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Paying taxes has become a routine part of our daily lives. We pay taxes on our income, our purchases and our investments. Developing an effective tax strategy for minimizing payouts can help you save additional money. Learn the tax basics, how to maximize deductions, how to minimize estate taxes, and what tax concerns you should focus on.

Estate Taxes Planning

The State of the Federal Estate Tax

Like the Perils of Pauline, the final chapter in this thriller has yet to be written. The best way to sum up where the repeal or modification of the federal estate tax stands is to repeat the words of Senate Finance Committee ranking minority member Max Baucus who spoke shortly after the horrific human and financial impact of hurricane Katrina became apparent, and even before hurricanes Rita and Wilma. He said that victims of the hurricane should take priority over repealing the estate tax when... more

Managing Tax Deductions and Credits

5 Smart Ways To Spend Your Tax Refund

Not sure how to wisely spend your tax refund. Find out the best 5 Smart Ways To Spend Your Tax Refund and set yourself up for future financial success. By Paula Pant.   Congratulations, you've gotten a tax refund! Now, what you are going to next?   If the only answer that... more

Tax Planning Basics

1031 exchanges

This article is for educational purposes. 1031 exchanges have restrictions and limitations. When the time comes to sell your real estate, some owners of highly appreciated real estate could be staring at a substantial capital-gains tax bill. A section of the Tax Code may help you convert your appreciated property into an income stream while deferring up to 100% of the capital-gains tax that would otherwise be due on the sale. This transaction, known as a '1031 exchange,' is named for a... more

Tax Strategy and Planning Tips

The Danger Of Having No Strategy Or Ignoring Tax Efficient Investing Strategies

By Dr. Jeff Camarda EA, PhD Financial Planning, MSFS, CFA | REQUEST FREE CONSULTATION This is without question the most fundamental mistake made by taxpayers and their tax advisors/preparers. For some reason, this industry is almost hopelessly re-active. Most clients and preparers dont even look at the fact patterns until after the first of the year, when nearly all potential strategies are impotent, except the old "well, you could put some more into your IRA." The reason this is so... more

Tax Concerns

Tax Preparers Can Be Loan Sharks

Be aware of potential loan sharks out there during the first few months of the year. Most people think of the Mafia, Mob or Gangsters when they hear the term loan sharks. Today we have corporate loan sharks who are operating within the law and charging consumers 7%, 10%, 70%, 700% on loans. These loan sharks are national income tax preparation firms who prepare taxes and offer 'loans' in exchange for the anticipated tax refund due an individual. These products are often referred to as... more