Tax Strategy and Planning Tips

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...
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Tax season is upon us again. April 15th may be the official deadline to file, but it's now time to start gathering everything you'll need so you aren't scrambling in the eleventh hour.   Whether you're planning on doing...
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Thinking of spreading some holiday joy this season by donating to a cause that’s near and dear to you?   The holiday season is a time when many people feel inspired to give to causes they want to support. But if...
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By Paula Pant. April 15th isn't the only deadline you need to keep in mind when it comes to staying on top of your taxes. Truly savvy planners also watch for December 31st, which is the cutoff to make some clever moves to...
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SUMMARY: Sole proprietors face financial challenges, but when those include underpaying quarterly taxes they're asking for trouble with IRS. If you've paid too little, or missed quarterly payments, here's how to bring your...
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By Paula Pant. March 8, 2014 In June 2013, the U.S. Supreme Court struck down the Defense of Marriage Act, otherwise known as DOMA. This decision revolutionizes tax-filing for married, same-sex couples. (Who thought...
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By Paula Pant March 5th, 2014 How many times have you heard this phrase: "I'm tired of throwing money away on rent." -- or -- "If you're renting, you're throwing money away." Our society holds a pervasive myth that rent...
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By Paula Pant March 19th, 2014 A home can be a wise purchase, but don't get in over your head. Too many people jump into buying a house without giving it enough thought, simply because it seems like the next "thing to...
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By Paula Pant. Nobody enjoys paying more in taxes than they should. And most people understand that the best way to optimize their taxes is by learning as much as they can stomach about the tax code. But there's just one...
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By Justin Stoltzfus. Parts of the financial world are abuzz over a plan to create government-backed?retirement savings plans. The Obama administration recently released a presidential memo that ordered the U.S. Treasury to...
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By Paula Pant March 25th, 2014 It's that time of year again! Temperatures are getting warmer (or trying to), days are longer, and you're starting to feel that urge to open up the windows and clean out the dust bunnies for...
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At the time when couples are celebrating the beginning of their lives together, the last thing most are thinking about is death and estate taxes. However, as married couples accumulate wealth over the years, many make the...
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If you're looking for ways to reduce your income tax bill, consider the following strategies: Contribute the maximum amount to your 401(k) plan. Your contributions, up to a maximum of $14,000 in 2005 (individuals over age...
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By Justin Stoltzfus January 15, 2014 As individual taxpayers start to lay the groundwork for their annual filings in April, it's probably a good idea for the majority of filers with discretionary capital to go ahead and...
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While it may not be April 15 quite yet, it's not too early to start thinking about your income taxes. By planning ahead, you may be able to reduce the amount of money you?ll owe Uncle Sam for this year's taxes...
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As 2013 draws to a close, there's a bit of time to act before it's too late. There are a number of moves to consider making before the year is over. Stock Gains/Losses You might have gains on stocks that were sold in...
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The tax-free income from municipal bonds can provide higher after-tax returns compared to corporate or treasury bonds for investors in higher tax brackets. For investors in the federal marginal tax bracket of 28% or...
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Even if you use a professional tax preparer to do your taxes, at the end of the day, you are ultimately responsible for the accuracy of your tax return. For this reason, you may still want to make a note of the most...
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Even after a succession of federal tax cuts since 2000, Americans still bear a substantial tax burden. In fact, the nonprofit Tax Foundation estimates that the average person will still need to work 70 eight-hour days this...
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Some general advantages with owning taxable bonds in a qualified account over holding municipal bonds in a taxable account are as follows: Less risk of negative impact due to tax law changes No AMT exposure No...
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Taxes can take a chunk out of your investment returns; yet, many investors don't give much thought to taxes when they make investment decisions. While investment decisions shouldn't be based entirely on tax considerations,...
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You may have heard a common investment expression ?It's not what you make that counts. It's what you keep.? Minimizing taxes from investment activities is important because it's one of the few aspects of investing that an...
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In isolation, there's nothing wrong with a variable annuity (VA). Their benefits include tax-deferred growth, professional money management, numerous investment options, and a contingent death benefit. Severe deficiencies...
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The most advanced products for tax-efficiency are tax-managed index funds (TMIFs). To keep taxes low, there are five primary techniques that TMIFs apply: low turnover, expanded securities trading range, dividend...
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There are few things in this world more confusing than IRS codes, IRS definitions, and IRS procedures. Fewer still are the changes to these codes that turn out to be beneficial to the taxpayer. An obscure and...
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The purpose of this text is to explore the tax treatment of distributions from qualified retirement plans, whether they were established by the individual or by an employer. Tax deductible savings and tax deferred...
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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...
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Everyone who has a job has a tax problem. The harder you work to get ahead and build your income, the more taxes you pay. In order to have the maximum cash at retirement, you need to find a way to minimize taxes. Many...
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One of the most important estate tax planning tools available to married couples is the unlimited marital deduction. The deduction allows one spouse to pass an unlimited amount of property to the other spouse without...
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This is a cautionary tale of one retiree who suffered a loss of income in her later years. Although the story is fictional, its lessons are significant and could save you and your spouse money at a time when you may need it...
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Refunds Too Large If you are getting more than $1,000.00 back in tax refunds each year combining federal and state you are missing a great opportunity to increase your wealth. When the government uses your money all year...
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Sell those losers. If you have securities that have taken a bath now may be the time for some year end tax loss harvesting. This will help offset some of the gains that we've had for the year. (It's so nice to have...
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The frequent changes in the tax law limiting the benefits of 401(k) plans and other tax-qualified benefit plans for higher compensated individuals have placed additional burdens on plan sponsors to provide these individuals...
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The IRS has often challenged FLPs (Family Limited Partnerships), contending they were created solely for the purpose of avoiding estate tax. The tax courts have generally rejected these challenges, recognizing that most FLPs...
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Taxes can take a chunk out of your investment returns; yet, many investors don't give much thought to taxes when they make investment decisions. While investment decisions shouldn't be based entirely on tax considerations,...
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It's easy to find advice on how to choose a financial advisor. You can search the internet or go to your local book store. I've even written an article on the subject recently. But what if choosing a new advisor isn't the...
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I've illustrated some easy steps you can take to try and reduce your liability: Retirement plan contributions. Be sure to make any necessary contributions to tax-deductible retirement plans. Many plans require...
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By Paula Pant April 15 is fast-approaching, and if you're like many people, chances are your tax prep is somewhere on the spectrum between mild disarray to frantic, panicked scrambling. There's just something about doing...
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By James O'Brien There's no question about the rules for some 18 million Americans who've made something good for themselves in the world of self-employment. Professionals who earn a decent living at what they do, working...
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