Your Tax Refund Introduction to I Bonds

Regular readers know that I am a fan of I-Bonds and TIPS for retirement savings. If you are at all concerned about future inflation (and you should be), you should own TIPS and/or I-Bonds as part of a diversified portfolio. This year, the federal government is making it easy for you to buy I-Bonds, also known as Series I U.S. Savings Bonds. Read more

Using the Retirement Savings Credit

I have found in my experience as a volunteer tax return preparer that some folks are unaware of (or forget) the retirement savings credit that is available to some taxpayers. The basic principle for this credit is this: If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement account (IRA), you may be able to take a credit against your federal income taxes. The amount of the credit you can get is based on the contributions you make and your “credit rate.” Read more

Finance Professionals Bid to Help You Online

I’m mostly a do-it-yourself financial planner. But sometimes we all could benefit from professional advice to help us through a complex finance, tax, or estate planning problem. Even then we procrastinate or avoid the issue because of (a) the expense and/or (b) the hassle of having to locate a professional, make an appointment, and visit their office. Now there is a way to receive personal finance and tax advice online. Read more

Year End Tax Planning Strategies

It’s that time of year when all of us need to think about tax planning strategies to minimize our 2009 federal income tax obligations. That includes this baby boomer. Here are some year-end moves to consider: Read more

How to Plan for Tax Free Retirement Income

Many experts tell us that when we retire, it can be important to have several options in income sources, some of which are tax free. Tax rates are going up for a lot of us, starting with the expiration of the Bush tax cuts at the end of 2010. Now is the time for baby boomers to think about and make plans for generating tax free retirement income. Let’s briefly review some of the available options for doing that. Read more

Boomer and Retiree Downsizing on the Extended First Time Homebuyer Credit

Congress has extended and expanded the first-time home buyer credit in several important respects. The new law will provide financial assistance to baby boomers and retirees who want to downsize to a different home. Let’s discuss a few of the aspects of the credit that will aid in the downsizing process. Read more

Property Taxes and the Paid-Off Mortgage

If you have paid-off your mortgage (as we did earlier this year), you have some new tasks to takeover from the bank or mortgage company. One of those is paying the property taxes on your home. We just received our first tax bill. There are a few rules and procedures to be aware of.  Read more

Places to Retire with Low Income Taxes

If you are thinking about places to live when you retire, you also have to think about income taxes. You don’t have much control over your federal income tax burden but you can control your state tax burden by choosing your retirement state wisely. Finding a state with low taxes for retirees is not as straightforward as it may seem. Let’s take a look. Read more

Retirement Tax Burdens

If you want to retire somewhere with a low cost of living, you need to consider the tax burden imposed in that location. Many people think only about state and local income taxes but the picture is much bigger than that. Read more

The Future of Estate Tax Rates and Exemptions

The time for change in federal estate tax laws is rapidly approaching. The size of the estate tax exemption may be a hot topic of discussion in Congress. This is an issue of importance to baby boomers who may be dealing with the estates of older relatives or updating an estate plan of their own. (You do have an estate plan don’t you?) Read more

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