Make Sure Your Year-End Financial Checklist Makes Sense

Year end is a good time to consider changes that can help you maximize your next tax year. This article lists areas of focus including record keeping and tax liability planning.

Tax Harvesting Tips For Investors

Tax harvesting, simply put, is the practice of taking losses in a portfolio for tax purposes. All too often, investors (or their accountants and financial advisors) wait until the very end of the year to worry about the losses that can and should be taken for tax purposes. At the very least, a better way Read more >>

Advantages of the 1035 Exchange IRS Code

Named after Section 1035 of the Internal Revenue Code, a 1035 Exchange is the exchange of one insurance policy for a newer policy with no tax consequences. It offers an investor the opportunity to exchange an old, outdated insurance contract for a newer contract that offers beneficial features the investor now wishes to include. For Read more >>

Capital Gains Tax Strategies

Although some investors may be able save big on capital gains taxes for the next 3 years, only a few will be so blessed. If you’re at, or close, to the bottom of the income ladder, you’ll be able to save 100% on your capital gains taxes. Those eligible for the savings aren’t the ones Read more >>

Common Tax Credits

After you determine your income tax liability you may be able to reduce that liability by claiming one or more tax credits. Most personal tax credits are allowed to the full extent of your regular tax liability and alternative minimum tax. But, it is important to note that they do not create a refund if Read more >>

Easy Ways to Save Money on Your Next Tax Bill

Regardless of the current season, everyone knows that tax-time is never too far off in the future. As inconvenient and time consuming as filing and paying taxes may be, the IRS-imposed penalties for failure to do so are even less pleasant. Fortunately, there are some methods that may be able to potentially save you money Read more >>

Essential IRS Related Tax Tips and Answers

Taxes. Just the word can fill people with anxiety, but the truth is, with careful planning and excellent record keeping, most tax troubles can easily be avoided. Here are some tips for some of the most common sticky tax situations and tax related questions I’ve Received A Notice from the IRS, What Should I Do? Read more >>

Federal Solar Energy Tax Credits

The Energy Policy Act of 2005 (EPACT – H.R. 6, Sec. 1335) offers federal tax credits worth 30% for the use of alternative energy powered appliances, including for purchase of hybrid vehicles and purchase and installation solar electricity powered appliances. Availability of these credits came into effect on Jan 1st 2006 and has been extended until 31st Dec 2008. Solar Read more >>

Five Essential Ways To Manage Your Taxes

Tax management may not rank high on your list of favorite phrases, but the truth is, staying on top of your taxes now is the only way to prevent IRS headaches later. Here are five essential ways to manage your taxes, and avoid potential trouble: 1. Organize. This means not only gathering your bills, records, Read more >>

Tax Planning and Tax Reduction Strategies

When it comes to sound financial planning, taxes and tax law regulation understanding are both vital elements. A critical component of any financial or retirement plan is a comprehensive tax strategy. In a nutshell, the goal of such a strategy is to capitalize on every opportunity the government makes available to you to cut the Read more >>

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