Taxes
Showing 50 results of 507
10 Tax Breaks for People Over 50
Feb 21 2025
Growing older qualifies you for a variety of tax perks that aren't available to younger workers....
money.usnews.com
Give Yourself A Gift Instead of Uncle Sam: 18 Smart Tax Tips
Feb 20 2025
Taxes drain your paycheck faster than a bad investment. Most people assume there’s nothing to do but accept it, but that’s exactly how the IRS wants you to think. The tax code is complicat...
dadisfire.com
Trading Off Health Care For Unnecessary Supply Side Tax Cuts
Feb 20 2025
Cuts to vital programs for many seniors like Medicaid and SNAP are in the same bill in the House of Representatives as tax extensions for the wealthiest....
forbes.com
Estate Tax Repeal – Could It Be Real?
Feb 20 2025
Estate tax repeal may happen. What does that mean to your planning? (The answer is not to do nothing). Your will/revocable trust may not work without estate tax formulas....
forbes.com
This Boring Retirement Income Source Has Big Tax Benefits
Feb 20 2025
Don't ignore this retirement income source, especially if you are wealthy or need portfolio diversification....
kiplinger.com
Avoid Tax Trouble: 18 Common Audit Triggers That Could Land You on the IRS Watchlist
Feb 18 2025
Nobody wants a letter from the IRS. Even if your taxes are spotless, there’s always that nagging thought, did you miss something? Did a simple mistake put you on the IRS radar? The Comprehensive...
dadisfire.com
Tax season question, first year
Feb 18 2025
I ended up making some pretty conservative quarterly estimated payments in 2024, and having just filed my returns, I’m getting most of them back. I had a hunch a year ago this would be the case,...
reddit.com
0% Capital Gains Tax vs. Roth Conversion vs.... a Cruise? - 517
Feb 18 2025
Should Nancy in Washington take out a 401(k) loan and invest it in her brokerage account to catch up on saving for her retirement? When Joe and Big Al talk about having a balanced portfolio of various...
purefinancial.com
What Are Frivolous Tax Arguments?
Feb 15 2025
Do you know the difference between tax avoidance and tax evasion? Here's how to avoid frivolous tax arguments that may land you in jail. The post What Are Frivolous Tax Arguments? appeared first on Th...
whitecoatinvestor.com
What the IRS Doesn’t Want You to Know About Your Taxes in Retirement
Feb 15 2025
There are some things the IRS DOESN’T want you to know about your taxes in retirement. And they could needlessly cost you a fortune! Learn more in the latest episode…...
bossretirement.com
Learning the love language of taxes: It’s all in the lingo
Feb 15 2025
Tax language may not be overly romantic, but mastering it could render sweet rewards. Here’s how to flip a 1040 form into a love letter....
empower.com
Don’t Let the IRS Take More Than They Should: 15 Smart Tax Moves W2 Workers Can Use
Feb 14 2025
If I were a high-earning W2 employee, I wouldn’t just accept a massive tax bill as the price of success. No group in America gets taxed harder, and unlike business owners or investors, W2 worker...
dadisfire.com
Hyperfocus on Taxes in Retirement
Feb 13 2025
It seems like most of the seminars I go to have a heavy emphasis on taxes in retirement. I was taught 'don't let the tax tail wag the dog'. Why is this? Is it a marketing scheme to get you to use thei...
reddit.com
20 Basic Tax Rules Most People Get Wrong
Feb 12 2025
Taxes aren’t fun. They aren’t optional either. Most people just file, hope for the best, and move on. The problem? That approach leads to overpaying, sometimes by thousands. The IRS won&rs...
dadisfire.com
Four Potential Tax Changes to Keep Your Eye On
Feb 11 2025
Many taxpayers may be surprised by a larger tax bill if the TCJA isn't extended. Check out these proactive strategies to help mitigate some of the impacts....
kiplinger.com
483: The Future of Tax Rates: How to Keep More of Your Money and Pay Less Taxes with Ed Slott
Feb 10 2025
Today, I'm joined by one of the country's most renowned tax and retirement distribution experts—Ed Slott. Ed is a CPA, best-selling author, and the founder of Ed Slott and Company. He’s al...
retirewithpurpose.com
Retire in Costa Rica With These Three Tax Benefits
Feb 09 2025
Costa Rica may be a good place for retirement if you like the low cost of living and savings for your heirs....
