News and Information

TaxConnections  |  November 24, 2015
If you are considering installing a solar electric system or solar hot water system for your home, there are tax issues you should consider when making your decision. First of all, there is a very lucrative non-refundable federal tax credit for 30% of the cost of the system with no maximum. So for example, if the solar electric system cost you $20,000, your tax credit would be $6,000. A non-refundable tax credit offsets your tax liability, regular and alternative minimum, dollar for dollar, and any excess is added to any credit allowable in the subsequent year. [ read more ]
Kiplinger  |  November 5, 2015
Yes. If you sign up for benefits before your full retirement age (age 66 for workers born in 1943 through 1954), your benefits will be reduced by as much as 25% for claiming early -- and reduced further if you earn more than a certain amount of money from a job or self-employment. (Investment earnings, pension benefits or withdrawals from an IRA or 401(k) don't count; pretax contributions to a 401(k) or other retirement plan do count if the amount is included in your gross wages.) [ read more ]
Kiplinger  |  October 1, 2015
Click on any state in the map for a detailed summary of taxes on retirement income, property and purchases, as well as special tax breaks for seniors. See more maps, including the most tax-friendly and least tax-friendly states for retirees. [ read more ]
BlackRock  |  September 23, 2015
Determining when to collect Social Security benefits may be one of the most significant retirement planning decisions you will make. Not only will it define the size of your monthly benefit, but also the amount of Social Security income you collect over your lifetimeóproving that time really is money. [ read more ]
SeniorSpirit  |  September 16, 2015
To those of us who didnít grow up with the Internet, online banking can seem dubious. You donít see money changing hands; it disappears and reappears from your computer screen. However, in many ways online banking makes sense for aging brains that occasionally forget to pay bills or fail to pay them on time. [ read more ]
TaxConnections  |  August 27, 2015
If your employer does not reimburse you for your work-related expenses, any allowable expense in excess of 2% of your adjusted gross income is fully deductible on Schedule A. If your employer does reimburse you, the deductibility of the expense depends on the type of reimbursement plan you have. There are two types of employer reimbursement plans: an accountable plan and a non-accountable plan. [ read more ]
TaxConnections  |  August 20, 2015
In taxes, there is a saying: "Those who keep records win." If you are an investor, you may have a variety of securities, including stocks, bonds, mutual funds, etc. When you sell those securities, naturally you want to minimize your gains or maximize your losses for tax purposes. Gain or loss is measured from your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments. [ read more ]

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