Taxes
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Taxes in Retirement: 25 Terrific Tax Planning Tips for a Wealthier 2025 and Beyond
Mar 28 2025
Planning for the future should involve strategizing to minimize taxes. Explore 25 tips to help you plan, do retirement tax filings, and save money. The post Taxes in Retirement: 25 Terrific Tax Planni...
boldin.com
What Retirees Need to Know About Taxes
Mar 26 2025
Take steps to avoid a surprise tax bill and underpayment penalties....
kiplinger.com
How Are Investments Taxed In Retirement?
Mar 26 2025
Note: The winners of last week’s FIRE album giveaway will be announced at the end of this post. I’ve been asked on numerous occasions how we deal with taxes in retirement. Spoiler alert, i...
millennial-revolution.com
Tax Advantages of Oil and Gas Investments: What You Need to Know
Mar 26 2025
Tax incentives allow for deductions and potential tax-free earnings — benefits accessible only to accredited investors in small producer projects....
kiplinger.com
Taxes in Retirement: What ESOP Participants Need to Know
Mar 26 2025
Most Employee Stock Ownership Plans (ESOP) participants transfer company stock to an IRA starting around age 55, so taxes on that money have been deferred....
kiplinger.com
10 Best Tax-Free Investment Options to Consider
Mar 23 2025
Successful investors will take advantage of tax-free investments to lower their tax burden but should take care not to sacrifice higher returns in doing so. The post 10 Best Tax-Free Investment Option...
whitecoatinvestor.com
How Roth Accounts Can Ease Your Tax Burden in Retirement
Mar 23 2025
Strategic Roth IRA conversions can set you up for tax-free income in retirement and a tax-free inheritance for the people you love....
kiplinger.com
Tax Diversification: Smart Ways to Preserve Your Nest Egg
Mar 23 2025
A long and active retirement may be costly — and may even bump you into a higher tax bracket. Paying some taxes on your savings now could be the answer....
kiplinger.com
Millions to Lose Health Coverage if ACA Tax Credits End
Mar 23 2025
If providing healthcare to more Americans is the goal, the COVID-era tax credits for people buying insurance on the Affordable Care Act (ACA) marketplaces have been a big success. Enrollment in ACA po...
crr.bc.edu
Kick the IRS to the Curb in Retirement
Mar 22 2025
That 401(k) or traditional IRA you've filled with your hard-earned money could turn into a tax bomb. Before it blows, see if a Roth could help rescue you....
kiplinger.com
How the Ultra-Rich Avoid Taxes: The Buy, Borrow, Die Strategy
Mar 21 2025
You might’ve heard whispers about the “Buy, Borrow, Die” strategy. Sounds like something only billionaires in boardrooms talk about, right? But it’s not. It’s a perfectly...
dadisfire.com
How Does California Tax Your Social Security Benefits?
Mar 20 2025
If you want to retire in or to California, you may wonder how California will take your Social Security and other retirement benefits....
forbes.com
Tax-Smart Ways To Cash In Capital Gains
Mar 20 2025
Investors are looking to take some profits before they disappear. Fortunately, there are strategies that can reduce capital gains taxes on investment profits....
forbes.com
Don't Forget About State Taxes When Making Roth Conversions
Mar 18 2025
Converting a traditional IRA account to a Roth IRA is a fabulous part of a proactive tax-planning strategy to reduce the tax drag on your retirement income....
forbes.com
Tax Credits That Can Increase Your Refund
Mar 17 2025
When filing your tax return, certain refundable tax credits are more valuable than the more common, non-refundable credits. The post Tax Credits That Can Increase Your Refund appeared first on Getting...
financialducksinarow.com
10 Tax Topics Every Retiree Should Know About
Mar 16 2025
A little knowledge can go a long way toward saving on your tax bill. Print this out and take it to your tax planner so you can have a productive chat....
kiplinger.com
How Likely Are You to Get Audited by the IRS? A CPA Answers
Mar 13 2025
Taxes are a headache. Audits are worse. Nobody wants to deal with the IRS sending a letter, asking for records, and possibly demanding more money. But is an audit something most people should actually...
