Tax Tips for Ages 55+
2014 Tax Rates
2014 tax rates have changed only slightly from 2013. Here's you'll find the tax rates and actionable advice on how to use them for tax planning.
2013 Tax Rates
With 2013 tax rates some permanent rules were put in effect. Thank goodness! Here's how the tax rates turned out; with good news for lower earners and not-so-good news for higher earners.
How to Pay Less Taxes in Retirement
Get more after-tax retirement income by lowering the taxes you pay. Between ages 55 and 70 the right kind of tax planning will mean you pay less taxes in retirement.
Retirement Taxes - Frequently Asked Questions
In the United States, there are no specific retirement taxes. Instead, you continue to pay tax on your income each year as you receive it, much like you did before you were retired. So, if there are no retirement taxes, how do you know how much tax you will pay in retirement? Each type of income you receive will have different tax rules that...
Earned Income Is Taxed Differently Than Unearned Income
Earned income is the money you earn from working. It includes wages, salaries, tips and net earnings from self employment income. Earned income does not include investment income like annuities, pension income, withdrawals from IRAs and other retirement accounts, capital gains distributions and passive income generated from rental real estate.
What Is A Tax Managed Mutual Fund?
Tax managed mutual funds can offer big benefits in retirement. They put you in control of your capital gains distributions.
Can A Capital Loss Can Carryover To The Next Year?
Capital losses can be carried forward. It is sometimes called a capital loss carryover. Here's how it works.
When Tax Deferred Accounts Can Hurt You
Socking away all your money into tax deductible retirement accounts may not always be the best thing to do.
IRS Tax Tips For Seniors
IRS publications and tax tips for Americans age 55+.
Free Tax Help For Those Age 55+
Free tax help and tax preparation for low to moderate income levels, age 60 or older. Offered through AARP. Ask a question online, or locate an office near you.
Tax Deferred Savings Accounts and Tax Deferred Investments
Tax deferred savings means you use an investment or account where you dont have to claim the investment income earned on your current years tax return. Here's how it works and how to accumulate tax deferred savings.
Filing An Extension – Filing A Tax Extension Is Ok, Really
Filing a tax extension is not a big deal, not at all. It doesn’t raise red flags at the IRS. It doesn’t put you in the automatic “to be audited” file. So why the heroic efforts to avoid filing a tax extension at all costs? I'm not sure, but here's what I do know about tax extensions.
Pre Tax Vs After Tax Investments
When discussing retirement plans and taxes we often use the terms pre-tax or after-tax dollars. How do you know what is pre-tax and what is after-tax?
Taxable, Partially Taxable and Tax-Free Retirement Income
Is retirement income taxable? It depends on where your retirement income will come from, and how much of it you will have. Below is a list of common sources of retirement income broken down into taxable retirement income, partially taxable retirement income, and tax free retirement income.
Tax Answers By Fairmark.com
One of my favorite resources for quick, easy-to-understand answers to tax questions is Fairmark.com. From their home page you’ll find links to Fairmark’s Online Guides covering topics like ROTH Retirement Accounts, Social Security, Capital Gains, AMT, Compensation in Stock and Options, and much more.
6 Resources to Use to Find Retirement Tax Friendly States
You can have far more income to spend if you live in one of the best states for retirement income taxes verses one of the worst. Is it worth relocating? You never know until you start looking.
What if You Can't Pay the Taxes You Owe?
You have just finished preparing your tax return and notice that you owe Uncle Sam a hefty sum, but you can’t afford to pay it. Are you going to jail? Probably not. The realization that you can’t afford to pay your taxes can make you feel uneasy, but don’t worry, there are some actions you can take to remedy the situation.
How Rental Real Estate Tax Deductions Fit Into A Financial Plan
Is rental real estate a good investment? Sometimes it depends on your ability to use the rental real estate tax deduction.
Medicare 3.8% Tax – What is it and How Will it Affect You
The new Medicare 3.8% tax starts in 2013 and will affect high income earners. Here's how it works and who it applies to.
2013 Retirement Planning Rules, Rates and Limits
Here is a summary of the 2014 retirement plan limits and tax rates that you'll need to do smart planning.
2013 Retirement Planning Rules, Rates and Limits
Brush up on 2013 tax rates and retirement plan contribution limits so you can use them to your maximum advantage.
Current and Historical Tax Rates
This list provides a link to current tax rates and a summary of past changes that affect your retirement planning.
After-Tax Returns – What They Are and Why They Matter
You can keep more of your investment returns by focusing on after-tax returns. Here's how it works.
Harvesting Capital Gains - How to Use the Zero Percent Cap Gains Tax Rate
There is a zero percent tax rate on long-term capital gains if you are in the 15% bracket. Here's how you harvest capital gains to take advantage of it.
Managing Capital Gains
Do you own mutual funds in non-retirement accounts? Here's how you can manage capital gains and losses to reduce your tax liability.