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Windfall retirement profits. Wrong!

July 10, 2008

Fellow tax blogger taxgirl recently got an interesting, and alarmed, e-mail about a proposed tax on windfall retirement earnings.

Don’t panic. It’s not true.

And while I usually wouldn’t share tax info that is wrong, what with the way rumors travel, especially regarding politicians and their proposals during an election year, I wanted to preemptively get the word out to ease the minds of anyone else who might have had heard this.

Taxgirl did a great job of tracking down the mixed messages that led to this rumor. Apparently, this nasty falsehood has been around for a while, appearing in 2006 as a tax on stock market profits and most recently getting mixed up with the true, but not yet passed, proposal to tax the windfall profits of oil companies.

But, to quote taxgirl, this tax rumor, like too many others that thrive online, is crap. Check out her detective and debunking work here.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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