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?
• Recognize the effect of Social Security on retirement
• Identify strategies for tax deductible expenditures
• Determine how retirement distribution requirements can impact the overall retirement strategy
• Identify alternatives to achieve family objectives
Level of Difficulty:
Income for seniors: earned and investment
Deductions: bunching, tracing, minimizing
Effect of income tax strategies on estate plan
Experience in individual tax preparation and planning.
General knowledge of social security and other retirement vehicles.
Staff at all levels focused on planning
Financial planners recommending retirement strategies