Category Archives: Taxes

Fixed income – two words that individually generally connote good repercussions, as fixed stands for constant and income represents survival.  Together though, and one might conjure up images of living solo in a small one room apartment and waiting impatiently for the first week of each month when your paltry pension check and Social Security check arrive.

Hopefully your days of fixed income will surpass the previous image but even if it does, there is still another dreaded word out there for those living on a strict budget – and that is “taxes”. The amount of taxes paid by retirees can often determine the quality of their retirement, so it is important to know how to manage and understand all you can about them.

A flood of topics need to be addressed on this very delicate subject as you head to your retirement years. Even if you have ample wealth, taxes still need to be covered, including IRAs, filing taxes in NC, charitable contributions, tax strategies for retirees and more.

Whether or not you are headed towards a fixed income future, one way to make the most of it is to understand your tax responsibilities.

Tips for Preparing your Tax Returns

Tips for Seniors and Retirees in Preparing their Taxes Current research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing … Continue reading

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Tax Tips for Seniors

TAX TIPS FOR SENIORS Whether you are a senior citizen or a caregiver for one, tax season means accounting for the past year’s medical expenses. Both individuals and people who care for qualifying relatives can claim tax deductions and credits … Continue reading

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Tax Strategies for Retirees

Tax Strategies for Retirees A little planning ahead can go a long way to keeping your taxes as low as possible in retirement. In order to plan ahead properly, you’ll need to understand how your retirement income will be taxed. … Continue reading

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Special Charitable Contributions

Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at the end of 2012, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, … Continue reading

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Senior Tax Payer Topics

Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. The publication will help you determine if you need to file a return and, if so, what items … Continue reading

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Rollover on IRA’s

Question:   How long do I have to roll over a distribution from a retirement plan to an IRA account?   Answer:    You must complete the rollover by the 60th day following the day on which you receive the distribution. … Continue reading

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Part Time Residence in NC and Your Tax Situation

Many individuals and couples will relocate to North Carolina with “pre-retirement” intentions.   They may find another career opportunity, or may want to work in North Carolina and “tele-commute”.  This has been a popular method of extending the opportunity to gain … Continue reading

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North Carolina Tax Information

Important Tax Information in North Carolina North Carolina has four tax brackets with rates ranging from 6 percent to 8 percent. More on North Carolina taxes can be found in the tabbed pages below. Personal income tax North Carolina collects … Continue reading

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New Jersey Taxation of Retirement Benefits

HOW ARE MY PENSION BENEFITS TAXED FOR FEDERAL PURPOSES? Pension benefits (except for Accidental Disability retirement and Accidental Death benefits) are subject to federal income tax; however, if you paid tax on any of your contributions to the pension plan, … Continue reading

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IRA Advantages and What to Look for In 2011

Taxes, What’s New for 2011—With your IRA, Know before you Go! Modified AGI limit for traditional IRA contributions increased. For 2011, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced … Continue reading

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