Tax Deductions and Retirement
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What’s in the ‘One Big Beautiful Bill’
On July 4, President Donald J. Trump signed into law the “One Big Beautiful Bill Act” (OBBB). The comprehensive tax and spending legislation is almost 900 pages long. In this article, I focus on the highlights of the tax provisions that are most important to my readers. In the future, I’ll return to some of […]
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 […]
Retiree Tax Haven or Not? How to Assess State Taxes
When all types of taxes are added, taxes are one of the top three expenses of many retirees. That’s why many Americans move to low-tax states after retiring. But retirees often don’t reap all the tax benefits they expected, because they didn’t examine the details of state and local taxes. The details are important. Finding […]
When You Can Treat Portfolio Management as a Tax-Deductible Business
After leaving the career behind, your work isn’t done. You’re now in the business of ensuring there’s steady cash flow to pay your expenses. Or, as I put it, you need to generate your Retirement Paycheck. That leads to a question many people ask: Can I report managing my retirement portfolio as a business on […]
There Has Never Been a Better Time to Donate Part of a Home or Farm
Historically low interest rates can generate historic tax benefits. At least one of these tax benefits can be reaped without giving up any cash or property: a charitable contribution of a remainder interest in a home, vacation home, or farm. Ownership of property can be divided into two portions. A lifetime interest, or life estate, […]
You Should Be Planning This Year’s Qualified Charitable Distributions
Many people aren’t receiving all the benefits they could from the qualified charitable distribution (QCD), the powerful tax-saving tool for charitably inclined IRA owners older than age 70½. The QCD drifted in and out of the tax law for about a decade, but it finally was made a permanent part of the tax code a […]
Charitable Contribution Deductions Are Different For 2018 Tax Returns
Major changes will affect charitable contribution deductions for 2018 tax returns. The first major change is that fewer people will be able to deduct their charitable contributions. To deduct charitable gifts, you have to itemize deductions on Schedule A. Fewer people will be doing that in 2018 and later years because of the higher standard […]
Deducting Mortgage Interest after Tax Reform
One of the questions I receive most frequently from Retirement Watch subscribers is how to make estate planning gifts. Let’s take a look at the issues that recur among many readers. Gifts to family members are one of the staples of estate planning. But the tax law has changed, and that’s altered the role of […]
