- What Taxes Expats Pay in the U.S.
From sunny Caribbean beaches to charming European villages, the expatriate lifestyle offers numerous settings for relaxation, adventure and a refreshing switch from typical American living. However, understanding your tax obligations is essential as a U.S. citizen or permanent resident living… read more…
- This Tax Loophole Can Save Your Heirs Big. Here’s How T. Rowe Price Says to Use It
Deciding which accounts you’ll withdraw money from – and when you’ll take it – is an important decision in retirement. However, you may want to consider preserving assets held in a taxable brokerage account and passing them down to heirs.… read more…
- Do Seniors Ever Stop Filing Taxes?
When you retire or reach a certain age, there might be certain things you no longer have to do. You might get to skip the commute or qualify for some great discounts. But no matter your age, you don’t get… read more…
- Want to Minimize Retirement Taxes? Don’t Follow This Popular Strategy
If you’re planning on making tax-deferred retirement accounts the last pot of money you tap after retirement, you’ve got a lot of company. And why not? The idea that your 401(k) or traditional IRA can keep growing and churning out… read more…
- Gift Tax Limits: How Much Can You Gift?
For 2026, the annual gift tax exemption is $19,000, the same as in 2025. This means you can give up to $19,000 to as many people as you want in 2026 without any of it being subject to the federal gift tax.
- 7 Ways to Reduce Tax Liability in Retirement
If you’re approaching retirement age, you have a lot to think about. Focusing on limiting your tax liability can be especially valuable. After all, the more taxes you pay in retirement, the less money you’ll have to live off. If… read more…
- Retirement Catch-Up Contributions Get Bigger But Beware These Tax Changes
The benefits of aging include senior discounts, wisdom gained from experience and – when it comes to retirement saving – catch-up contributions. Anyone 50 and older have the option to contribute extra cash to a wide variety of retirement accounts. And… read more…
- Some Workers Can Supersize Their Tax-Deferred Retirement Savings In 2023
The IRS has issued the 2023 retirement contribution limits and the differences between what salaried workers can sock away and how much self-employed workers can save are striking. We’ll discuss how some workers can supersize their tax-deferred retirement savings in… read more…
- These Five States Just Eliminated Income Tax on Military Retirement
Serving in the military is a hard job, with many service members spending long lengths of time away from their family and putting their lives on the line. There are perks that come with service, though, and five states recently… read more…
- At What Age Do Seniors Stop Paying Property Taxes?
As a senior citizen, you probably will end up paying property taxes for as long as you are a homeowner. However, depending on the state you live in and often once you hit your 60s (usually around the ages of… read more…
- Are Nursing Home Expenses Tax Deductible?
You may be able to deduct costs for a nursing home from your taxes under certain circumstances. The expenses have to be for you, your spouse or a dependent. If this person is in a nursing home primarily for medical… read more…
- Follow This 5-Step Retirement Income Plan to Lower Taxes
Many investors don’t have enough interest-bearing accounts to live in retirement solely on the interest they earn from those investments. This means that many will need to start turning investment assets into cash in order to pay for living expenses… read more…
- Stretch Your Tax Savings During Retirement With These Withdrawal Techniques
Retirees who have various types of funds, such as taxable and tax-advantaged, can extend the tax savings available in their portfolios by creating a sequence-of-withdrawal plan, Morningstar says. The goal is to first withdraw funds that must be withdrawn because… read more…
- This Move Can Save You Big on RMD Taxes
Stocks and bonds have both taken a beating this year, but that can create an opportunity to save big on taxes for retirees who don’t need their required minimum distributions (RMDs) to live on. In other words, there’s a simple… read more…
- Which States Do Not Tax Retirement Income?
States vary widely in the way they tax retirement income so location is an important consideration in financial planning for retirement. Some states don’t levy income states on any sort of retirement income, while others tax IRA and 401(k) distributions,… read more…
- Pay Fewer Taxes on Your Retirement Income With This Withdrawal Strategy
Looking to pay fewer taxes on your hard-earned retirement income and extend the life of your savings? Doing so may be easier and simpler than you expected. For retirees with assets spread across various buckets, from taxable investment accounts to… read more…
- Make Your Retirement Income Go Farther With this Tax-Efficient Withdrawal Strategy
Workers spend decades saving for retirement, building a nest egg they hope will sustain them when the time comes to retire. But saving your money is just one part of the puzzle that is retirement planning. A financial advisor can… read more…
- You Could Be Doing More to Limit Taxes in Retirement
A common approach to retirement income relies on withdrawing money from taxable accounts first, followed by 401(k)s and IRAs, and lastly, Roth accounts. Conventional wisdom holds that withdrawing money from taxable accounts first allows a retiree’s 401(k) assets to continue growing tax-deferred while also preserving Roth assets to potentially leave to heirs. A financial advisor… read more…
- How Much Can a Retired Person Earn Without Paying Taxes?
How much a retired person can earn without paying taxes depends on several factors, including the type of income, total earnings and filing status. Social Security benefits may not be taxable at all below certain income thresholds and standard deductions can offset a portion of other income. For 2026, a single filer age 65 or… read more…
- What Is a Tax-Free Retirement Account (TFRA)?
A tax-free retirement account or TFRA normally refers to permanent cash-value insurance policies that offer risk protection and tax benefits to individuals. A TFRA retirement account is not a qualified plan, so it doesn’t follow the same rules as a… read more…
- How Can I Avoid Paying Taxes on IRA Withdrawals?
Contributing to a Roth IRA can help avoid taxes on IRA withdrawals, as contributions are taxed up front and qualified distributions are not taxed later. You might also lower your tax bill by converting to a Roth in years when your income is relatively low or by taking early withdrawals under specific exemptions. Donating IRA… read more…
- Are IRA Contributions Pre-Tax?
There are many ways to save for retirement, but one of the best is to get an individual retirement account (IRA). These are especially useful if you don’t have access to a workplace retirement account, like a 401(k) or 403(b).… read more…
- Tax Considerations for Inheriting an IRA
Individual retirement accounts (IRAs) first came along in the mid-1970s. This means that the first Americans to make use of these retirement savings vehicles throughout their careers are now headed into their golden years. And consequently, more and more individuals… read more…
- What Is the Lifetime Gift Tax Exemption?
They say it’s better to give than to receive. But when you’re the one doing the giving, there are some extra things that you’ll have to take into account besides the packaging – like the gift tax and the lifetime… read more…
- EA vs. CPA: What’s the Difference Between These Certifications?
When it comes to accounting and tax planning, you may get easily confused amid the sea of acronyms. But a solid understanding of certain accreditations is key if you’re looking for a licensed tax professional to guide you through your… read more…