Articles Tagged with Taxes

time“Though retirement can be a fulfilling time in people’s lives, it can also be a stressful one. This especially holds true, if you fall victim to the following mistakes, so be sure to avoid them at all costs.”

Most people spend their entire working lives dreaming of retirement. However, when they get there, it’s a new and strange world without fixed schedules or routines. If you make any of these mistakes, reports The Motley Fool in the article “4 Retirement Planning Mistakes You Probably Don’t Even Realize You’re Making,” you might be surprised to find yourself working again! Continue reading

MP900409255

“A 401(k) plan ensures that you have money to spend during your retirement years. However, there are reasons why a 401(k) stinks.”

It’s almost always enlightening to hear from a different perspective, even in finance. This article from Born2Invest, “Retirement planning: The downsides of your 401(k),” takes a somewhat contrarian view of retirement accounts in general and the use of 401(k)s in particular. We may not agree. However, it’s worth the read. Continue reading

accessory-adult-aged-1251174-300x251“Workers aren’t the only ones who need to double-check that they’re withholding sufficient taxes. The IRS is warning retirees to ensure they’re paying enough federal income tax.”

The IRS embarked on a big awareness campaign since the summer, telling taxpayers they should review and update their withholding numbers at work to ensure that they are paying enough federal income tax. But they’re not the only ones who should be checking their numbers, reports CNBC in the article “The IRS is warning retirees of this impending surprise tax.” Retirees who fail to update withholding from pensions or annuities may be in for a surprise, and it won’t be a good one. Continue reading

calculator-1044172_640-300x200“Retirees living abroad have to take special care with their tax returns. If you forget to check it off this box on Schedule B when you live overseas, it could mean big trouble with the IRS.”

It’s something you don’t hear discussed often, but there are people who like to hide money overseas. Others just love the idea of retiring to a European country where they can live out a life-long dream. However, according to a recent article from CNBC titled “How to retire overseas and avoid IRS penalties,” Congress enacted the Foreign Account Tax Compliance Act, or FATCA, in 2010 expressly to increase tax compliance by Americans, who keep financial assets outside of the U.S. Continue reading