Retirement Planning

2015 Tax Planning Guide

New Year 2015 And Clock

 

Our 2015 Tax Planning Guide is now available. This online guide will give you access to updated tax and financial planning information throughout the year. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this guide will prove to be a convenient resource for you throughout the year. Just a few of the topics covered in the guide are:

 

  • Roth IRA conversions
  • Bunching income and expenses as a year-end planning strategy
  • Planning for restricted stock and stock options
  • Planning for real estate investments
  • Succession and retirement planning for business owners
  • Charitable giving strategies

 

If you have any questions after reviewing the information presented, please do not hesitate to […]

Tax Benefits from Hiring Children to Work in the Family Business

As a business owner, you have the opportunity to save income tax and payroll tax (when looking at the family as a whole) by putting your children on the payroll.  In doing so, you may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan contributions for your child.  In addition, employing a child age 18 (or if a full-time student, age 19-23) may be a way to save taxes on the child’s unearned income, as explained below.  Here are the key considerations.

Turning High-Taxed Income into Tax-Free or Low-Taxed Income

You can turn some of your high-taxed income into tax-free or low-taxed income by […]

Will the IRS Take Action to Restrict Wealth Accumulation in IRAs?

The Government Accountability Office just released a study regarding Individual Retirement Accounts and the enormous amount of deferred income that is currently accumulated in them. The report noted that an estimated 43 million taxpayers had IRAs with a reported fair market value of $5.2 trillion at the end of 2011, which results in an estimated $17.45 billion in lost tax revenue, and it made several recommendations to Congress as to what it thought the IRS should do about this.  Options could include limits on (1) the types of assets permitted in IRAs, (2) the minimum valuation for an asset purchased by an IRA, or (3) the amount of assets that can be accumulated in IRAs and employer sponsored plans that get preferential tax […]

By |December 3rd, 2014|Categories: Individual Tax, Retirement Planning|Tags: , , , , |Comments Off on Will the IRS Take Action to Restrict Wealth Accumulation in IRAs?

2014 Tax Planning Guide

Our 2014 Tax Planning Guide is now available. This online guide will give you access to updated tax and financial planning information throughout the year. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this guide will prove to be a convenient resource for you throughout the year. Just a few of the topics covered in the guide are:

 

  • Alternative minimum tax (AMT) triggers
  • Expired or expiring tax breaks
  • Capital gain tax
  • 3.8% Medicare tax on net investment income
  • 0.9% Medicare tax on earned income
  • Planning for restricted stock and stock options
  • Planning for real estate investments
  • Succession and retirement planning for business owners
  • Charitable giving strategies

 

If you have any questions after reviewing the […]

2014 Estate Planning Guide

The 2014 Estate Planning Guide is now available. Feel free to share it with friends and family who you think might find it interesting or helpful. A few of the topics covered in the guide are:

– Wills and trusts

– Gift and estate tax exemptions

– The marital deduction

– Exemption “portability”

– Lifetime and charitable giving

– Annual exclusions

– Business succession planning

– Life insurance

If you have any questions after reviewing the information presented, please do not hesitate to give us a call.