Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Many older homeowners are facing a problem that a few years ago was considered unthinkable. These homeowners face taxable capital gains on the sale of their homes, despite the generous $500,000 exemption for married couples. The red hot real estate market of the last five years in many areas has pushed many longtime homeowners into […]
Real estate values are climbing, and local property taxes are soaring with them. If the real estate tax rate stays the same and your home appreciates, your real estate tax bill rises at the same rate as the appreciation. In my recent trip to Naples, Fla., I learned that the prices of most residences there […]
A portion of long-term care expenses are deductible as medical expenses. The question taxpayers often ask is what portion of the fees paid to retiree communities, such as assisted living facilities or nursing homes, can be deducted. The Tax Court recently stepped into this issue and set some new rules. When someone enters a nursing […]
This year and next could be the time to make a radical change in year-end tax planning. This year, recognizing extra income and capital gains might be the winning long-term strategy. The traditional year-end tax advice is, whenever possible, to defer income until next year or later. Another leg of the strategy is to accelerate […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
This is the transition year. For many Americans it will be a transition to higher income taxes. Beginning in 2004, millions more Americans will get snared in the alternative minimum tax (AMT). They will pay hundreds or even thousands of dollars more in taxes than they imagined possible. They will lose the benefit of tax […]
Estate planners agree that one of the most underused strategies is the charitable remainder trust. That might change. New trends are making CRTs more attractive. Taxpayers with appreciated property should take a fresh look at CRTs as part of their retirement and Estate Planning strategies. In a CRT, an individual transfers appreciated property to the […]
Your birthday isn’t always the day you get older, according to the IRS and other government agencies. You have to check closely to be sure how old you are. Most of the time your birthday is your birthday. But the Social Security Administration and some other government agencies use what is called the common law […]
Most of us need to get set for an unusual tax filing year. The recent tax laws, phased-in provisions, and other factors will keep you on your toes. Prepare for amended returns. Brokerage firms asked the IRS for permission to issue their Form 1099-DIVs a month late. They have to determine which dividends qualify for […]