Retirement Watch Weekly
How to Put Investments in the Right Places?
With today’s tricky tax law, the account in which you hold an asset can be as important as which assets you own. Unfortunately, too little attention is paid to the issue of which accounts should hold which investments. Most of us have more than one type of investment account: 401(k)s, traditional IRAs, Roth IRAs, taxable […]
Charitable Deduction Rules
Large charitable gifts require extra detail on your tax return. When a contribution of property is between $500 and $5,000, details must be provided about the gifts on Section A of Form 8283. When the value exceeds $5,000, a qualified appraisal must be included. Complete details about the reporting requirements are in IRS Publication 561 […]
How to Increase Charitable Deductions
Americans wrapped up a big year of charitable giving in 2005. Hurricanes, tsunamis, and other events created needs around the globe, and Americans responded with generosity. Charitable giving is most effective when it is planned. That is why many charities have an official or office with the title Planned Giving. Get the maximum benefit from […]
What Longer Life Expectancy Means For Your Money
Americans are living longer. Financial professionals and government officials realized this some years ago and have been studying what that means. Many individuals, however, are not aware of the significant changes in longevity and what it means for their finances. Longer Life Expectancy means longer retirements. Men who are 65 today will live on average […]
How to Create the IRS Audit-Proof Estate
Planning an estate and implementing the plan don’t end the job. To meet your goals, take another step and ensure that the estate will prevail in an audit. Few people realize that the audit rate on estate tax returns is far higher than the rate on income tax returns. The greater an estate’s value, the […]
How to Quantify the Financial Effects of Prescription Drug Plans
The new Medicare Part D program is under way. In past visits we reviewed the key factors to consider when comparing plans for the new prescription drug benefit option. Of course, the bottom line financial costs and benefits also are important. This month we look at how to quantify the financial effects of different plans. […]
Medicare Prescription Drug Program – Answering 2 Key Questions
Two questions frequently are generated by the Medicare Prescription Drug Program. Where can I learn more about my options? There are numerous sources of help for the new drug plan. Start with the free publication, Medicare and You. The 2006 edition was mailed recently to all Medicare beneficiaries and is available on the Medicare web […]
Higher Taxes for You in 2006?
If Congress does not act, income taxes will rise for many of us in 2006. As we go to print, Congress had not stirred itself to extend a number of popular and important tax breaks that will expire at the end of 2005. Congressional tax leaders weren’t even sure that they would be able to […]
