Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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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 […]
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 […]
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 […]
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 […]
In my new Retirement Watch Spotlight Series, I’ll share my newest breakthrough strategies for protecting your assets and growing your portfolio, including how to prepare for the next market downturn. Click here now to learn more.
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 […]
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 […]
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 […]
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 […]
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