increase. That’s the message coming from Washington. We don’t know which taxes will increase or by how much, but there seems to be strong majority support for higher taxes. Rising federal spending also makes higher taxes more likely. At a minimum, it appears the 2003 tax cuts will expire at […]
Avoiding State Tax Hike Surprises
Most of the headlines are about federal taxes, but you need to stay follow state and local taxes. This is where the big changes are being made, and they could be big enough to change where you want to live in retirement – or change your retirement spending plan. The recession put many state and […]
Preparing for the New Tax Forms
Be prepared for a more complicated tax return for 2009, even if you have an uncomplicated tax situation. New forms, triggered by new tax breaks and rules, mean few people will have simple, straightforward returns. One major change is a new Schedule L, which in its draft form had 21 steps. Schedule L will be […]
Windfall for Retirees on the Move
Congress created a financial windfall for retirees and those near retirement. When it extended the first-time home buyer’s credit in November it also greatly expanded the credit. The $8,000 credit for first-time buyers (and those who haven’t owned a home for at least three years before the closing) was extended, and a new $6,500 credit […]
