Category: Tax Planning

How to Save Taxes During Retirement?

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Keep More of Your Retirement Assets If you don’t pre-plan your retirement plan and failed to manage your drawdown; you could face a higher income-tax bracket, possible 50 percent penalty on distribution and be taxed higher on Social Security benefits. To avoid these significant problems, you should meet with a retirement planner specialist, begin your…read more »

Income Items That Are Taxable

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Sources of Taxable Income Having prepared tax returns for over 40 years both professionally and my own, there are several items that many taxpayers over look when considering taxable income. To add salt to injury, debt forgiveness is a taxable event; you will receive form 1099-C from your creditor for the amount that was canceled….read more »

New Tax Audit Rules

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Tax Audits IRS now has six years to “Audit Your Taxes”, up from three years. I recommend you keep your old tax records for at least seven years and keep any cost basis tax information like stocks, real estate and capital assets for even longer. The statute of limitations on taxes is a fundamental rule…read more »

Year-End Tax Planning 2015

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Guide to Tax Planning for 2015 – Year End With the 2015 year coming to a quick close, it’s time to do some year-end tax planning. Specifically, I am referring to your investment portfolio centered around your regular taxable accounts. If you are over 70 ½ year old or older, do not forget to review…read more »

Tax Strategies During Retirement

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Tax Strategies When planning for retirement or in you are already in retirement, taxes is a major concern. For those of us already in retirement, the two most important sources of retirement income are your Social Security benefits and distributions (withdrawals) from our retirement accounts such as IRAs and pensions from our employers which includes…read more »

Deducting Investment Advice

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Are your fees tax deductible? Certain investment and tax advice are tax deductible on your tax return depending on whether or not you itemize on your return and you meet 2 % limitation amount. Financial planning fees in general are non-deductible, however advice related to investment or tax planning including estate planning are deductible. If…read more »

IRA Mistakes to Avoid

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Mistakes to Avoid               There have been recent changes to IRA rollover rules, therefore I have listed 3 IRA Rollover mistakes to avoid below. Missing the 60-day rollover deadline – If you move assets in an IRA account and take direct control of the proceeds you must rollover the…read more »

Condo Rental Tax Write-Offs

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Condo Rental Tax Write-Offs If you are considering buying a condo for rental purposes, keep in mind that different tax rules apply depending on whether you use the property personally and if so for how long. If you rent for less than 15 days and used the property as a vacation or second home, the…read more »

Tax Advantages of ETFs

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Tax Advantages of ETFs There are several advantages to purchasing an Exchange Traded Fund over a mutual fund, a significant advantage is the tax savings; ETFs are more tax efficient than mutual funds, only one of the reasons they’ve been gaining market share. Most mutual funds distribute 100 percent of income and capital gains each…read more »

Avoiding IRA Rollover Problems

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Avoiding IRA Rollover Problems With the exception of Roth IRA conversions which are exempt from the once per year IRA Rollover rule, a taxpayer needs to be careful and follow the new IRS rules set in motion recently pertaining to rollovers. There are two ways to move IRA money to another IRA that being directly…read more »