Income Tax Planning in Retirement
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Second Home Tax Rules That Are Misunderstood or Overlooked
Many people purchase second homes without fully understanding the tax consequences. Second home ownership has some tax benefits, but it also carries potential tax traps that can be very expensive. Many people take for granted that they’ll be able to deduct the real estate taxes on a second home, but that’s often not the case. […]
7 Points (At Least) to Review on Last Year’s Income Tax Return
Most of you have filed your 2024 income tax returns and had time to recover from the process. But don’t make the mistake of putting the returns out of sight and mind. The lull between last year’s tax filing deadline and this year’s end-of-year planning rush is a good time to review the facts and […]
Simple Steps to Reduce or Avoid Stealth Taxes
Retirees continue to be snared by sneaky Stealth Taxes, and it’s likely to become worse. High federal budget deficits and debt mean there’s a good chance current Stealth Taxes will be increased or new ones enacted. Stealth taxes are a way for Congress to avoid voting for higher income tax rates or other broad tax […]
The Mid-Year Estimated Tax Update Is Critical for Retirees
Market changes in the last few years cause more retirees to be caught by one of the Stealth Taxes, even retirees who avoided this Stealth Tax for years. The surprising change in Federal Reserve Board policy in the last few months will cause another wave of retirees to be caught. Retirees are specific targets of […]
Are You Using the Wrong Tax Rate in Your Retirement Planning?
[Publisher Note: You’ll notice at the end of today’s story a link – and a very important one, at that. On this page is a special rebroadcast of Monday’s Retirement Watch member conference call… in which Bob and special guest David Phillips predict what Congress will do in 2022 and what it could mean for […]
How the IRS Taxes Your Wealth & Estate
If you’ve ever wanted to know how to reduce or even eliminate your estate tax… It’s best to first understand how the IRS taxes your wealth. Here’s the computation, in a nutshell: Your Gross Estate… Minus Deductions allowed (administrative expenses, funeral expenses, losses, debts, charitable contributions, marital deduction) Equals Your Taxable Estate Adding Lifetime Taxable […]
2 Ways To Avoid the ‘Double Tax’ on Your Retirement Benefits
As you know, IRAs and other retirement plans are included in the estate of the owner… And subject to federal estate taxes — when the estate is valuable enough. Here’s what many people don’t know: Unlike other assets, the tax basis of IRAs is not increased to current fair market value by those who inherit […]
How to Trim Taxes and Maximize Benefits from RMDs
Last week, I shared 4 ways to trim taxes, and maximize required minimum distribution (RMD) benefits. This week, let’s continue the discussion, with 5 more strategies to consider, starting with.. Timing distributions. The tax law says the IRA must distribute at least the RMD by the close of business on Dec. 31. Other than […]
