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taxes
Estate, Gift, and GST Taxation and Trusts
How are trusts treated for federal estate, gift, and GST tax purposes? A trust is created when you (the grantor) transfer property to a trustee for the benefit of a third person (the beneficiary). The act of transferring property to a trust is generally treated no differently than if it were transferred to an individual…
Read More2015 Year-End Tax Planning Basics
The window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect your bottom line for the 2015 tax year. Timing is everything Consider any opportunities you have to defer income to 2016. For example, you may be able to…
Read More2016 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)
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Read MoreTax Planning Tips: Life Insurance
Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products.…
Read MoreThe Benefits of Tax-Advantaged Savings Vehicles
Taxes can take a big bite out of your total investment returns, so it’s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn’t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of…
Read MoreWeighing the Choice between Taxable and Tax-Free Bonds
If you’re considering the purchase of an individual bond or even a bond mutual fund, one of your first concerns will be its yield. However, when comparing various yields, you need to make sure you’re not comparing apples to oranges. The yield on a tax-free bond may be lower than that paid by a taxable…
Read More"Tax Extender" Bill is Passed Through Congress
The article found in the Journal of Accountancy and linked below discusses the bill in length. This bill will affect most of our clients through the restoration of the sales tax deduction. The mortgage forgiveness will affect many people as well. Please click on the link below to find more information on how the bill will affect you and…
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