dadisfire.com
18 Tax Moves for Beginners: Simple Tips That Could Save You Thousands
Mar 13 2025
Taxes feel confusing when you’re just starting out. Forms, deductions, credits, it all sounds like a foreign language. Mess up, and the IRS might take more than its fair share. Get it right, and...
dadisfire.com
Tax-Deductible Home Improvements for Retirement in 2025
Mar 13 2025
Your aging-in-place plan could benefit from the medical expense tax deduction. But watch out for capital gains and property taxes....
kiplinger.com
Answering Last-Minute Tax Questions and Preparing for 2025
Mar 13 2025
With about a month until Tax Day on Tuesday, April 15th, you should, ideally, have all your financial documents collected. It might be a good idea to check in one last time with your financial advisor...
keenonretirement.libsyn.com
Taxes in Retirement, Tax-Gain Harvesting, and Avoiding Probate
Mar 13 2025
Answering reader questions about tax liability in retirement, Social Security tax limits, tax-gain harvesting in UGMA accounts, and whether it is important to do estate planning to avoid probate. The ...
whitecoatinvestor.com
This Underused IRA Option Offers Tax Benefits and Income Security
Mar 12 2025
Looking to avoid running out of money in retirement? Consider longevity protection provided by a QLAC as a component of your retirement income plan....
kiplinger.com
Key Tax Changes Affecting Physicians When Filing Taxes for 2024
Mar 11 2025
The past tax year brought a good number of key updates that are likely to impact high-earners such as physicians. ... Read more...
physicianonfire.com
You Don’t Want to Retire in Portugal: Here Are Three Tax Reasons Why
Mar 09 2025
With the NHR benefit retiring and pension taxes increasing, you might rethink your retirement plans in Portugal....
kiplinger.com
An Introduction to Tax-Loss Harvesting for Doctors
Mar 08 2025
Tax loss harvesting is a strategy that can help minimize taxes in your investing plan. In this post, I asked ... Read more...
physicianonfire.com
What kind of CPA for retirement tax advice?
Mar 08 2025
I’m looking to retire at the end of 2026 (hopefully not get retired this year) and just starting to plan the financial stuff. I got wiped out in divorce at 48 so very proud of myself for even be...
reddit.com
Avoiding the Tax Avalanche in Retirement (Ep. 14)
Mar 08 2025
Have you ever wondered just how much of your retirement savings actually belongs to you and how much goes to Uncle Sam? In this episode, Ryan Thacker and Tyson Thacker…...
bossretirement.com
How To Use A Mega Backdoor Roth For The Max Tax-Free Retirement Income
Mar 07 2025
You should check out the mega backdoor Roth tax-planning strategy. The huge life time tax savings can improve the health of your retirement income....
forbes.com
Three Actions to Protect Wealth Transfer Amid Tax Uncertainty
Mar 06 2025
How should families plan to pass on their wealth amid ongoing uncertainty over estate taxes? Even if TCJA provisions are extended, they might still be temporary....
kiplinger.com
Inbox Question | Tax Treatment of Special Needs Trusts: What You Need to Know
Mar 06 2025
This week, we’re diving into a question about the tax treatment of Special Needs Trusts. There are two types—First-Party and Third-Party trusts—but how does each one affect taxes? We...
sites.libsyn.com
Maximize Your Refund: 18 Often-Overlooked Tax Deductions Worth Checking Before Filing
Mar 05 2025
Taxes are one of those things people love to hate. Every year, millions rush through their returns, hoping they don’t owe too much or, better yet, get a decent refund. But in that rush, plenty o...
dadisfire.com
Added withholding on 401k withdrawals a good idea for quarterly tax?
Mar 05 2025
This will be my first full year of retirement. SS, a small FERS annuity, and 401k (TSP). Since I’m not having any Fed withholding on my annuity taken out, my tax guy says I need to be making qua...
reddit.com
The Social Security Fairness Act and Your Taxes: Are You Prepared?
