An effective tax strategy to minimize the taxes you pay is a critical component to anyone’s overall financial plan.

3 Overlooked Tax Reductions That Will Shock You

There are the standard tax reductions every taxpayer knows about, but there are three others few realize that they can deduct to reduce their taxes. Plus a bonus! Volunteer work donations Many American volunteer their time and services to nonprofit organizations instead of making financial donations or donating assets. Taxpayers can deduct some expenses from [...]

By | 2017-10-23T02:10:31+00:00 April 3rd, 2017|Taxes|

Elder Abuse And Tax Scam Issues

Regardless of what happens with the DOL ruling and other regulatory issues, one thing will become more and more relevant in our business.  Congress, the individual states and local agencies will turn a hard focus on elder abuse.    Elder abuse is increasing, at least the reporting of it is.  In the California community, we live [...]

By | 2017-10-23T03:07:54+00:00 February 22nd, 2017|Annuities, Taxes|

The Obamacare Cadillac Tax Plan Blocked

The furor over the Obamacare health plan continues to be at the forefront in congress.  The Affordable Care Act (ACA) has been facing a difficult time when it comes to costs, expenses and funding.  Recently a large insurance provider threatened to pull out of the program, leaving many other companies to wonder exactly how this [...]

By | 2018-01-12T06:36:06+00:00 December 4th, 2015|Taxes|

Tax Harvesting Tips For Investors

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 is to practice tax-loss harvesting (and be far more proactive in tax planning in general) throughout the year—not just as the annual clock ticks down.

By | 2015-05-23T04:23:21+00:00 June 18th, 2012|Taxes|

Advantages of the 1035 Exchange IRS 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 It offers an investor the opportunity to exchange an old, outdated insurance contract for a newer contract that offers beneficial features the investor now wishes to include.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 example, a policy owner might choose a contract with lower costs, a higher death benefit, the drawing of monthly installments or different investment options.

By | 2015-05-23T04:59:09+00:00 June 7th, 2012|Taxes|

Capital Gains Tax Strategies

Capital gains taxes will be owed any time you sell a highly appreciated asset, weather it’s a collector car, investment portfolio or real estate. In addition, you’ll have to pay capital gains taxes on the sale of your business. The last one really hurts. You work hard for decades, put in blood, sweat, and tears, and then owe the government around 25% of the profits on the sale.

By | 2015-05-23T05:00:35+00:00 June 7th, 2012|Taxes|

Common 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 they exceed your tax liability. Nonrefundable credits include the child tax credit, dependent care credit, adoption credit, education credits, retirement savings credit, credit for the elderly and disabled, mortgage interest credit, and D.C. first-time homebuyer credit.

By | 2015-05-23T05:01:57+00:00 June 7th, 2012|Taxes|

Easy Ways to Save Money on Your Next Tax Bill

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 on your next tax bill.

By | 2015-05-23T05:03:39+00:00 June 7th, 2012|Taxes|