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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 456 Articles.
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IRAs

When You Can Treat Portfolio Management as a Tax-Deductible Business

September 4, 2022

After leaving the career behind, your work isn’t done. You’re now in the business of ensuring there’s steady cash flow to pay your expenses. Or, as I put it, you need to generate your Retirement Paycheck. That leads to a question many people ask: Can I report managing my retirement portfolio as a business on […]

Which States Will Tax Your Income? New Court Case Helps Taxpayers

August 31, 2022

One long-term consequence of the pandemic is an increase in disputes over which states can tax a person’s income. The pandemic made some state tax departments more aggressive as they became more concerned about losing tax revenue previously paid by remote workers and retirees who moved out of state. A recent case in New York […]

When You Can Treat Portfolio Management as a Tax-Deductible Business

August 2, 2022

After leaving the career behind, your work isn’t done. You’re in the business of ensuring there’s steady cash flow to pay your expenses. Or, as I put it, you need to generate your Retirement Paycheck. That leads to a question many people ask: Can I report managing my retirement portfolio as a business on my […]

why-triple-tax-benefits-are-not-for-everyone

How to Minimize the Most Important Number on Your Tax Return [Part 2]

July 24, 2022

In last week’s edition of Retirement Watch Weekly, I shared my first three strategies for how minimize your adjusted gross income (AGI). Today let’s go through six more such strategies… Minimize Your Tax Return’s Most Important Number in Retirement: Strategy #4: Be charitable with your IRA. When you’re making charitable contributions each year and are […]

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tax

How to Minimize Your Tax Return’s Most Important Number in Retirement

July 17, 2022

It’s the most important number on your federal income tax return. You can find it on line 11 of the first page of Form 1040 for 2021. The number I’m referring to is your adjusted gross income (AGI). In your retirement years, AGI is more important than for most other taxpayers. Before retiring, taxable income […]

avoiding-expensive-ira-mistakes

The ‘Widow’s Penalty Tax’ and How to Avoid It [Part 2]

July 4, 2022

It’s one of the “Stealth Taxes” no one talks about, and it comes at an emotionally vulnerable time. I’m referring to the “widow’s penalty tax.” Last week we discussed the first three potential hits to the surviving spouse: Income is likely to decline. Second, the surviving spouse is pushed into a higher tax bracket. A […]

How to Minimize the Most Important Number on Your Tax Return

June 30, 2022

The most important number on your federal income tax return, especially during retirement, is on line 11 of the first page of Form 1040 for 2021. The number is your adjusted gross income (AGI). For retirees, AGI is more important than for most other taxpayers. Before retiring, taxable income probably is the most important line […]

The ‘Widow’s Penalty Tax’ and How to Avoid It

June 26, 2022

The widow’s penalty tax is one of the least known yet most onerous of the retirement Stealth Taxes. Since few people are aware of it, few retirement plans defend against the widow’s penalty. I frequently warn people about the “solo” years. Those are the years after one spouse has passed away. The surviving spouse must […]

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