The standard deduction, unified credit, gift tax exclusion, and other tax numbers for 2018.
IRS Code allows employees a special election to distribute appreciated employer stock out of an employer retirement plan, and have the “Net Unrealized Appreciation” taxed at favorable capital gains rates outside of the account.
The concept of cost basis is basically straightforward, but it can become complicated in many ways. Tracking cost basis is required for tax purposes but also is needed to help track and determine investment success. The key to success...
The rules for calculating RMDs cause much confusion for clients and advisors alike, and the penalty for errors is stiff.
In an S-Corporation, only earnings paid to an owner as salary is subject to payroll taxes. Any money left in the business for reinvestment or distributed to the shareholder as a dividend is not subject to self-employment tax.
A tax-efficient portfolio can save enough on your tax bill to nicely compliment your investment returns. Take a look at your own portfolio to see if you've implemented the following tax-shrinking tips.
With a spousal IRA—technically named the Kay Bailey Hutchison Spousal IRA—a spouse who has zero earned income can contribute to his or her own IRA based on the other spouse's earned income.
You can invest IRA funds in non-conventional assets, including real estate, closely held stock, equipment leasing, farming interests, private equity investments and virtual currency. However, there are risks involved.
Your employer offers both a traditional and Roth 401(k). Which one is best for you? Morningstar provides some insight.
In Morningstar's inaugural report evaluating health savings account plans, they looked at 10 of the largest through two separate lenses: as a spending vehicle to cover current medical costs, and as an investment.
How much to put where, and when, varies for everyone, of course, but this three-step primer can get you started on a smart retirement tax strategy.
They'll get their money one way or another. Don't plan your move without calculating all of a state's taxes. Generally speaking, a move is typically beneficial only for high-income earners.
It has become common for people to continue working and earning income in some capacity well into their retirement years. This results in a new issue: How will this earned income impact the tax liability for the retiree who is also claiming Social Security benefits while working?
Nobody is obligated to more taxes than the law requires. The law allows you to take advantage of these five tax-savings opportunities.
A Spousal Individual Retirement Account (IRA) is a special type of IRA that is designed to benefit a non-working spouse and allows a married couple to each have an IRA to help fund their retirement.
Looking at the 70% Overlap Rule. Tax-loss harvesting (TLH) is a common practice used to improve after-tax returns by realizing losses to either offset realized capital gains or to defer capital gains into the future. Be sure to avoid wash sales.
Many 401(k) plans have a unique feature that can either create a world of opportunity for your retirement plans or create a tax and retirement planning nightmare. This 401(k) plan feature is known as an in-service withdrawal.
Reporting 1099 income is important. But asking for a missing on can be a mistake.
Maximize the benefits of an IRA early in your career.
When a tax-deferred account is part of an estate, failure to follow the tax rules correctly can result in a financial disaster.
Are your earnings too high to a Roth IRA? Try the backdoor approach.
An S corporation can reduce FICA taxes, but may not a good option for you.
In addition to federal debt, state and local per capita debt can reach as high as $11,000.
If you're not convinced, consider moving to Chile or New Zealand.
Approaching age 70½? Avoid unwanted surprises from money in your IRA.