Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 435 Articles.
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Estimated Tax Strategies for Retirees
Paying estimated taxes is a trap for many retirees. Most had income taxes withheld from paychecks while they were working. Once retired they are responsible for ensuring taxes are prepaid on their investment income, IRA distributions, and other sources of income. If the payments are late or not high enough, penalties can be imposed. If […]
Key Steps to Take Before a State Tax Audit
The most important tax audit of your life is likely to take place either in the first few years of retirement or after you pass away. It is a state residency audit and could befall anyone who moved to another state during retirement or who owns homes in at least two states during retirement. A […]
More Ways to Boost Medical Deductions
A small percentage of taxpayers deduct medical expenses. That is partly because of the deduction limits. It also is because many people do not know all the costs that qualify for medical expense deductions. Medical expenses can be deducted only by those who itemize expenses on Schedule A. They deduct only the medical and dental […]
Surprising Tax Havens
State tax laws discriminate based on age, and that can be a good thing for some taxpayers. Even notoriously high tax states can be tax havens for retirees. In fact, Florida and other retiree magnets might not be the tax havens they are promoted as when the full tax picture is considered. Florida has no […]
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Why You Must Plan Now to Escape Alternative Minimum Tax
More taxpayers than ever are paying the alternative minimum tax (AMT). If Congress does not act by the end of 2007, an estimated 25 million households will pay the AMT for 2007. Many of my readers are among those most likely to be snared in the AMT. Originally targeted at the very wealthy, the AMT […]
How to Maximize Medical Expense Deductions
Medical expense deductions are the elusive goal of many taxpayers. With higher medical expenses than others, retirees are the taxpayers most likely to be able to deduct their medical expenses. They can maximize those deductions by knowing the rules. The definition of deductible medical expenses is broad. Qualified medical expenses, however, can be deducted only […]
The Estate Tax Marital Deduction – Dos and Don’ts
The marital deduction is perhaps the best-known estate tax reducer. It also is among the most misused planning devices. While powerful, the mari-tal deduction also can trigger higher taxes or other headaches. The marital deduction is straightforward. The estate executor totals the value of all assets owned by the deceased to arrive at the gross […]
New Kiddie Tax Rules: Implications and Strategies
In last month’s visit I pointed out that the kiddie tax rules changed recently and would change again soon. The amendment occurred sooner than expected. The tax changes were put in the Iraq War funding bill in May (along with an increase in the minimum wage), and the details make the Kiddie Tax more restrictive […]
