Retirement Feed

One way to survive working on your tax return with a deadline looming -- April 18 this year -- is to make sure you don't make any easily avoidable filing mistakes. Similarly, you don't want to overlook any tax breaks. I guess that technically omitting a tax claim could be considered a mistake, but for the sake of keeping things clear -- and for providing an added blog post topic! -- I've separated them. Searching for tax breaks? Below are 18. (James Corden GIF via CBS.com/Corden) And to save you time in your search for ways to cut your tax... Read more →


Tax Day 2016 is a week away. That's seven days to take care of your annual tax duty. It also means you have seven days to complete some other tax-related tasks that have an April 18 deadline, too. Here are eight tax tasks to take care of in this final filing week. The Beatles' most famous tax-related song is Tax Man, but for this post, Eight Days a Week works, too. Click image to watch the YouTube video of the more-than-a-week-long song. 1. File your 2015 tax year federal tax return. If you miss this deadline by more than 60... Read more →


The hubby and I took a day trip today to check out a cool exhibit of a William Shakespeare First Folio. The book, produced in 1623, seven years after Shakespeare's death, includes 36 of his plays, 18 of which had never been before published. Title page of the First Folio collection of Shakespeare's works, courtesy Folger Shakespeare Library, Washington, D.C. It was a great spring day, so we were treated to gorgeous wildflowers on the drive to and from College Station, where the Folio was on display at Texas A&M University. Plus we topped it off with a great Tex-Mex... Read more →


Welcome to the last week of 2015. The end of the calendar year is important not just for your New Year's Eve party planning purposes, but also because when it comes to most tax moves, Dec. 31 is a critical and firm deadline. So with the soon-to-be-old year rapidly winding down, here are 10 tax moves to make by Dec. 31. 1. Take your retirement account distribution. Most owners of tax-deferred retirement accounts who are age 70½ or older must take a specific amount out of their nest eggs by the end of the year or face stiff penalties. This... Read more →


For the last few months, the standing joke in our house has been that the first words the hubby and I say to each other every morning is, "Can we retire today?" Beach? Mountain cabin? A cruise? Traveling across Europe? What's your retirement dream? Start planning now to achieve it. OK. Maybe we don't ask that question first thing in the morning, but that's mainly because the hubby is not a morning person. But we have been paying closer attention to our retirement stash, as well as checking on what we can one day expect from Social Security. Calculating retirement... Read more →


October is here, finally bringing with it colorful leaves and cooler Fall weather. OK, not so much here in Central Texas, where temperatures insist on hovering in the mid-90s, around 10 degrees above normal. Photo of a colorful park in Mississauga, Ontario, Canada by Paul Bica courtesy Flickr Creative Commons. Much more certain than the weather during this first full month of Autumn is the key tax deadline of Oct. 15. That date is, of course, when procrastinators must finally send in their prior year's tax return. It's also the due date for other important, and tax-related, retirement moves. Here's... Read more →


Stop me if you're heard this before. And before. And before. Yep, I'm talking, again, about tax extenders legislation. These 50+ temporary tax laws must be renewed periodically, with the one to two year extensions, sometimes retroactively, giving them their name. Senate Finance Committee Ranking Minority Member Sen. Ron Wyden (D-Ore.), left, and SFC Chairman Orrin Hatch (R-Utah) will guide their tax-writing colleagues today in examining tax provisions that expired at the end of the 2014 tax year. (Official Senate Finance Committee photo) The current batch of extenders expired on Dec. 31, 2014, after being given new life retroactively for... Read more →


April 15 is for more than just filing last year's taxes. There are six other individual tax-related tasks that are due today. Ready. Set. Go. 1. Open and/or contribute to an IRA The April filing deadline is the last chance you get to make a contribution to your traditional or Roth IRA and have it count as if you put the money in by last Dec. 31. For some filers, that prior year traditional IRA contribution could count as an above-the-line deduction on Form 1040 or 1040A. And that could help lower their tax bills. 2. Pay your estimated taxes... Read more →


The economy is picking up, but mostly for folks who already are doing OK. Others, however, find that their low-wage jobs don't provide income sufficient to make ends meet. To help ease some of this income inequality within their borders, 25 states and the District of Columbia have enacted earned income tax credits. Like the federal EITC, the state versions offer assistance to individuals with jobs. Working families with children earning up to about $39,000 to $52,000 (depending on marital status and the number of children in the family) generally can qualify for a state EITC, according to the Center... Read more →


We're two weeks away from the annual tax return filing deadline. For most of us, that means we're stuck tax-wise with what we've got. The chance to make tax-saving moves ended, in most cases, last Dec. 31. But there is one last tax move you can make now that could affect your current tax filing: contribute to an individual retirement arrangement (or account, as most of us say). You have up until the April 15 filing deadline to put money into a Roth or traditional IRA and designate that money as a prior year -- 2014 in this case --... Read more →


