Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 431 Articles.
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The Overlooked ‘Triple Tax-Saving’ Estate Planning Tactic
Estate Planning advisors agree that one of the most underused estate planning strategies is the charitable remainder trust (CRT). That might change. New trends are making CRTs more attractive for estate planning. Taxpayers with appreciated property should take a fresh look at CRTs as part of their retirement and estate planning strategies. In a CRT, […]
How to Use a FLIP Trust to Meet Two Key Retirement Planning Goals
Many people want to save income taxes today and create a stream of retirement income in the future. The FLIP trust, especially the FLIP-CRUT, is a venerable way to accomplish both goals.The FLIP-CRUT strategy begins with a charitable remainder trust (CRT). An individual (known as the grantor) executes a trust agreement creating a CRT and […]
Home Mortgage Interest Deduction: The Tax Break That Can Cost You Money
People frequently tell me that they took a financial action – at least partly – “because it would save a few tax dollars.” Too often, a careful analysis of the situation reveals the action leaves them with fewer after-tax dollars. A classic case is the mortgage interest deduction. People often believe that owning a home […]
How Long Should You Keep Tax Returns?
You probably think you know how long to retain tax returns, because you’ve heard the standard answer. Yet the standard answer is wrong. You probably learned that you should keep a tax return for at least three years after filing it. The reason for the three-year answer is that the IRS has up to three […]
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Avoid the Tax Breaks That Cost You Money
People frequently tell me that they took a financial action at least partly “because it would save a few tax dollars.” Too often, a careful analysis of the situation reveals the action leaves them with fewer after-tax dollars.A classic case is the mortgage interest deduction. People often believe that owning a home with a mortgage […]
This Could be the Best Time to Make Low-Interest Family Loans
The low- or no-interest family loan is one of the best strategies to hedge against the numerous changes proposed in income and estate taxes and take advantage of today’s low interest rates. A family loan reduces income and estate taxes under the current law but also has flexibility so it can be adapted to almost […]
Maximizing the Power of Donor-Advised Funds
Thanks to the Tax Cuts and Jobs Act enacted in 2017, use of donor-advised funds (DAFs) is soaring. They remain one of the best ways for many people to maximize the tax benefits of charitable giving. Contributions to DAFs increased by 80% from 2015 to 2019, according to the National Philanthropic Trust (NPT). Grantmaking from […]
Tax Court Shows Risks in Self-Directed IRAs & Unconventional Investments
A self-directed IRA is a good way to invest your retirement account in non-traditional investments. But a recent Tax Court decision shows the dangers of taking shortcuts and not setting up and operating the IRA the right way. In the case, the taxpayer had a SEP-IRA (Simplified Employee Pension Individual Retirement Arrangement). The custodian was […]
