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Strategies for Outsmarting Uncle Sam at Tax Time

Written by Dan Solin on October 26, 2010 in Retirement  |   3 comments

Strategies for Outsmarting Uncle Sam at Tax Time As we approach year-end, investors should start to focus on tax planning. Given the volatile state of the markets, and the steady drumbeat of bad news, this is not easy. Here are some tips to avoid taking…

Tax planning to save and improve returnStrategies for Outsmarting Uncle Sam at Tax Time

As we approach year-end, investors should start to focus on tax planning. Given the volatile state of the markets, and the steady drumbeat of bad news, this is not easy.

Here are some tips to avoid taking a big tax hit in 2010.

Max out a Roth IRA contribution. Tax avoidance is the holy grail of tax planning. The best tax-avoidance investment is the Roth IRA. First, you need to determine if you qualify. You can find the applicable contribution rules here.

Here are some general guidelines: If you are married filing jointly and your modified adjusted gross income is less than $167,000, you can contribute the maximum of $5,000 (or $6,000 if you are 50 or older) to a Roth. If you are single, the adjusted gross income figure is less than $105,000.

While there is no tax deduction for Roth IRA contributions, you won’t pay any taxes on withdrawals, no matter how much your account appreciates in value. If you don’t need the tax break immediately, the Roth IRA is a great way to avoid paying taxes.

Contribute to a Roth 401(k). I don’t understand why every 401(k) plan doesn’t offer a Roth 401(k) option. True, you don’t get a tax deduction like you do with contributions to a traditional 401(k), but check out these benefits:

There are no income limits for those who contribute to Roth 401(k)s. This is great for high-income earners. They may not qualify for a regular Roth IRA, but they can contribute to a Roth 401(k).

Contribution limits for a Roth 401(k) are generous: $16,500 for 2010, or a whopping $22,000 for those 50 or older.

While predicting future tax rates is risky business, many experts take a look at our deficits and believe ordinary income rates are likely to rise. If so, you are better off taking the tax hit now, and reaping the rewards of tax-free income later.

Consider tax-deferred investments. You can defer the inevitable, even if you can’t avoid it. Consider tax-deferred investments like traditional IRAs, Keogh plans, regular 401(k)s, 403(b) plans, 457(b) plans, and defined-benefit plans (if you are lucky enough to have one). Investing in these plans at the end of the year is better than not doing so at all, but next year, don’t wait until the last minute. The difference between investing at the beginning of the year and the end can be significant over the long term.

Also, annuities and whole life insurance can be excellent vehicles for tax deferral. I don’t believe variable annuities are suitable for most investors, but the often-overlooked fixed-income annuity (from low-cost providers like Vanguard and TIAA-CREF) is worthy of consideration. Cash-value whole life is much maligned by investment experts, but some policies (like blended insurance, which combines the benefits of whole life and term insurance) can be a wise addition to your portfolio.

Invest in low-cost index funds. You can significantly reduce the amount of taxes you will pay even in your after-tax accounts. According to one study by Vanguard founder John Bogle, over a sixteen-year period, taxes gobbled up 20 percent of the returns in actively managed mutual funds (where the fund manager attempts to beat a designated benchmark). In comparable index funds, the tax hit was only 11 percent. When Bogle considered all costs in actively managed and index funds, he found investors in index funds kept 87 percent of their returns, versus a paltry 47 percent in actively managed funds.

Saving on taxes and improving returns are two of the many reasons to confine your investments to a globally diversified portfolio of low-cost stock and bond index funds.

Dan Solin is a Senior Vice-President of Index Funds Advisors. He is the author of the New York Times best sellers The Smartest Investment Book You’ll Ever Read, The Smartest 401(k) Book You’ll Ever Read, and The Smartest Retirement Book You’ll Ever Read. His latest book is Timeless Investment Advice.

Watch Dan on YouTube.

Follow Dan Solin on Twitter.

Read More:
Asset Allocation: Maximize Your Returns and Minimize Your Risk
Avoid Exchange-Traded Funds (ETFs) as Part of Your Investment Strategy
How to Maximize Your Investment Returns with Your Cash Reserves
Investing As A Couple Can Lead to Marriage Stress

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.


  1. Michael says:

    My ex-wives have very similar names (like Cristina & Tina,they have the exact same last and middle names). Their credit report got combined some how.One of them thinks I did it.Not only did I not do it, I couldn't even if I wanted to. How/where do I get info to prove no one can change another persons report?

  2. Editor, Equifax Personal Finance Blog says:

    Ilyce, thanks for the information. Will pass along.

    Comment from Indera on ActiveRain http://activerain.com/blogsview/1934440/strategies-for-outsmarting-uncle-sam-at-tax-time

  3. Editor, Equifax Personal Finance Blog says:

    Thanks so much for reading the Equifax Personal Finance blog and commenting.

    Your situation is so interesting. Quite simply, of course you don't have the power to combine credit reports. However, due to the similarities in your wife and ex-wife's names, there has been a mistake. To answer your question quickly, they need to file a dispute with the credit reporting agency.

    I'm going to pass your question along to the Equifax Credit Team and get a more detailed answer to your question. Again, thanks for reading and come back soon for the answer.

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