Dear Liz: In a previous column, you answered a question from someone dealing with an unexpected bank levy by a state tax agency. The accountant who prepared the tax returns wasn’t responding to emails or calls. If an accountant ignores a client, then a complaint should be filed with the state’s board of accounting. If the […]
Recent Blog Posts
Q&A: How the kiddie tax can derail your inheritance tax strategy
Dear Liz: I’m about 50 and have two early elementary school children. I make really good money and with the combination of all taxes the last dollar I make is taxed at about 50%. I stand to inherit about $5 million from my parents. The problem is that about $3 million of that is in retirement […]
Q&A: Is it better to take Social Security earlier and invest it?
Dear Liz: I’m 64 and retired. My wife is 54 and still working. Half the people I talk to say take Social Security and just invest it, as you’ll make more than waiting until you get older. Others say that the tax hit isn’t worth it because my wife still works. I’ve talked to a […]
Q&A: Living in your rental? The tax benefits aren’t so clear cut
Dear Liz: My husband and I have owned a rental property for 20 years. We’ve never lived in it. Now, we want to get out of the landlord business. We know we’ll have to recapture depreciation, but we always thought we could live in the property for a couple of years to save some on […]
Q&A: Don’t leave your finances on automatic
Dear Liz: During the 2024 open enrollment period for Medicare, your column mentioned that Part D enrollees’ out-of-pocket payments in 2025 would be limited to $2,000, but only for covered prescriptions. That spurred me to be sure my prescription drug plan covered the one brand name drug I take. It didn’t and I found the […]
Q&A: Will Taking Social Security at 62 Affect Your Spousal or Survivor Benefit?
Dear Liz: I am a teacher, retiring this June. I have my teacher’s pension and will receive a small Social Security benefit as well. I am married and my husband’s Social Security benefits are far greater than mine. Should I start drawing on my Social Security benefits next year when I turn 62, assuming when […]