Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Income Tax Planning

Related Income Tax Planning Topics

Capital Gains & Investments

Deductions

Found 99 Articles.
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tapping-real-estate-equity-part-2

Tapping Real Estate Equity, Part 2

December 1, 2004

The rapid real estate appreciation of recent years endowed many families with substantial real estate wealth but not enough cash. Real estate appreciation does not produce cash. But it does result in higher property taxes, and there are maintenance expenses to pay. Some families also are disappointed with having paper wealth that cannot be spent […]

little-known-new-tax-laws

Little-Known New Tax Laws

December 1, 2004

The American Jobs Creation Act is a major tax law enacted quietly just before the elections. While primarily a corporate tax law, several provisions affect individuals and small businesses. Sales tax. In 2004 and 2005, individual taxpayers who itemize deductions have the option of deducting either state and local sales taxes or state and local […]

how-to-reduce-taxes-by-passing-up-some-deductions

How to Reduce Taxes by Passing Up Some Deductions

November 1, 2004

In early October, Congress voted to extend for another year the higher exemption amounts for the AMT that were enacted in the 2003 tax law. The exemptions were to expire at the end of 2004. Yet, many of you still are likely to be snared by the AMT. You need to carefully review your finances […]

how-to-keep-inherited-ira-from-the-irs

How to keep the Inherited IRAs from the IRS?

October 1, 2004

You work hard to manage your IRAs and set them up just right. One reason is so your heirs will get the maximum benefit from the IRAs. Unfortunately, heirs rarely know what the owner had in mind or what the IRS requires when IRAs are inherited. As a result, the IRS gets thousands of extra […]

IRS-exemptions

Exemptions to the 60 Day Transfer Rule by IRS

July 1, 2004

Money can be moved from a retirement plan to an IRA or from one IRA to another. The trick is that the transfer must be completed within 60 days. If the transfer isn’t completed, or the money isn’t returned to the original account, within 60 days the account owner must include the entire amount in […]

new-family-limited-partnership-rulings

New Family Limited Partnership Rulings

July 1, 2004

Last year a number of estate planners worried that the IRS and the Tax Court nailed shut the door on family limited partnerships. A recent federal appeals court decision recently made clear the door still is open, and it set some guidelines for the successful use of FLPs. Family limited partnerships have been premier estate […]

sell-or-rent-the-old-home

Sell or Rent the Old Home?

June 1, 2004

When you no longer plan to use a house, is it better to sell or rent that residence or second home? The question faces many retirees, and even many pre-retirees. Of course, not everyone has this choice. They need to sell the former residence or second home in order to buy the new house and […]

year-end-tax-planning-it-is-different-this-year

Year-End Tax Planning: It Is Different This Year

April 1, 2004

This year and next could be the time to make a radical change in year-end tax planning. This year, recognizing extra income and capital gains might be the winning long-term strategy. The traditional year-end tax advice is, whenever possible, to defer income until next year or later. Another leg of the strategy is to accelerate […]

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