kiplinger.com
? Survey Finds Support for Raising Taxes for Social Security (AARP Article)
Feb 09 2025
FROM THE ARTICLE: Reduction in benefits projected by 2035 unless action is taken to shore up vital program. By Andy Markowitz, AARP. *** There are 93 Comments on the AARP website. Stop by to add yours...
community.aarp.org
The Future of 1031 Exchanges Under Trump Looks Bright
Feb 08 2025
As a real estate investor himself, President Trump appears poised to preserve the tax-deferring power of this strategy. But you still must follow the rules....
kiplinger.com
Tax Cuts for the Middle Class and Retirees: A Win for Your Wallet
Feb 07 2025
OnFebruary 6, 2025, the White House announced a series oftax cuts primarily benefitting the middle class and retirees. Here’s what’s on the table: The administration is calling this thelar...
financialsamurai.com
Receiving a nice chunk of tax free money - what would you do?
Feb 07 2025
Hubs and I are both retired in our 60's and 70's. We owe about $120K on our house at a 2.75% rate. No kids, thus no grandkids. We have several nieces and nephews that we are close to that have been ve...
reddit.com
New bill introduced about taxes on SS income.
Feb 07 2025
Social Security Taxes to Change Under New Bill: Here's Who's Impacted...
community.aarp.org
Live Here, Save More: 21 States Offering the Best Tax Breaks
Feb 05 2025
Most people don’t realize how much state taxes eat into their income until they do the math. Taxes aren’t just an annual headache, they’re the silent drain on your paycheck every sin...
dadisfire.com
No Taxes on Social Security? Here’s What Trump’s Plan Means for You
Feb 05 2025
For nearly 50 years after Social Security's inception in 1935, benefits were not subject to federal income taxes. That changed in 1983 when Congress introduced taxation on benefits for higher-income r...
buzzsprout.com
24 Simple Tax Deductions That Can Save You Big Without Itemizing
Feb 04 2025
Tax season isn’t exactly anyone’s idea of fun. But what’s worse than filing taxes? Overpaying them. The good news is you don’t have to spend hours sorting receipts to save mone...
dadisfire.com
Tax season snapshot: Take advantage of these new tax breaks
Feb 04 2025
Keep these changes in mind when preparing returns to help maximize refunds or lower amounts owed....
empower.com
Ep 400: Answering More Of Your Tax Filing Questions
Feb 04 2025
Today we are following up on last week’s episode to talk a little more about taxes. Filing your taxes can feel overwhelming, and when you’re near or in retirement, there are some additiona...
mysmartretirement.flemingfinancialservices.com
Ep 399: Tax Pitfalls: What You Need To Know Before Filing This Season
Feb 04 2025
With Tax Day right around the corner, we wanted to record a timely episode to answer your tax questions for 2023. In fact, tax filing season might look a little different this year than it has in year...
mysmartretirement.flemingfinancialservices.com
Ep 393: Is This Your Tax Question?
Feb 04 2025
The first quarter of the year is always a time when people begin thinking about taxes just a bit more. That yearly filing will often stir up a few financial questions and get people asking about strat...
mysmartretirement.flemingfinancialservices.com
Ep 364: Understanding Tax Allocations
Feb 04 2025
Are you worried about taxes, particularly in retirement? Preparing for the tax bill now can save you a lot more in the future. On today’s episode, we are going to explore some common questions w...
mysmartretirement.flemingfinancialservices.com
Tariffs: Balancing the Pros and Cons
Feb 04 2025
From President Trump’s upcoming tariffs on Canada, Mexico, and China to the historical legacy of the “Chicken Tax,” tariffs have shaped economies and industries in ways both expected...
sites.libsyn.com
States That Won't Tax Your Retirement Income in 2025
Feb 02 2025
Several states don’t tax Social Security benefits, 401(k)s, IRAs, and pensions. But you may still have to pay state taxes on some incomes....
kiplinger.com
How To Save Social Security — Pay More Taxes? Cut Benefits?
Feb 01 2025
These proposals to save Social Security may require big changes, but Americans want politicians to act. Are you willing to pay more taxes?...
kiplinger.com
Here's How Retirement Changes Your Taxes
Feb 01 2025
How you approach taxes in your golden years and in the years before retirement can dramatically impact how much you pay....
kiplinger.com
The Retirement Maneuver More People Should Be Making
Feb 01 2025
Roth conversion is often a smart choice. Don’t let the tax bill scare you....
nytimes.com
8 Things to Know Before Filing 2024 Taxes
Jan 31 2025
Tax season kicks off this week, and with it comes a handful of changes you’ll want to know about before filing your 2024 taxes. From adjustments to standard deductions and tax brackets to update...
