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Estate Taxes Planning

Understanding the Tax Ramifications of an Inherited Roth IRA

"Be sure to read the fine print." It's neither complex, nor profound advice. Yet, it isn't easy advice to follow when you are navigating your way through pages and pages of IRS rules and regulations governing the way you manage your retirement savings plans. It quickly becomes clear that the IRS has not yet discovered the beauty of simplicity. This is certainly the case with regard to the rules and regulations surrounding the Roth IRA. Although the average investor hasn't memorized IRS... 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

The Basics of 1031 Property Exchanges

If you have business or investment property you'd like to sell, take a look at the 1031 exchange rules before doing so. These rules allow you to sell one property and purchase another of like kind, deferring any gains. Like kind means the property must be used for business or investment purposes, which could include apartment buildings, office buildings, industrial buildings, commercial buildings, rental housing units, raw land, farms, and ranches. You do not have to sell and buy the exact same... 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