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Taxes in Retirement

Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less

Found 432 Articles.
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estate planning

Charitable Gifts: New Rules

April 1, 2007

The Pension Protection Act of 2006 changed the rules for deducting charitable contributions. You need to know these rules or contributions that were deductible in the past will not be deductible on your 2007 return. Cash donations. It used to be that for cash contributions of less than $250, you did not need a receipt […]

last-minute-tax-law-extends-deductions

Last-Minute Tax Law Extends Deductions

February 1, 2007

This year more than ever it is advisable to read the instructions carefully and check the IRS’s web site before filing 2006 tax returns. If you use tax preparation software, be sure to download the free updates before completing your returns. Take these precautions because Congress slipped through a new tax law before it adjourned […]

should-you-choose-a-regular-401-k-or-roth-401-k

Should You Choose a Regular 401 K or Roth 401 K

February 1, 2007

Many employees have a new retirement-saving option, and many more will have that option over the next year or two. Should you take this option? In addition to regular 401(k) plans, employers now can offer Roth 401(k)s. The rules are very simple. There is no tax break for deferring salary into the Roth 401(k); it […]

how-to-make-home-sale-gains-tax-free

How to Make Home Sale Gains Tax Free

February 1, 2007

The tax rules for selling a home are generous, but not generous enough for many homeowners on the coasts and in resort areas. Many of these homeowners have gains that exceed the tax free amount. Knowing the ins and outs of the rules can boost your tax-exempt gains. Owners of more than one home also […]

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estate planning

How to Make Unlimited Tax-Free Gifts

January 1, 2007

Anyone can make unlimited tax-free gifts. The strategy gets wealth out of your estate, and unlike many other gifts, you can be sure of how the money will be used. The strategy of maximizing tax-free gifts is growing in popularity, especially since the change in Congress makes it unlikely that elimination of the estate tax […]

tax-reduction-opportunities-for-2006

Tax Reduction Opportunities for 2006

December 1, 2006

There still is time to make some valuable year-end tax planning moves, and this year there are some special opportunities to reduce tax payments. The Alternative Minimum Tax. The AMT snares more taxpayers each year, taking away tax benefits and pushing up tax bills. Basically, we have two tax systems, the regular tax and the […]

estate planning

Inheriting 401(k) Plans has become Easier

October 1, 2006

Income taxes are likely to be lower for many who inherit 401(k) plan accounts and other employer retirement plan accounts, thanks to the pension reform law the President signed into law in August. The law puts non-spouses closer to an equal footing with spouses who inherit the accounts. Employers are not required to give heirs […]

how-to-shield-large-capital-gains

How to Shield Large Capital Gains

October 1, 2006

Successful investors and business owners always face a tax planning dilemma. If they sell their highly appreciated assets, they owe capital gains taxes. Even at today’s low top federal rate of 15%, the tax can amount to a sizeable chunk of money. People do not like their net worth to decline by that amount with […]

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