401kmaneuver.com
Ask a Financial Pro: What Is the Best Time of Year to Retire for Tax Purposes?
Jan 31 2025
By carefully considering the month when you'll retire, you can maximize your income and reduce your taxes....
money.usnews.com
The Tax Perks of Aging: 17 Tax Breaks You Can Claim After 50
Jan 28 2025
Once you hit 50, taxes start working in your favor, if you know where to look. The government, for all its faults, actually hands out plenty of tax breaks to older adults, helping them keep more of th...
dadisfire.com
Ramifications of replacing income tax with National Sales tax
Jan 28 2025
Attention, Fellow AARP members: I want to bring to light and important issue regarding the possibility of the income tax being replaced by a national sales tax system, which could have a significant i...
community.aarp.org
Ease the Tax Bite When You Tap Retirement Accounts
Jan 27 2025
Savvy retirees tap retirement accounts with a tax plan. Each type of account may have different tax rules and rates, so know before withdrawing funds....
kiplinger.com
Downsize in Retirement With 2025 Tax Benefits: Three Key Strategies
Jan 26 2025
Downsizing retirees may benefit from tax savings, lower utility bills, and freed-up income. But could a new presidency impact your home sale?...
kiplinger.com
Does anyone know of a multi-state tax calculator or estimator?
Jan 26 2025
Has anyone used a calculator to estimate what their total tax burden will be in retirement by state? We are considering not staying where we currently live when we retire in a few years. Though we wil...
reddit.com
Should You Pay Taxes With a Credit Card?
Jan 24 2025
Jim Wang is a forty-something father of four who is a frequent contributor toForbesand Vanguard’s Blog. He has also been ... Read more...
physicianonfire.com
2024 tax season snapshot: Take advantage of these new tax breaks
Jan 24 2025
Keep these changes in mind when preparing returns to help maximize refunds or lower amounts owed....
empower.com
Tax Planning/Estimation/Visualization website or software
Jan 24 2025
Is there a good US Federal Income Tax/Medicare/SS planning or estimation software that has some visualization of taxes owed and distribution? Something like this: Understanding Tax Brackets: Interacti...
reddit.com
Exploring Taxes with a Friend of WCI
Jan 23 2025
Joined by tax guru Alexis Gallati, we have another Friends of WCI episode, where we answer questions about the benefits of hiring your spouse and children, the tax implications of hiring a nanny, and ...
whitecoatinvestor.com
Why Vanguard Was Ordered to Pay a $106 Million Fine Related to Target-Date Funds
Jan 21 2025
Vanguard's fine centers on December 2020 actions related to the asset manager's target-date funds and capital gains taxes. Here's what you need to know....
kiplinger.com
Getting Divorced? Beware of Hidden Tax Traps as You Divide Assets
Jan 21 2025
Dividing assets fairly in a divorce means looking beyond their current values and asking whether they'll create tax liabilities — or tax breaks — in the future....
kiplinger.com
Year-End IRA Tax Moves for 2024 at Any Age
Jan 21 2025
Optimize your IRA and 401(k) strategies with these key tax-saving tips for year-end planning....
money.usnews.com
Child Tax Credit, Childcare Tax Credit, and Childcare Flexible Spending Accounts (FSA)
Jan 18 2025
Raising children is ultra-expensive, but there are ways that your kids can save you money when you're paying your income taxes. The post Child Tax Credit, Childcare Tax Credit, and Childcare Flexible ...
whitecoatinvestor.com
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About Taxes
Retirement income can be subject to taxes depending on the specific type of retirement account or benefit you receive and your tax bracket. Here are a few examples of common types of retirement income and how they may be taxed:
1. Social Security benefits: Social Security benefits are generally taxable if you have other substantial income in addition to your benefits. The amount of tax you pay on your benefits depends on your taxable income and tax filing status.
2. Traditional Individual Retirement Account (IRA) and 401(k) withdrawals: Withdrawals from traditional IRAs and 401(k)s are generally taxed as ordinary income at your current tax rate.
3. Roth IRA withdrawals: Withdrawals from Roth IRAs are generally tax-free if you are over the age of 59 1/2 and you have held the account for at least five years.
4. Pension income: Pension income may be taxed as ordinary income or as a combination of ordinary income and a return of your contributions, depending on the specific terms of the pension plan.
It's important to be aware of the tax implications of your retirement income and to consider them as you plan for retirement. It may be helpful to consult with a tax professional or financial advisor to understand how your retirement income will be taxed.