A couple of weeks ago I mentioned that I was ready to take a break from tax season. I'm now at that point where I'm beyond wanting a vacation. I'm thinking retirement. When will the hubby and I be able to join this group of happy retirees? Soon we hope! This cycle is not unusual, for me or other folks in jobs where the intensity ramps up to a certain deadline. Things get crazy and you get crazier and some days you just want to chuck it all. This too will pass. Or not. Retirement ruminations: No, it's not that... Read more →


The official name of the politically volatile health care reform law is the Patient Protection and Affordable Care Act. That's usually shortened to the Affordable Care Act, or ACA. And it's popularly known as Obamacare. That nickname came from opponents of the president's first-term legislative landmark. Later, however, ACA advocates, including the commander in chief himself, embraced the moniker. Bothered by Bush tax cuts name: Obama's predecessor, George W. Bush, found his name appended to the tax laws he ushered through in his first term, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and Jobs and Growth... Read more →


It's Tuesday, but to borrow a phrase and concept popular on the Internet, it sure feels like Throwback Tax Thursday. The reason? The preview of the topics that President Obama plans to address in tonight's State of the Union Address includes some tax provisions that used to be in the Internal Revenue Code. The one that caught my eye is a tax break that's near to my heart, and I mean that in the romantic sense. The hubby and I married in 1982 in part because by waiting until that year, we started off as husband and wife with a... Read more →


There are just two days left in the 2014 tax year. That's not much time, but folks determined to save on this year's taxes still have time to make a few year-end moves. I was up at o'dark-thirty this morning to discuss some quick year-end tax tactics with KARN radio. If you weren't up at 6:10 a.m. (and why in heaven's name would you be!?) or aren't in the Little Rock, Arkansas, broadcast area, here's what I talked about (and more). Do you itemize? If so, you have more tax-cutting options than those who claim the standard deduction. Here are... Read more →


This post was updated March 27, 2017. Original text can be found here. Uncle Sam encourages us to save for retirement by offering a variety of tax breaks. However, in the case of tax-deferred retirement plans, such as traditional IRAs and 401(k) workplace retirement accounts, he eventually wants his share of tax on our nest eggs. Are you comfortable enough in your golden years to share some of your IRA money with your favorite charity? That option now is a permanent part of the Internal Revenue Code. This is accomplished via required minimum distributions, or RMDs. But the tax code... Read more →


For the last few years, my mother has lived just up the road from me. So not only do I get to see her more often, I've also become well-acquainted with the issues that are important as we age Among the tax-related concerns of older folks is meeting the withdrawal requirements of traditional IRAs and other tax-deferred retirement accounts, such as 401(k)s and similar workplace plans. Most folks who are 70½ or older -- we'll get back to those in this age group who aren't affected shortly -- must take payments from their individual retirement arrangements and similar saving vehicles... Read more →


It's been a busy week for folks who follow retirement-related numbers. In addition to the Internal Revenue Service's announcement of 2015 inflation adjustments for various retirement plans, the Social Security Administration released how the cost of living will affect that government benefit and workers who contribute to it. These annual cost-of-living changes have been a part of the popular government retirement program since 1975. President Franklin D. Roosevelt signs the Social Security Act on Aug. 14, 1935. Participating in the landmark law's enactment are, standing left to right, Rep. Robert Doughton (D-N.C.); unknown person in shadow; Sen. Robert Wagner (D-N.Y.);... Read more →


The key to a comfortable retirement is saving now. The tax code helps by offering tax breaks for a variety of retirement savings plans. Even better, every year the Internal Revenue Service looks at inflation and decides whether the tax limits, both on contributions and income levels that affect some plans, need to be tweaked. For the coming 2015 tax year, the IRS announced today, Oct. 23, that many of the pension plan limitations will change. Others, however, will remain unchanged because the increase in the cost-of-living index didn't meet the statutory thresholds that trigger their adjustment. Here are some... Read more →


Are you frantically trying to finish your 1040 by the Oct. 15 extended filing deadline? Yes, it is just a week away, so you need to get to work. But don't be in such a hurry that you miss out on some tax breaks. There are lots of ways to reduce your tax bill, as this week's Weekly Tax Tip highlights. Some of the 10 often overlooked tax breaks are for itemizers only. Others can be claimed by any filer. Philanthropic filers should double-check their contribution records. You don't want to miss out on Schedule A deductions for noncash charitable... Read more →


UK's top financial officer kills 'death tax' on pensions

I've been keeping a close eye on the United Kingdom for the last week because the hubby was in Scotland covering the Ryder Cup international golf tournament. That event got a lot of attention, especially since it came on the heels of Scotland's vote to remain part of the UK. Then there was the European golfers' trouncing of their U.S. counterparts. Now financial and tax folks are focusing on our closest European ally because of the decision by the UK's top financial officer to abolish its tax on some inherited pensions. George Osborne announces to the gathering of the Conservative... Read more →