Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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When You Should File Gift Tax Returns
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 […]
A Loophole for 529 Plans Losses
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 […]
How to Avoid Tax while Helping Grandkids
Most people are concerned about the financial futures of their grandchildren and even great-grandchildren- more so than the security of their own children. After ensuring their own retirement years are secure, many people tell survey takers the security of the third and fourth generations is their next worry. Apparently they believe their children can take […]
Year End Tax Planning for Possibly Reduced Taxes
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 […]
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2008 Election and Your Tax Planning
The Presidential election is approaching. We cannot forecast a winner, but we can make judgments about how the tax law will change starting in 2009 and steps you should consider today in light of the likely changes. Some wealthy people already anticipate big changes and are making tax-saving moves this year. For, example, the announcement […]
How the New Tax Law Affects Homeowners
Congress passed a housing assistance law in July, but some tax rules buried in the law did not receive much attention. Some homeowners will be affected, especially those with second homes or rental houses. In 1997 the home sale rules were overhauled. On a primary residence, the first $250,000 of capital gains are excluded from […]
Tighter Rules for Charitable Contribution
As readers ready their year-end tax plans, they need to keep in mind recent changes in charitable contribution deduction rules. Congress tightened the rules in the Pension Protection Act of 2006, and the rules affect deductions for most types of charitable contributions on this year’s tax returns. Cash donations. Proper documentation now is needed to […]
Are Charitable Trusts Better Than Stretch IRAs
Owners of large IRAs search for ways to maximize the after-tax amount of the IRAs that will benefit their loved ones. In the past we have demonstrated that unconventional strategies often increase the after-tax amount heirs receive. Sometimes it makes sense for an IRA owner to empty the IRA early, pay the taxes, invest the […]
