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...
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...
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical...
What is it? Definition The student loan interest deduction allows you to deduct from your gross income a portion of the interest you pay on student loans. The maximum deduction is $2,500. Eligibility requirements To take the deduction, you must meet several requirements: The interest must be paid on...
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...
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...
What are my options? How do I maximize my benefits? What if I am not ready to retire? Are there tax consequences when I draw Social Security? If you or someone in your world has been wrestling with these or other questions relating to Social...
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...
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...