Income Tax and Estate Planning

Income Tax Planning

• The Basics of Income Taxes - The Internal Revenue Code is a very long and extremely complex document. While only the very best tax professionals can fully understand all of it, a better understanding of some of the basics can help individuals put their financial decisions into perspective and potentially save some taxes.
• Beware of the Alternative Minimum Tax - The AMT is becoming a problem for millions of taxpayers and many are not aware of its presence. It may be difficult to totally avoid the AMT, but an understanding of what it is and how it works may provide some ideas on how to reduce it.
• The Tax Implications of Financial Decisions - Income taxes can be confusing and frightening. All too often, misunderstandings cause people to make financial choices that are not in their best long-term interest. Learn a few basics that will put taxes into the proper perspective.
• Developing an Effective Income Tax Strategy - While it may be too late to reduce last year's tax bill, it is the right time to start planning to reduce your future income taxes. This article offers some ideas that may make every April 15th less taxing.
• The Tax Cuts and Jobs Act of 2017 - This is a broad summary of the Tax Cuts and Jobs Act of 2017. Remember to always consult your tax advisor for a better understanding.
• Year End Tax Planning Opportunities - Qualified tax advice for personal and business tax issues.
• Year Round Tax Savings Strategies - Income taxes are not something that should only be considered once a year. This article provides several ideas that can be put to work to make your tax bill smaller.
• Useful Income Tax and Retirement Planning Information - There have been several major tax law changes over the past few years with staggered effective dates. These laws have significantly changed the way you may want to consider your financial situation, especially retirement planning. This article has information that you find helpful.
• Consider Charitable Contributions of Appreciated Stock - With the recent strong performance of the stock market, many people should consider how giving stock to their favorite charity can further their favorite causes and create an income tax break.
• Charitable Giving Strategies - Americans continue to open their wallets to support their favorite causes. Understanding your options may help you save some additional taxes while you help your favorite charity.
• Giving Stock to Another Person - One of the most common and easiest estate planning tools is simply giving assets to a family member.

Investment Taxation

• Comparing Taxable and Tax-Exempt Bond Yields - Interest on most municipal bonds is exempt from federal income tax. To determine whether these tax-free bonds are right for you, you must compare the after-tax returns of similar taxable bonds. A simple chart can help.
• Mutual Funds and Income Taxes - While mutual funds offer many conveniences, dealing with the income tax consequences of owning mutual funds is seldom simple. This article will help you understand some of these issues.
• Investments That Delay Taxation - Tax deferral can be a tool to help your wealth grow more rapidly. Tax deferral lets you earn "interest on your interest" or "growth on your growth." Learn some ways to take advantage of this concept.
• Evaluating Investments on an After-Tax Basis - Many think of tax free bonds when considering the after tax returns. However, investing in stocks can also offer some tax benefits. With the recent changes to the tax laws, understanding that taxes can erode part of your earnings is important.
• The Power of Tax Deferred Compounding - No one likes to pay income taxes. Delaying the actual payment of taxes can be satisfying from an emotional and financial point of view. Learn some of the types of investments and types of accounts that can help you delay the final tax bill.
• Taxable, Tax Advantaged, Tax Deferred and Tax Free - Certain investments and certain types of accounts can help you reduce, or at least delay, paying income taxes on investment earnings, Learn some of the why's, how's and when's of this important issue.

Estate Planning

• The Basics of Estate Planning - Estate planning is not just the wealthy or the elderly. A few steps can help ensure that your family will be cared for as you intend if tragedy strikes.
• Eight Simple Estate Planning Steps - A death in the family is always sad and stressful. No one likes to contemplate their own death, but there are some simple steps to follow to prepare for the inevitable. This article includes 8 steps everyone should consider.
• Mistake to Avoid - Not Considering a Life Insurance Trust - Life insurance trusts can be used to keep insurance proceeds out of your taxable estate and save large amounts of estate taxes. As you review your estate plan, speak with your attorney about this powerful and useful technique of owning life insurance policies.
• Estate Planning is More Than Minimizing Taxes - People often think that estate planning is just for the wealthy and usually undertaken just to avoid or reduce estate taxes. However, there is much more. The proper planning can reduce the stress often associated with choices over medical decisions and financial management for the dying or disabled.
• Revocable Living Trusts - These popular forms of asset ownership are often "touted" as ways to avoid the expense of probating an estate. Learn what they are, how they work, how you may establish one and what to watch out for.