Below you'll find a list of all posts that have been categorized as “Tax Planning”
Marriage affects your finances in many ways, including your ability to build wealth, plan for retirement, plan your estate, and capitalize on tax and insurance-related benefits. There are, however, two important caveats. First, same-sex marriages are recognized for federal income and estate tax reporting purposes. However, each state determines its own rules for state taxes, inheritance rights, and probate, so …
Money. It’s hard to get and easy to lose. It doesn’t take long for the wealth you’ve accrued to disappear if you don’t manage your money correctly or have a plan to guard your assets against sudden disaster. Traps like the ones revealed below could easily impede your financial security. Planning ahead can protect you and your family from getting …
If you are thinking about changing jobs, are you aware what your choices are for managing the money in your current employer’s retirement plan? Although many people have chosen to take a cash distribution, there are several options that may benefit you more. Uncle Sam Loves Cash Distributions Taking a lump-sum cash distribution may cause an immediate 20% federal …
Tax filing day has passed us by for another year (unless you are on extension). Most people don’t start planning for their taxes until they start receiving documents. At this point your accountant is a glorified scorekeeper showing you what you owe or what you are getting back. Now is the time to start planning for 2017, especially with all …
Recently I attended a conference that had some amazing statistics when it comes to generating income. In 1980 to generate $100,000 a year in interest income utilizing shorting term bonds you needed a total of $763, 395. In 2016 to generate $100,000 a year in interest income in short term bonds, you need a total of $13,888,901. You need over …
Our office is located in Chandler, AZ. Chandler is home to numerous Technology companies such as Intel, NXP, and Microchip. Recently several of these companies have gone through company-wide reductions in their workforce. It can be a shocking situation. After 20 years you are out of a job and you just received a package from your former employer with an …
“You are worse than the Dentist.” It’s tax time. According to some of my clients-one of the worst days of the year. Most of my clients are patriotic Americans, but they don’t want to pay more taxes than they have to. Over the years I have noticed most of my clients initially focus on deductions. Should I buy a house …
Today majority of blended families live together peacefully without any issues. However, what if one spouse dies suddenly? How are the biological children of the deceased spouse placed in terms of inheritance? It is particularly important for blended families to discuss matters related to estate planning before hand. Here are a few points that could help with estate planning for …
If you have a large estate with adjusted gross value coming to a minimum of $5.34 million starting 2014, a big chunk of it will be gobbled by the federal estate taxes. Although there is no state inheritance tax in Arizona, any trusts and estates exceeding state exemption will result in you paying income taxes. The list of other taxes …
Almost every financial decision you make has an effect on your taxes and, ultimately, your bottom line. Here are some things that can reduce your tax liability. Ways to Reduce Your Taxes Tax credits Tax deductions Eliminate tax penalties Choose correct filing status Timing of income collection Timing purchases and other expenditures Timing of buying and selling assets Using retirement …
Today, many tools and unlimited information regarding estate planning is available online. As a result, a greater number of people are gradually bypassing employing the services of a financial planner for documentation work. You might think it is a good idea from the point of view of a consumer as it helps with cost cutting. However, the fact is that even …
