Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Proving your state of residence or domicile became more important in 2020, and the importance will grow in 2021 and beyond. Many workers transitioned to re-mote employment during the pandemic, toiling from home or some location other than their employer’s facilities. Initial indications are that remote working will be common-place after the pandemic, though perhaps […]
The NIIT is the least-known of the Stealth Taxes and the one most likely to surprise retirees. The Net Investment Income Tax (NIIT) was created in the Affordable Care Act. It was labeled a Medicare surtax, but the proceeds go into general revenues…not the Medicare trust fund. The NIIT is a 3.8% tax on the […]
Most owners of second homes leave a lot of money on the table, especially when it is time to sell the house or pass it on to the next generation of owners. There are three basic choices for transferring ownership of the second home, but the details of each option are flexible. Most vacation homes […]
2020 was a special year, unlike anything we have never seen. As it draws to a close, it will require some unique year-end tax planning. With the new administration set to take office in less than two months, taxes are likely to increase soon. The only issues are when they’ll increase and who will bear […]
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The NIIT is the least-known of the Stealth Taxes and the one most likely to surprise retirees.The net investment income tax (NIIT) was created in the Affordable Care Act. It was labeled a Medicare surtax, but the proceeds go into general revenues not the Medicare trust fund. The NIIT is a 3.8% tax on the […]
A unique year is drawing to a close, and it requires unique year-end tax planning. Taxes are likely to increase soon. The only issues are when they’ll increase and who will bear most of the increases. The 2017 tax cuts are set to expire after 2025. Federal debt continues to climb. The Social Security trust […]
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 maintain […]
Taxes are one of the top three expenses of most retirees, and too many retirees overpay their taxes.Gone are the days when retirement-aged Americans receive tax breaks. Instead, today retirees are likely to face taxes targeted at them. That’s why tax planning, tax management and especially tax diversification should be important parts of your retirement […]