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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How to Avoid the Stealthiest of the Stealth Taxes
The estimated tax payment requirement and the penalty for failing to meet it are among the Stealth Taxes imposed on retirees, and they’re becoming more onerous. A few years back, Congress tightened the requirements for estimated taxes, and the IRS put more resources into identifying and penalizing taxpayers who didn’t meet the requirements. The result, […]
Capture the New Tax Breaks on Home Improvements
The Inflation Reduction Act of 2022 provides substantial tax breaks for homeowners who navigate the rules. Most of the breaks start late in 2023 or in early 2024 and last through 2032. The tax breaks are designed to en- courage people to make their homes more energy efficient and reduce use of fossil fuels. Most […]
Beware of the Tax Traps Sprung On Those Who Move in Retirement
The migration from high-tax states to lower-tax states accelerated during the pandemic and continues today. The high-tax states never took the population shift lightly, but now they take it very seriously. A number of high-tax states have aggressive pro- grams in which they identify people who moved out of their borders and seek to continue […]
Learn More Tax-Wise Ways to Cash in Taxable Gains of Funds, Stocks
Savvy investors who sell less than the entire position of a stock or mutual fund in a taxable account have some control over the amount of capital gains taxes they pay. The strategies are particularly im- portant to retired investors who often sell a portion of their holdings each year to pay expenses. The capital […]
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Cutting Taxes Is the Easiest Way to Boost Investment Returns
Most investors overlook the best ways to increase net investment returns. These methods don’t depend on market performance and are more reliable than new investment techniques. The easiest way to raise investment returns is to reduce income taxes on your income and capital gains. In other words, increase your after-tax rate of return by reducing […]
Social Security Benefits for Divorced Spouses
There’s no such thing as “divorce benefits” in the Social Security law, but divorced spouses are eligible to receive benefits based on an ex-spouse’s earnings record. Spousal benefits are often available to ex-spouses and on fairly liberal terms. Divorced spouses sometimes have better options and more flexibility than current spouses. But a small difference in […]
Why the Solo Years are Critical and How to Plan for Them
Married couples in or near retirement should know that the solo years, the period after one spouse passed away, usually are the most difficult period in retirement both financially and emotionally. As I say in Chapter 17 of my book, “Retirement Watch: The Essential Guide to ‘Retiring in the 2020s’” the solo years are when […]
How to Minimize the Most Important Number on Your Tax Return
It’s the most important number on your federal income tax return. The number I’m referring to is your adjusted gross income (AGI). In your retirement years, AGI is more important than for most other taxpayers. Before retiring, taxable income probably is the most important line on your return, and many people believe it still is […]
