Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 440 Articles.
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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 […]
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 […]
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 […]
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 […]
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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 […]
Trusts that Save Taxes and Families
The family residence often is one of the most valuable assets in a person’s estate. Despite recent price declines in numerous markets, many people own homes worth far more than they paid for them. The residence often accounts for a significant portion of a person’s net worth. The personal residence can create both estate tax […]
Kiddie Tax Rule Updates
Congress changed the kiddie tax rules for 2006 and is getting ready to change them again. Each change results in higher taxes for most families if strategies are not changed. Family income splitting has been a valuable tax strategy. A high tax bracket family member, such as a parent or grandparent, gives income producing property […]
Tips for Effective Financial Planning with Your Tax Return
Don’t be in a hurry to put away that copy of your income tax return. It can be a great financial planning tool. Study it for a little while, and you might discover ways to adjust your finances that will increase your wealth. Here are a few ideas. Too much income? It is not unusual […]
