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 There are people who prefer not to file a return. In facr almost everyone must file a return. Generally you must file a if e.g :
• You are self-employed
• You are entitled a refund of taxes withheld from your wages
• You got any earned income credit payments in advance from the person who employs you
• You owe any special tax
• If you are not considered married for 2006 tax purposes, and you must use the filing threshold for single persons unless you qualify as a head of household
• Your unearned income exceeded $850.
• Your earned income exceeeded $5,150.
• Your earned income was (up to $4,850) plus $300
• Your unearned income exceeded $2,100 ($3,350 if 65 or older and blind).
• Your earned income exceeded $6,400 ($7,650 if 65 or older and blind).
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6 top strategies for retirees |
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 6 top strategies for retirees
• collect your tax returns!!
• take into consideration to surrender legal custody of assets in order to reduce your tax liability.
• Check if you have named appropriate beneficiaries for each of your financial accounts
• In case of willingness to consider placing assets in a trust or custodial account, decide which assets would be most appropriate to transfer.
• Talk to a financial professional to choose the best tax management strategies.
• Start taking required minimum distributions from traditional IRAs and employer-sponsored retirement accounts after you reach age 70 1/2 so as to avoid penalties.
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Maximization of your income |
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 No, It is not a joke just take following things into account:
• Stocks offer the best potential for fighting inflation over the long term.
• Only a part of your money is invested for the short term.
• Income investments include bonds and dividend-paying stocks.
• You might have to elect payment options for your company pension and retirement plans.
• An annuity can help you shield investment earnings from taxes.
• Charitable remainder trusts are good for converting appreciated assets into income.
• make sure your current investments continue to address your goals.
• Decide on the order in which you'll use your various financial accounts to provide income during retirement.
• Consider working with a tax professional or financial advisor to plan your specific distribution and tax strategies.
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Read more... [Maximization of your income]
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 There are many financial issues to consider I you are retiring!
Here is the list you should follow to achieve your goal;
• Talk to your spouse or partner about lifestyle and financial expectations for retirement.
• Get all the paperwork necessary to create an up-to-date overview of your financial situation. Review all of your assets and financial accounts.
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Read more... [Control your assets]
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Charitable remainder trusts are to donate appreciated assets while generating current income.
Brief list of things you should do :
• Talk to your spouse or partner about your shared estate planning priorities.
• Make a list of charitable causes you would like to support with a financial donation.
• Consider whether it's prudent to donate assets that are currently providing income or that may in the future.
• Think about charitable giving as a way to maximize your estate-planning strategies.
• Remember that a CRT offers you flexibility.
• Don`t forget that a CRT must be designed in the form of either an annuity trust or a unitrust.
• Keep in your mind that CRTs are irrevocable; therefore, you forgo rights to any assets placed in the trust.
• Decide whether you want to donate assets during your lifetime or after you die.
• Confirm that the potential recipients of your gift are qualified to receive tax-deductible donations.
• Update your will and other estate planning documents.
• Meet a tax professional and/or an estate planning lawyer before implementing new strategies.
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