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Income Tax Planning 
Internal Revenue
Service: They're not really the bad guys.
Virginia's
official tax site. Alternative Minimum Tax (AMT) is a growing problem for taxpayers. The IRS' AMT Assistant will help you quickly determine your AMT exposure. Also the Tax Policy Center provides assistance. One of the common concerns of retired people is the need to make quarterly estimated income tax payments because their taxable Social Security benefits cause the normal tax withholding amount to be insufficient. Go here to access a voluntary federal tax withholding form for Social Security. You can type directly on the form before you print it. You then sign it and return it to your local Social Security office. The Tax Planning segment from CCH, Inc.'s outstanding personal finance site Financial Planning Toolkit, offering extensive information on taxes and tax planning. University of Michigan's Office of Tax Policy Research is a good place to keep abreast of the work on federal income tax reform. When you sell your home, you may be subject to capital gains on the profit realized. Go here to view Publication 523 from the IRS. You haven't met the two-year residency rule to exclude the capital gains? Go to the Reduced Maximum Exclusion worksheet to see if you may still qualify. Do you have domestic workers in your home? A maid? Gardener? Handyman? Don't get into trouble for failing to withhold Social Security and taxes. See IRS Publication 926 for guidance. Congratulations! You retired early -- at age 55 -- and now you want to begin taking distributions from your IRA or other retirement plan. You will owe the 10% early withdrawal penalty for taking the distributions before you turn 59 1/2, right? Not necessarily. Go to our Retirement Distributions page for some enlightenment. What income tax bracket are you in? Go here to see the 2007 income tax rates.
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