Mar 04 2025
To maximize Social Security Fairness Act benefits, retirees will have to minimize unexpected tax burdens....
kiplinger.com
IRS Free File Update for 2025
Mar 04 2025
Last year I wrote about a valuable but little-known income tax filing option called IRS Free File. With the 2024 tax season upon us, now is a good time to remind readers about the program, and share w...
caniretireyet.com
401(k) Tax Implications: What You Need to Know
Mar 03 2025
When it comes to saving for retirement, it may be not just about how much you save – it may be about how much you get to keep. Understanding 401(k) tax implications may help you maximize your sa...
401kmaneuver.com
How to Invest Like the Rich (and Pay Zero Taxes on Gains)
Mar 02 2025
The wealthy favor private equity and credit (and private placement life insurance) for higher returns with no taxes. If you're worth $1 million, you can, too....
kiplinger.com
Retirement Income Tax and the IRS: What Retirees Need to Know for 2025
Mar 02 2025
Several tax changes are happening that can impact how your retirement income is taxed at federal and state levels....
kiplinger.com
Deferred Sales Trust: An Alternative to a 1031 Exchange
Mar 01 2025
If you're looking for the best tax-efficient way to sell a real estate investment, should you use a deferred sales trust or a 1031 exchange? The post Deferred Sales Trust: An Alternative to a 1031 Exc...
whitecoatinvestor.com
The Golden Window: A Top Tax Strategy for the Right Retirees
Mar 01 2025
Maximize your retirement savings and minimize your tax burdens by taking advantage of the strategic 'Golden Window' before Social Security and RMDs begin....
kiplinger.com
The Most Tax-Friendly Countries for U.S. Retirees
Feb 28 2025
By retiring overseas, U.S. seniors can access low- and even zero-tax environments....
money.usnews.com
Save on Taxes: 19 Smart Ways to Keep More of Your Money
Feb 27 2025
Nobody likes taxes, but most people just accept them without question. The government takes a chunk, and you move on. But if you’re paying more than necessary, that’s on you. A recent Pew ...
dadisfire.com
A Little-Known Tax Buster for Rich Retirees: Zero-Coupon DST
Feb 27 2025
Maybe you've heard of using Delaware statutory trusts to defer taxes on real estate investments, but zero-coupon DSTs take those benefits a step further....
kiplinger.com
When You Need to Pay Taxes on Social Security
Feb 27 2025
Here's how to find out if you'll pay tax on your Social Security benefits....
money.usnews.com
Trump’s Plan to Eliminate Taxes on Social Security Forgets Your Children
Feb 26 2025
A new analysis reveals that the policy change would mainly benefit high-earning retirees or those close to retirement....
kiplinger.com
4 Common and Costly Tax Prep Mistakes That Your Advisor Can Help You Avoid
Feb 26 2025
The words “fun” and “taxes” probably don’t go together in your mind. But, as I mention on today’s episode, they do at Keen Wealth! Helping folks be good stewards of...
keenonretirement.libsyn.com
Can you claim pets on taxes? The truth on the IRS pet tax credit
Feb 25 2025
Is there a pet tax credit? Not currently — but there are specific circumstances in which pet owners can deduct certain pet-related expenses on their taxes....
empower.com
What You Need To Know About Taxes And Gold Profits
Feb 24 2025
Many investors who prospered from gold’s bull market will be surprised by how profits on their gold investments are taxed....
forbes.com
A Tax Strategy Now Helps Make Retirement Less Expensive Later
Feb 24 2025
Knowing what your three tax buckets are and how to move savings from the tax-deferred bucket to the tax-free bucket can make a big difference in retirement....
kiplinger.com
Seven Ways to Reduce Taxes on Social Security Benefits in 2025
Feb 23 2025
Minimizing taxes on Social Security is an essential consideration for many retirees....
kiplinger.com
State Exit Taxes And Other Innovative Way To Tax Former Or Departing Residents
Feb 22 2025
States with net losses of residents are developing innovative and aggressive ways to capture tax revenue from their expatriates, such as the "exit tax."...
forbes.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.