Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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IRA Estate Tax Discounts – An Update
Your heirs will enjoy only the after-tax value of your IRAs and other retirement accounts. Can this difference be reflected in the estate tax value of the accounts? An IRA is included in the owner’s estate. If the estate is valuable enough, it is subject to the estate tax. After heirs inherit an IRA, the […]
Key Tax Breaks That Have Expired
Congress could not agree on a deal by the end of 2005, so valuable tax breaks expired at the end of the year, as I warned you in the December issue. Both the House and Senate passed bills to extend the provisions, but their versions were different and could not be reconciled in time. Sources […]
Estate Planning to Increase the Benefits of Charitable Giving
Most charitable gifts are contributions of money or property directly to the charity. But there are other ways to give that provide additional benefits. Some of the charitable giving strategies allow the donor to retain more control than a straight gift. Others provide income for a period of years or can provide payment of a […]
The New Roth 401(k): Who Benefits?
Should you start deferring money into a Roth 401(k) account instead of a traditional 401(k) plan? Many of you still do not have access to the Roth 401(k) plans that first became available this year. But a number of you do, and many more will next year as employers add them to their plans. The […]
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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 […]
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 […]
