TAX PLANNING
Capital Gain Tax
Capital gains are profits realized from the sale of assets; a tax is triggered only when an asset is sold, not held.
Tax Library
Estate Tax
Everything you own, whatever the form of ownership, is subject to federal, and possibly state, estate taxes.
Gift Tax
The federal gift tax applies to gifts of property or money while the donor is living.
Retirement Plan Limits
IRAs, employer-sponsored retirement plans are subject to annual contribution limits set by the federal government.
Required Minimum Distributions
Required minimum distribution is the annual amount that must be withdrawn from a qualified retirement plan/account.
Charitable Trust Tax Benefits
For the grantor, there are a few potential tax benefits that can come with setting up a charitable trust.
Retirement Plan Taxes
Withdrawing Before Age 59.5
Tax-deferred retirement account withdrawals before age 59½ generally triggers a 10% federal income tax penalty.
Tax Deferral
There can be a substantial benefit to deferring taxes as long as possible.
Tax Deductions
Changes to the tax code have left a few key deductions for itemizers, like medical, dental and some business expenses.
Tax Strategies for Retirement Plans
Consider a trustee-to-trustee transfer to an IRA vs a lump-sum distribution from a workplace retirement plan.
Tax-Free Investments
It’s important to understand tax-exempt vehicles when establishing a comprehensive tax planning strategy.
Mutual Fund Profits
Want to keep more of your mutual fund profits? You may be interested in strategies to help lower your tax liability.
Tax-Free Insurance Upgrades
A 1035 exchange allows you to exchange your life insurance policy for one from another company w/o tax liability.