Income Tax Planning in Retirement
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How to Beat the Alternative Minimum Tax (AMT)
The Alternative Minimum Tax (AMT) is trapping more taxpayers than ever. Created to ensure that the wealthiest taxpayers pay some income tax regardless of the tax breaks they use, the AMT now ensnares many middle class taxpayers. A taxpayer first computes regular taxable income, then adds back a number of tax breaks. After subtracting an […]
How to Shield Home Sale Gains from Taxes
Rising home prices raise a tax problem that many people have not worried about for years. To avoid paying high taxes on gains from home sales, home sellers need to keep track of the tax basis of their residences. Long-time homeowners, especially on the coasts and resort areas, have substantial home equity. The tax law […]
How Planned Disclaimers Can Improve an Estate Plan
A key to successful Estate Planning these days is flexibility. Scheduled changes in the federal estate tax, and the possibility of additional changes, make flexibility essential. In past visits we have discussed language that can be included in wills to increase flexibility. Another tool to make available to your heirs is the disclaimer. Normally, disclaimers […]
Get Set for the New Medicare Surtax
Medicare beneficiaries are used to annual premium increases to go along with the rising cost of medical care. But in 2007 many will be surprised by the new means-tested premiums. Higher income beneficiaries will pay higher premiums. The amount of the increase in premiums will depend on the beneficiary’s income. The higher premium is called […]
TopReasons for Buying Real Estate for College
The room at college doesn’t have to be an expense. It can be a tax break, with the potential for income and capital gains. It also might be a way for parents or grandparents to acquire a retirement home or second home. You can get these benefits by purchasing a place for your grandchild or […]
How to Jump Start a Lagging Retirement Plan
There is a little-known retirement plan that can boost the retirement savings and tax benefits of small business owners. For the right person, the plan can boost retirement and tax benefits well beyond those of traditional plans. Unfortunately, some advisors are abusing the law and putting their clients’ retirements at risk. The retirement plan is […]
The New Roth 401(k): Who Benefits?
Should you start deferring money into a Roth 401(k) account instead of a traditional 401(k) plan? Many of you still do not have access to the Roth 401(k) plans that first became available this year. But a number of you do, and many more will next year as employers add them to their plans. The […]
IRA Estate Tax Discounts – An Update
Your heirs will enjoy only the after-tax value of your IRAs and other retirement accounts. Can this difference be reflected in the estate tax value of the accounts? An IRA is included in the owner’s estate. If the estate is valuable enough, it is subject to the estate tax. After heirs inherit an IRA, the […]
