Income Tax Planning in Retirement
Found 148 Articles.
Get access to our full article archive by subscribing to Retirement Watch and Retirement Watch Spotlight Series.
How to Make Home Sale Gains Tax Free
The tax rules for selling a home are generous, but not generous enough for many homeowners on the coasts and in resort areas. Many of these homeowners have gains that exceed the tax free amount. Knowing the ins and outs of the rules can boost your tax-exempt gains. Owners of more than one home also […]
Last-Minute Tax Law Extends Deductions
This year more than ever it is advisable to read the instructions carefully and check the IRS’s web site before filing 2006 tax returns. If you use tax preparation software, be sure to download the free updates before completing your returns. Take these precautions because Congress slipped through a new tax law before it adjourned […]
Should You Choose a Regular 401 K or Roth 401 K
Many employees have a new retirement-saving option, and many more will have that option over the next year or two. Should you take this option? In addition to regular 401(k) plans, employers now can offer Roth 401(k)s. The rules are very simple. There is no tax break for deferring salary into the Roth 401(k); it […]
How to Make Unlimited Tax-Free Gifts
Anyone can make unlimited tax-free gifts. The strategy gets wealth out of your estate, and unlike many other gifts, you can be sure of how the money will be used. The strategy of maximizing tax-free gifts is growing in popularity, especially since the change in Congress makes it unlikely that elimination of the estate tax […]
Tax Reduction Opportunities for 2006
There still is time to make some valuable year-end tax planning moves, and this year there are some special opportunities to reduce tax payments. The Alternative Minimum Tax. The AMT snares more taxpayers each year, taking away tax benefits and pushing up tax bills. Basically, we have two tax systems, the regular tax and the […]
How to Shield Large Capital Gains
Successful investors and business owners always face a tax planning dilemma. If they sell their highly appreciated assets, they owe capital gains taxes. Even at today’s low top federal rate of 15%, the tax can amount to a sizeable chunk of money. People do not like their net worth to decline by that amount with […]
IRS Pursues Non-Filers of Estate and Gift Tax Returns
The IRS believes that nonfilers of estate and gift tax returns are a major cause of the “tax gap” between taxes legally owed and those actually paid. From 1995 to 2000, estate tax returns filed increased from 86,000 to over 123,000. In 2004, only 74,000 estate tax returns were filed. The IRS is undertaking a […]
How To Avoid Costly IRA Mistakes
Though set up to help regular people save, IRAs are fraught with complicated tax rules. Missteps can be made without the owner knowing it until it is too late to correct the problem. The result often is higher taxes and penalties. Sometimes the result is reduced IRA options. Here are some little-known but very common […]
