Category: Taxes

    by Elliot Crumpley on April 14th, 2016No Comments

    There are few bigger concerns in retirement than funding it. Between 401(k)s, IRAs, pensions, and Social Security, the sources are many but equally important in molding the retirement lifestyle of your dreams.

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    by Mayra Rocha on February 17th, 20161 Comment

    With tax season looming over your head, it might be time to start thinking about filing your tax return. There are plenty of websites that offer helpful and accurate information to help retirees. Whether you are planning to file on your own or with a tax professional, you should do some online research to be prepared when you’re ready to file your tax return. Here we list some websites to help you during this tax season.

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    by Mayra Rocha on December 14th, 20152 Comments

    Baby Boomers and retirees living on a fixed income want to make sure that every penny is accounted for during their retirement. That’s why it’s important they know about their property taxes before moving into an active adult community. Property taxes are constantly changing and tend to rise over time, which can be a burden to any homeowner, even after the mortgage has been paid off. Retirees should learn how to lower their property taxes so they can save money in the long run and make their retirement income last.
    Deciding the right time to retire is just one of the many factors Baby Boomers must consider in their lifetime. Trying to figure out which 55+ community is convenient for their lifestyle, income, and retirement benefits is something they should research diligently. And if they choose to move to a different state, then that brings up a lot more questions too. How will moving to a new state affect your retirement income? Will this new state be tax-friendly toward your Social Security benefits? Are the sales and property taxes high or reasonable? And what about inheritance tax? These are all important questions to consider before you make your move and comparing these taxes before moving to a new state is a good place to start your research.

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    If you're in the market for a new home for retirement, local real estate taxes are probably an important factor in your purchasing decision. For example, you may want to know the current and historical tax rates on a particular property, learn how the rate is determined, and find out whether taxes will be reassessed at closing.

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    by Bill Ness on January 26th, 2015No Comments

    With tax time just around the corner, many adults are trying to decide whether to file on their own or hire a tax professional. There are pros and cons to both options, and the decision largely depends on your financial situation. Fortunately, there are also a lot of great online tax tools to help you along the way.

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    When looking for a retirement destination, it's important to consider the impact of local taxes. While federal income tax laws apply throughout the country, each state has their own rules for collecting various taxes. Comparing state taxes may help you seek out a retirement destination that offers the best tax relief.

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    by Bill Ness on March 7th, 2014No Comments

    Claiming all of your eligible tax deductions is an important step toward stretching your retirement nest egg. Changes to the tax rules, or to your circumstances, may make you eligible for more exemptions than you realize. These tips will help you prepare for this year's tax return.

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    When looking for a retirement destination, it's important to understand your total tax burden in a new area. However, it can be difficult to make sense of how property taxes are determined. The amount you will pay is based on many factors, including the appraised value of your home and any qualifying exemptions.

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    For most retirees, a fixed income means carefully choosing where to spend their money. This is especially important when relocating. Choosing to live in a tax-friendly retirement state may help stretch your nest egg, while heading to a state with higher taxes may be a bigger financial drain than you anticipated.

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