Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Gimme Shelter: Hidden Real Estate Tax Bombs to Avoid
For many pre-retirees and retirees, the equity in their homes is often one of their largest retirement assets. This Special Report reveals some little-known strategies to avoid or reduce hefty capital gains taxes. Click on the PDF below to learn more. […]
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. […]
Tax-Free Capital Gains Opportunities in the One Big Beautiful Bill
The OBBB enhanced a couple of ways to make capital gains tax-free or tax deferred. The 2017 tax law created opportunity zones (OZs), areas of the country deemed in need of incentives for economic growth. Individuals defer some of their capital gains and eliminate taxes on a portion of the gains by selling profitable investments […]
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 […]
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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 […]
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 […]
Don’t Forget About the Kiddie Tax
A key to maximizing a family’s after-tax investment income is to navigate the Kiddie Tax. Don’t make gifts of investment property to children or grandchildren without knowing the rules. The Kiddie Tax applies to unearned (investment) income of people under age 19 (or dependent, full-time students under age 24). The Kiddie Tax was enacted to […]
