Tax Planning for Seniors

Overview

Seniors face issues that complicate return preparation and planning. When to apply for social security? How is it taxed? What if they continue to work? Will an increased standard deduction affect charitable planning? Will downsizing affect interest and property tax deductions and payments? How to help children or grandchildren pay for a home or a college education? We’ll explore these questions and more.

Highlights

• Income for seniors: retirement, earnings and investments
• Tax Deductions: planning, bunching, strategies
• Planning to help family members

Prerequisites

Experience in individual tax preparation and planning. General knowledge of social security and other retirement vehicles.

Objectives

• Recognize the tax planning changes affecting Seniors
• Determine how retirement distribution requirements can impact the overall retirement strategy
• Identify alternatives to achieve family objectives