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

Medical and Health Insurance Premiums: Finding Deductions

As we age and pay off our mortgages, it seems that baby boomers and retirees are less likely to itemize deductions. On the other hand, this stage in our lives can introduce new sources of deductions that we may not think of. Read more

Comparing Marginal and Average Income Tax Rates

There was a mini-uproar this past week in the personal finance blogosphere. It seems that one veteran blogger published a guest post from another veteran blogger about the tax consequences of paying mortgage interest. The problem was that the author fundamentally misunderstood the difference between marginal and average tax rates. Surprisingly, the comments to the subsequent apology indicated that there are a lot of folks out there who do not understand the difference. So I decided to write a brief article about. Read more

Understanding Taxes on Retirement Job Income

The government does a good job of making our tax system incomprehensible to the average citizen.  

Things are even harder to figure out for people who are retired, receiving Social Security, and working full or part-time.  Most retirees don’t have a clear understanding of how much they are taxed on job income they receive from post-retirement employment. Read more

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