Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Working While Receiving Social Security
Investment losses and rising costs are driving many Social Security recipients back to the work place. A question to consider is how earning income affects Social Security benefits. One of the original goals of Social Security was to remove people from the work force. Unemployment was high. Social Security would gradually induce older workers to […]
The IRS and Gold ETFs
In last month’s visit we discussed the tax treatment of various gold investments. Investments in bullion and coins are considered collectibles. These assets cannot be held in an IRA. If an IRA purchases a collectible, it will be treated as a distribution of the amount of the purchase. The amount must be included in gross […]
How to Maximize the Tax-Free Portion of Each Annuity Payment
The popularity of fixed and immediate annuities is climbing for those in or near retirement. It is not surprising. An immediate annuity offers fixed, guaranteed payments. The payments can last for life if you want, and even for the joint life of you and a beneficiary. In today’s volatile and uncertain markets, annuities add a […]
Taxes and Gold Investments
All the money the Federal Reserve has pumped into the economy is not leading to higher prices yet. Fed officials say they will be able to withdraw the excess liquidity before it leads to inflation. If so, it could be the first time a central bank successfully made such a reversal. Investors are concerned the […]
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Why to do Year-End Tax Planning Now
It could be profit-able for you to make a traditional year-end tax planning move early this year. Waiting could reduce a significant tax planning benefit. Usually I tell you to use the last quarter of the year to go through your portfolio and consider selling assets in your taxable accounts that have paper losses. Tax […]
Write Offs from Renting a Home
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 […]
How to Take Write Offs for Helping Relatives
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 […]
Estimated Taxes are Different This Year
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 […]
