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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 424 Articles.
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estate planning

Tax Court Shows Risks in Self-Directed IRAs & Unconventional Investments

April 18, 2021

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 […]

how-to-maximize-charitable-giving-tax-benefits-in-the-new-tax-reform-law

How to Get Tax Breaks for Helping Relatives [2021 Tax Write-Off Update]

April 11, 2021

It is common for family members to help other family members, financially. It is also common for these families to leave money on the table by not taking all the tax breaks they could from these situations. Often, adult children provide financial or other support for their parents, though other situations do arise. Sometimes, the […]

Tax

How Long Should You Keep Tax Returns?

April 2, 2021

You probably think you know how long to retain tax returns, because you’ve heard the standard answer. But 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 is for the three-year answer is that the IRS has up to […]

When to Use an IRA To Fund Your HSA

March 18, 2021

Health savings accounts (HSAs) are the best retirement planning tool available, and there’s a little-known legal trick that can help fully fund an HSA. An HSA has three powerful tax benefits. Contributions to the account are tax deductible or excluded from gross income, when an employer makes them. The account can be invested, and income […]

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How to Take Tax Write-Offs for Helping Relatives

March 18, 2021

It is very common for family members to help other family members. It also is common for these families to leave money on the table by not taking all the tax breaks they could from these situations.Often, adult children provide financial or other support for their parents, though other situations do arise. Sometimes, the help […]

15+ Tax Strategies That Will Survive the Coming Tax Increases

March 12, 2021

Tax increases are back on the national agenda. President Joe Biden, and many Democrats, campaigned on promises regarding specific income tax increases and more general promises to raise taxes. A number of tax increases have already been proposed in Congress and serious tax legislation is likely to emerge in late 2021 or early 2022. Fortunately, […]

tax

Retirement Stealth Tax: How To Avoid the ‘Widow’s Penalty’ Part II

March 7, 2021

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 […]

Tax Moves Now Can Avoid Higher Medicare Premiums in Two Years

February 23, 2021

Paying close attention to your tax situation today can help avoid paying much higher Medicare premiums in two years. This Stealth Tax catches more and more Americans age 65 and over by surprise every year. The Medicare premium surtax was created to add means-testing to Medicare, charging higher-income beneficiaries larger premiums for Parts B and […]

October 2022:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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