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Nolo's Essential Retirement Tax Guide: Your Health, Home, Investments & More
"When you retire, your taxes, and potential deductions, change considerably. Step-by-step ... [this book] explains all these changes in plain English, and covers the tax considerations of doing volunteer work, increased medical expenses, buying a boat, RV or second home, making charitable donations, paying for a grandchild's education, living off your investments, selling or renting out a home, starting a business, [and] giving financial help to family members. Plus, make sure you don't miss a single deduction with easy-to-use checklists."--Publisher's description.
410 pages, Paperback
First published December 8, 2008
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Displaying 1 - 2 of 2 reviews
February 20, 2014
Plan your retirement with tax benefits
This book is useful for tax payers who are planning to save big in tax incentives after retirement. Most information is provided by IRS in the appropriate forms which are available from IRS webpage. Some tax incentives have been changed due to current economic crisis which makes this book a little obsolete. There are many examples with calculations that are useful to understand and make sense. The first chapter strolls through tax basics relevant to retirees, and the second chapter discusses tax strategies to maximize gain on your mortgage. House is a principal asset most retirees are expected to have and many possible scenarios such as; first mortgage, second mortgage, reverse mortgages, repairs and improvement loans, and gain on selling the asset have been discussed with easy to understand worked examples. You can skip chapter 3 if you don't have your own business. There is an interesting way to account for the use of your home as a place of business. In addition, IRS carefully scrutinize whether the business is your main source of income or a hobby to provide tax benefits. Tax laws are somewhat liberal for those running their own business with new hires: The current economic situation has strongly influenced the tax code to this incentive. On page 109-114, there is some useful guidance (currently effective) on 401K plans (individual and Roth IRA accounts.) Chapter 4 deals with health expenses and medical cost deductions. There is list of deductible and non-deductible expenses listed on pages 145-146. I find the tax strategy discussed on page 137 helpful in deciding to file a joint or separate returns (for married couples) to maximize tax benefits if one of you has more health related expenses than the other. Chapter 5 covers the IRS treatment of charitable expenses. Although charitable work is nondeductible, but asset contributions are deductible: On page 164 there is a discussion about charitable contributions that are nondeductible. Instructions on how o find a list of qualified charities re given on page 166. The AGI (adjusted gross income) limits the deductions you can take and this is well discussed on pages 189-194. You may skip chapter 6 if you don't have education related expense as most retirees would have passed this stage unless you are supporting grandchildren education (see chapter 10). Chapter 7 on investment income is another important area which interest many retirees.
The tax laws are quite complex with regards to this income and it also depends on your AGI. On pages 236-239, there is an interesting discussion about what qualifies as investment income. Chapter 8 shows how to maximize tax benefits with rental property, a second home or a vacation home, and how to claim expense related to rental properties. Chapter 9 discusses the tax consequences of buying a car, boat, RV, mobile home, or personal loans. Chapter 10 is another important area which discusses tax strategies for claiming exemptions for dependents. In this age many retirees are stuck with caring and supporting grandchildren and there some useful tips on child tax credits, deducting expenses for medical and education expenses for someone else. The last chapter deals with gifts and inheritances. This is an interesting book and if you have the patience to read this book, you may consider alternatives like reading IRS instructions which may be enough for many retirees.
This book is useful for tax payers who are planning to save big in tax incentives after retirement. Most information is provided by IRS in the appropriate forms which are available from IRS webpage. Some tax incentives have been changed due to current economic crisis which makes this book a little obsolete. There are many examples with calculations that are useful to understand and make sense. The first chapter strolls through tax basics relevant to retirees, and the second chapter discusses tax strategies to maximize gain on your mortgage. House is a principal asset most retirees are expected to have and many possible scenarios such as; first mortgage, second mortgage, reverse mortgages, repairs and improvement loans, and gain on selling the asset have been discussed with easy to understand worked examples. You can skip chapter 3 if you don't have your own business. There is an interesting way to account for the use of your home as a place of business. In addition, IRS carefully scrutinize whether the business is your main source of income or a hobby to provide tax benefits. Tax laws are somewhat liberal for those running their own business with new hires: The current economic situation has strongly influenced the tax code to this incentive. On page 109-114, there is some useful guidance (currently effective) on 401K plans (individual and Roth IRA accounts.) Chapter 4 deals with health expenses and medical cost deductions. There is list of deductible and non-deductible expenses listed on pages 145-146. I find the tax strategy discussed on page 137 helpful in deciding to file a joint or separate returns (for married couples) to maximize tax benefits if one of you has more health related expenses than the other. Chapter 5 covers the IRS treatment of charitable expenses. Although charitable work is nondeductible, but asset contributions are deductible: On page 164 there is a discussion about charitable contributions that are nondeductible. Instructions on how o find a list of qualified charities re given on page 166. The AGI (adjusted gross income) limits the deductions you can take and this is well discussed on pages 189-194. You may skip chapter 6 if you don't have education related expense as most retirees would have passed this stage unless you are supporting grandchildren education (see chapter 10). Chapter 7 on investment income is another important area which interest many retirees.
The tax laws are quite complex with regards to this income and it also depends on your AGI. On pages 236-239, there is an interesting discussion about what qualifies as investment income. Chapter 8 shows how to maximize tax benefits with rental property, a second home or a vacation home, and how to claim expense related to rental properties. Chapter 9 discusses the tax consequences of buying a car, boat, RV, mobile home, or personal loans. Chapter 10 is another important area which discusses tax strategies for claiming exemptions for dependents. In this age many retirees are stuck with caring and supporting grandchildren and there some useful tips on child tax credits, deducting expenses for medical and education expenses for someone else. The last chapter deals with gifts and inheritances. This is an interesting book and if you have the patience to read this book, you may consider alternatives like reading IRS instructions which may be enough for many retirees.
July 24, 2015
TMI, a lot of it seemingly irrelevant to me at this point in time.
Displaying 1 - 2 of 2 reviews