An effective tax strategy to minimize the taxes you pay is a critical component to anyone’s overall financial plan.

Advantages of the 1035 Exchange IRS Code

A 1035 Exchange is the exchange of one insurance policy for a newer policy with no tax consequences. It offers an investor the opportunity to exchange an old, outdated insurance contract for a newer contract that offers beneficial features the investor now wishes to include. For example, a policy owner might choose a contract with lower costs, a higher death benefit, the drawing of monthly installments or different investment options.

By |2019-03-13T16:46:49+00:00March 13th, 2019|Taxes|

Elder Abuse And Tax Scam Issues

Dont be scammed by crooks when it comes to taxes Regardless of what happens with the DOL ruling and other regulatory issues, one thing will become more and more relevant in our business. Congress, the individual states and local agencies will turn a hard focus on elder abuse. Elder abuse is increasing, at least the [...]

By |2018-12-17T11:11:31+00:00December 17th, 2018|Annuities, Taxes|

Management Of Annuity Taxation

A tax-deferred annuity provides tax deferral in which income tax on the yield on the original deposit of investment income is not charged during the investment period, as long as the funds remain on deposit in the annuity.  The tax liability is postponed until the annuity’s owner or beneficiary begins to receive (or accesses funds) [...]

By |2018-06-29T03:14:44+00:00June 28th, 2018|Taxes|

3 Overlooked Tax Reductions That Will Shock You

Make sure you do not forget these tax deductions   There are the standard tax reductions every taxpayer knows about, but there are three others few realize that they can deduct to reduce their taxes. Plus a bonus! Volunteer work donations Many American volunteer their time and services to nonprofit organizations instead of making financial [...]

By |2019-03-13T15:42:43+00:00April 3rd, 2017|Taxes|

Tax Harvesting Tips For Investors

All too often, investors (or their accountants and financial advisors) wait until the very end of the year to worry about the losses that can and should be taken for tax purposes. At the very least, a better way is to practice tax-loss harvesting (and be far more proactive in tax planning in general) throughout the year—not just as the annual clock ticks down.

By |2015-05-23T04:23:21+00:00June 18th, 2012|Taxes|

Capital Gains Tax Strategies

Capital gains taxes will be owed any time you sell a highly appreciated asset, weather it’s a collector car, investment portfolio or real estate. In addition, you’ll have to pay capital gains taxes on the sale of your business. The last one really hurts. You work hard for decades, put in blood, sweat, and tears, and then owe the government around 25% of the profits on the sale.

By |2015-05-23T05:00:35+00:00June 7th, 2012|Taxes|

Common Tax Credits

Most personal tax credits are allowed to the full extent of your regular tax liability and alternative minimum tax. But, it is important to note that they do not create a refund if they exceed your tax liability. Nonrefundable credits include the child tax credit, dependent care credit, adoption credit, education credits, retirement savings credit, credit for the elderly and disabled, mortgage interest credit, and D.C. first-time homebuyer credit.

By |2015-05-23T05:01:57+00:00June 7th, 2012|Taxes|

Easy Ways to Save Money on Your Next Tax Bill

Everyone knows that tax-time is never too far off in the future. As inconvenient and time consuming as filing and paying taxes may be, the IRS-imposed penalties for failure to do so are even less pleasant. Fortunately, there are some methods that may be able to potentially save you money on your next tax bill.

By |2015-05-23T05:03:39+00:00June 7th, 2012|Taxes|