Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 484 Articles.
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The Mid-Year Estimated Tax Update Is Critical for Retirees
Market changes in the last few years cause more retirees to be caught by one of the Stealth Taxes, even retirees who avoided this Stealth Tax for years. The surprising change in Federal Reserve Board policy in the last few months will cause another wave of retirees to be caught. Retirees are specific targets of […]
Plan Now to Avoid Stealth Taxes this Year
Retirees and near-retirees need to worry more about Stealth Taxes than regular income taxes. Stealth Taxes include the amount of Social Security benefits added to gross income, the Medicare premium surtax (also known as IRMAA), the 3.8% net investment income tax and more. Some Stealth Taxes are directed specifically at retirees, such as the tax […]
Is It Better to Donate Cash or Property?
Taxpayers should give as much consideration to how they make charitable donations as they do to the amounts they give. They might deliver more benefits to both themselves and the charities. Cash contributions are the most common and easiest way to donate, and that includes donations made by checks and payment cards. The donor makes […]
How Retirees Use Tax Diversification to Slash Income Taxes
Tax diversification is a key to minimizing income taxes during the retirement years, especially when it comes to avoiding or reducing the Stealth Taxes directed at retirees. During the working years, many people use deductions and tax deferral to manage their tax brackets and tax burden. But during retirement, tax diversification provides a unique ability […]
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Why Line 11 Is the Most Important Number on Your Tax Return
When you’re in or nearing retirement, the most important number on your income tax return isn’t gross income or taxable income. It isn’t even the total tax bill. You want to closely monitor line 11 on the first page of the 2023 Form 1040, your adjusted gross income (AGI). Congress knows retirees have the bulk […]
Know When the Gain from a Home Sale is Tax Free
Many retirees sell their residences at least once during retirement. But often, they wait too long to consider whether their gains might be taxed. Timing matters a lot in determining taxes on the gain of a home sale. Retirees often lose important tax breaks with poor timing of the sale of their old homes and […]
Hidden Hazards in Donor-Advised Funds
Donor-advised funds (DAFs) surged in popularity in recent years and now are among the most popular ways to make charitable gifts. DAFs offer significant advantages, but many people are unaware of some potential traps and are setting themselves up for disappointment. A DAF is a charitable entity set up by a sponsoring organization. The largest […]
Boost Retirement Savings with a Solo 401(k)
The solo 401(k) is a valuable retirement savings tool that is underused by many who are eligible for it. The solo 401(k) is available to the self-employed. Those looking to reduce current income taxes while increasing retirement savings can use a traditional solo 401(k). Those who aren’t too worried about current taxes and want to […]
