File the date: tax planning for retirees Jan. 17 at Stillwater Public Library

(STILLWATER, OKLA. / Jan. 2, 2019) –– Retirees can learn and share information about tax planning during a moderated discussion at this month’s “Making the Most of Retirement.” The discussion will be led by Dennis Bertholf, former Oklahoma State University professor of Mathematics, and will be held at the Stillwater Public Library on Wednesday, Jan. 16, at 1:30 p.m.

According to Bertholf, two main topics of tax planning will be discussed. 

“We will be sharing strategies for reducing taxes in the tax year 2019 and beyond,” Bertholf said. “We will also discuss 2018 taxes. What is new and what you need to bring to your tax preparer in order to have your 2018 forms prepared.”

Bertholf, a counselor in the AARP Tax Aide program for the past ten years, stresses that retirees should take advantage of the free tax preparation services provided at the library each year. The service is free and typically takes place from Feb. through mid-April each year.

In regard to taxes, Bertholf believes the more help is the better. Taxes in retirement can be tricky because they are different from those they file in their working years.

“The main difference for tax planning for retirees concerns retirement accounts,” Bertholf said.  “When you are working, the money you put into a 401k is tax deductible and reduces your taxes.  However, after retirement, you no longer have this deduction and have to start taking money out of the retirement account. It is generally taxable.”

Retirees can get a handle on these differences through discussions like the one Bertholf will lead. The discussion also gives knowledgeable retirees a chance to help each other. 

“I am hoping the participants will share their ideas,” Berthold said. “It will help others with the organization, preparation and methods for handling their income in order to save on taxes.”

Prior to the program, Bertholf suggests that participants read a series of online articles related to tax planning in retirement. The list is posted at the bottom of the library’s tax information webpage at http://library.stillwater.org/taxes.php.

Bertholf, who retired from OSU after a 38 year career, received his BS in Mathematics Education from the University of Kansas, and an MS and PhD from New Mexico State University. 

“Making the Most of Retirement,” which is coordinated by the OSU Emeriti Association, is free and open to retirees and those nearing retirement. The series addresses a new topic each month, including the upcoming 2019 programs:

• Feb. 20: Shyla Eggers - An Update on New Developments at Stillwater Medical Center
• Mar. 20:Jennifer Edge            - Home Health 101: Factors to Consider in Evaluating Home Health Service Providers
• Apr. 17: Daryl Nord - Touring the Amalfi Coast and Cities on the Danube (Armchair Traveler series)
• May 15: Shelley Gladden - Assistive Technology for Seniors: Tools to Maintain Independence

For more information on “Making the Most of Retirement,” visit https://retiredinstillwater.wordpress.com or contact the library Help Desk at 405.372.3633 x8106 or askalibrarian@stillwater.org.

The Stillwater Public Library is located at 1107 S. Duck St. (the corner of Duck and 12th Ave.).  Visit the library online at http://library.stillwater.org.