Income Tax Planning in Retirement
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9 Required Minimum Distribution (RMD) Strategies Every Retiree Should Know
Every retiree wants to trim taxes, and maximize benefits. But very few know how to approach this the right way. Today, I’ll share how you can maximize your benefits from Required Minimum Distributions (RMDs), and reduce your tax bill. Required minimum distributions from IRAs weren’t simplified or changed in the new tax law. Taxpayers ages […]
Tax Diversification for Retirees: Use It to Make Tax Reform Even Better
Tax reform made tax diversification even more valuable and important. Tax diversification allows you to manage your tax bracket by planning and controlling distributions during retirement. When properly done, under the new tax rate tables, many middle-income retirees will be able to stay in the 0% federal income tax bracket for most of retirement. To […]
How to Maximize Charitable Giving Tax Benefits in the New Tax Reform Law
Many savvy taxpayers will change their charitable giving strategies… now that they’ve had time to process the Tax Cuts and Jobs Act of 2017. For years I’ve advised that writing checks to charities each year, or more frequently, is an inefficient way to donate. It’s even less efficient now. The latest tax law made several […]
2017 Tax Reform: A Game Changer for Retirement? (Part 2)
Editor’s Note: This week, we’re continuing our deep dive into the Tax Cuts and Jobs Act of 2017. Click here to get caught up on Part 1 of our story: The 2017 Tax Reform Law and Your Retirement Finances Some readers are asking about the charitable contribution deduction, of which there are a few changes. […]
The Complete Retirement Finance Guide to New Tax Law Changes in 2018
It’s the #1 burning question on my readers’ minds these days… What are the most important individual income tax changes I need to know in the Tax Cuts and Jobs Act of 2017? (It was signed into law in late December) First off, most of the individual income tax changes are in effect from 2018 […]
Tax Reform and Your Retirement Finances
The Tax Cuts and Jobs Act of 2017 has made it through Congress and soon will be signed into law by President Trump. There’s a lot of detail in the new law. It’s the most comprehensive change to the tax code since the Tax Reform Act of 1986. Here, I will review what you need […]
Which States Are the “New Best” Retirement Tax Havens?
Taxes, especially when all types of taxes are added together, are one of the largest expenses of most retirees. State and local taxes are a big portion of the taxes paid, and many people don’t realize the total they’re paying in all those taxes. Of course, some states are considered high-tax states and others are […]
Avoiding The Estimated Tax Trap
Estimated tax payments are a traditional trap for retirees. Most retirees were employees during their careers and had income taxes withheld from their paychecks. They never had to deal with the estimated tax rules and are surprised by the process in retirement. If you expect to owe more than $1,000 in federal taxes that will […]
