Year-End Tax Planning Tips
As year-end rapidly approaches, it's a good
time to take a look at your tax situation. You still have time
to take action that could reduce your income tax liability for
2008. Once you have an idea of where you stand for 2008 with your
income tax situation, you can evaluate some tax planning strategies
that may reduce your income tax burden in 2008. Here are some
tips to consider.
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Accelerate Your Retirement Savings
Don't just give up on your retirement goals
if you find you've entered middle age with little to no retirement
savings. Sure, it may be harder to reach your retirement goals
than if you had started in your 20s or 30s, but here are some
strategies to consider.
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You're Never Too Old for a Roth IRA
Even if you're retired, consider contributing
to a Roth individual retirement account (IRA), provided you have
some earned income. In 2008, single taxpayers with modified adjusted
gross income (AGI) less than $101,000 and married taxpayers filing
jointly with modified AGI less than $159,000 are eligible to make
a nondeductible contribution to a Roth IRA.
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Should You Defer Income Taxes?
Should you pay income taxes now, so you
can withdraw funds after retirement tax free? Or are you better
off delaying income taxes until after retirement? This is the
basic decision when choosing between a traditional deductible
individual retirement account (IRA) and a Roth IRA, or between
a 401(k) plan and a Roth 401(k) plan.
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Your Family's Finances
In many families, one spouse takes primary
responsibility for the family's finances, doing everything from
paying bills to making investment decisions to reviewing insurance
policies. If that spouse dies first, the other spouse may have
difficulty taking over these tasks. Thus, as the primary money
matters person in your marriage, one of your most important financial
duties is to prepare your spouse to handle the family's finances.
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