As part of my divorce planning practice, I often work with clients to help them chart out their cash flows and projected tax issues to help reduce surprises. Sometimes folks can be confused about what is taxable income. A common question: Is monthly income from divorce taxable? In one case, a woman asked if the monthly benefit she received from her ex-spouse’s military pension was taxable since ... Read More
Taxes
Avoid Costly Mistakes When Buying Real Estate in Retirement
You're ready to retire and tackle your bucket list. On your list is buying that dream home in retirement. But how do you pay for it? You should avoid these costly mistakes when buying real estate in retirement. Whether you want to buy your dream home by the lake or the ocean of somewhere more exotic, you're probably wondering how to make this dream a reality so you can cross it off your ... Read More
You Sold Your Business. Now What?
You've worked hard. And now you want to enjoy your rewards after having invested blood, sweat and tears building your business. If you're lucky you get someone or some company to buy you out. Before you pop the cork off that champagne bottle, you better get your ducks lined up. You sold your business. Now what? You Sold Your Business. Now What? Most every business owner and entrepreneur has one ... Read More
Chef Anthony Bourdain in Hot Water with the IRS
Famous Chef Anthony Bourdain Didn’t Pay Taxes for 10 years— Sounds good, right? But here’s What Can Happen. Like celebrity Chef Anthony Bourdain you can get in hot water with the IRS. Taxes. There’s no escaping them. And if you try, you could be in hot water with the IRS — no matter who you are. At age 44, famous chef Anthony Bourdain never had a savings account and hadn’t filed his taxes for ... Read More
Tax Corner: Can I Still Deduct an IRA When Contributing to 401k Plan?
Here's the latest question to the Tax Corner: Can I still deduct an IRA when contributing to a 401k plan? Does any participation in an employer sponsored plan make one ineligible to participate in a self-directed IRA? Question: I have two part-time jobs. 95% of my wages are generated at job #1 where no 401K plan is offered. I work infrequently at part-time job #2 where a 401K plan is offered and ... Read More
Must I Pay Social Security Taxes on Earnings After Full Retirement Age?
Taxes are always a hot topic and especially for those in retirement. If you're working in retirement, you may have found yourself asking this question as well: Must I pay Social Security taxes on earnings after I reach Full Retirement Age? There are two parts to this question as I understand it: Social Security withholdings on earned income and taxation of Social Security benefits. Social ... Read More
Taxes on Home Sales?
From time to time, I get asked tax questions. A common question is: are there taxes on home sales? The best time to ask this question is not after you've sold your real estate but if you've already passed the keys onto someone else here's what you need to know. So you sold the place you called home. Now what? The usual questions are: Do I have to pay taxes on sales? If I have a gain on the ... Read More
8 Ways to Minimize Taxes
It's tax time again. While taxes are the price for a civilized society, there's nothing in the law that says you can't lower your own tax bill. So at this time of year, I do get questions about taxes. Most folks are looking for ways to minimize taxes. Here are 8 ways to minimize taxes. You may find one or two that work for you. You can minimize tax liability in more ways than can be counted ... Read More
Tax Strategies for Retirees
Ah, retirement! No more worries, right? But when your paycheck stops, you now have to figure out not only how to turn your nest egg into a 'pay check' but how to handle income taxes, too. Here are some tax strategies for retirees to consider. While income taxes can be complex, you may be able to lower your tax burden with good planning and some professional help. Nothing in life is certain ... Read More
Unlock the Power of Your Self-Directed IRA
If you want to be prepared for your retirement, then take charge of your financial future. Unlock the power of your self-directed IRA. Are you tired of making investments that someone else thinks are good for you? Would you like to make investments that you know something about and have direct control over? Consider the power of diversifying your retirement investments through a ... Read More
