Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 452 Articles.
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When to Use an IRA To Fund Your HSA
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 […]
How to Take Tax Write-Offs for Helping Relatives
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
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, […]
Retirement Stealth Tax: How To Avoid the ‘Widow’s Penalty’ Part II
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 […]
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Tax Moves Now Can Avoid Higher Medicare Premiums in Two Years
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 […]
The Most Important New Tax & Retirement Changes [Pandemic Update]
Some special tax and retirement plan rules were created in 2020 in response to the COVID-19 pandemic. Congress recently extended one of them with some modifications but let another expire. One provision gave taxpayers more than 60 days to roll over IRA distributions to the original IRA or to another qualified retirement plan. The provision […]
The Tax Law Changes Retirees Likely Haven’t Heard About
In late December, Congress passed – and former President Trump signed into law — the longest legislation they ever have. The Consolidated Appropriations Act was more than 5,000 pages. Most of the media attention was on the fiscal stimulus provisions, but there was a lot more in the law. Some tax law changes were overlooked […]
Why Everyone Needs an Estate Tax ID & How To Get It
The federal estate tax is a tax paid after a person’s death on the value of the person’s property. A large amount of an estate is exempt from the federal estate tax. In 2021, the exempt amount is $11.7 million (for now). The amount is indexed for inflation each year. So, only the wealthiest estates […]
