Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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The Alternative Minimum Tax might be nearing its end. Powerful U.S. senators announced their plan to pass a termination of the AMT by the end of 2005. If they are successful, many middle class and upper middle class Americans will breathe easier. But even if the senators are successful, you still must fear getting trapped […]
Two surprises await many new residents of the popular continuing care retirement communities. These surprises are two tax issues that are different from those the residents are used to. Most of these comprehensive retirement communities provide a combination of residential services and medical care. The communities usually include at least independent living, assisted living, and […]
The highest-yielding investment might not pay you the highest after-tax income. That is because of the different tax rates created by the 2003 tax law. Investors who seek the highest yield following the old rules might have less cash to spend than they could have. Interest from bonds, certificates of deposit, money market funds, real […]
Tax planning was turned on its head by the last couple of tax laws. Several key planning rules need revisions for those who want to maximize after-tax wealth. One of the oldest tax planning rules is that it is better to defer a tax whenever possible. Paying taxes tomorrow is better than paying them today. […]
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 marital deduction is key to most estate plans of married couples. It can wipe out the entire estate tax liability. But misuse of the marital deduction can create a larger long-term tax bill or cause non-tax problems. Let’s look at how to use the marital deduction and avoid misusing it. The estate tax is […]
We’re coming up on the day many retirees dread. It arrives four times each year. What many do not realize is that they easily can avoid this day. During their working years, most retirees had income taxes withheld from paychecks. They did not worry about making quarterly estimated tax payments during the year. The only […]
It’s another year, and many IRA owners have to focus on required minimum distributions (RMDs). The right strategy for these and other aspects of an IRA can make the account last longer. RMDs are mandatory after an owner is age 70 1/2. The rules apply to all qualified retirement plans, though we’ll focus on IRAs […]
Numerous vehicles are available to help prepare for education expenses. Parents and grandparents need to compare carefully to choose right vehicle for them. The Section 529 college savings plan gets the most attention. It is open to anyone regardless of income level. The investment earnings compound tax-free and can be withdrawn tax free if used […]