If you spent most of your adult life budgeting around a steady paycheck, a departure from the workforce, by choice or circumstance, poses a new challenge: What funds will you use to meet expenses?
To appreciate what’s at stake, you need to think beyond the tax return that’s due April 17. For the next eight years, the Tax Cuts and Jobs Act could affect several life transitions before and during retirement.
Conventional wisdom holds that taking a home office deduction is an audit flag. The new tax law gives more people a reason to risk it.
Proposals to eliminate the “stretch IRA” escaped the recent tax overhaul. Here’s what you need to know to take full advantage of it.
Under the GOP tax overhaul, starting in 2018, you’ll have a lot less leeway using deductions to reduce the amount of income that’s subject to tax. Make the most of them by December 31.
You don’t need software or an online calculator to run the numbers. It’s easier to visualize how the law affects you by using your 2016 federal income tax return as a scratch pad.