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

Does Your 401K Or IRA Need To Be Rescued

Because of the accumulation benefits of tax deferral, many individuals have successfully created substantial IRA or 401K accounts or other qualified plans.   It is not uncommon for these accounts to have amassed seven figures of total dollars. It is also usually the case that little attention has been focused on what will happen to [...]

By |2020-01-09T22:26:49+00:00October 7th, 2019|Taxes|

The Best Time for Tax Planning

Tax planning involves far more than scrambling in April to defer income and boost deductions. If you want to minimize what you pay in capital gains tax, reduce your year-end tax bill, and give less of your estate to Uncle Sam, you should be aware of the short- and long-term tax consequences of all your financial moves.

By |2019-04-11T22:39:34+00:00June 1st, 2019|Taxes|

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 It offers an investor the opportunity to exchange an old, outdated insurance contract for a newer contract that offers beneficial features the investor now wishes to include.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|

Coverdell Education Savings Account: College with Tax Advantages

The Coverdell Education Savings Accounts, once known as Education IRAs, can help taxpayers save for a child’s education. Contributions to a Coverdell ESA are nondeductible, but the earnings on the account grow tax deferred and distributions are treated as a tax-free gift to the beneficiary. The contributor does not have to be related to the beneficiary.

By |2019-03-13T17:17:55+00:00June 7th, 2012|Taxes|