Develop a Tax-Planning Mentality
Many people confuse tax planning with tax
preparation and only think about the subject when preparing their
annual tax return. However, there is little you can do to actually
lower your bill when preparing your return. If your goal is to
reduce income taxes, you need to be aware of tax-planning opportunities
throughout the year.
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Reduced Planning Opportunities for Vacation Homes
In the past, it was possible to turn a vacation
home or rental home into your principal residence so that you
could later sell it and exclude gains on the sale from income.
If you were planning on such a strategy, be aware that the tax
rules recently changed.
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Get the Details First
Before purchasing a stock, you should understand
the basics about the company you are investing in. Make sure you
can answer these questions first.
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The Case for GRATs
The lifetime gift tax exclusion is $1,000,000,
but is not scheduled to increase in the future. If you'd like
to pass on more than $1,000,000 to your heirs before your death
but don't want to pay gift taxes, you may want to take a look
at grantor retained annuity trusts (GRATs).
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No RMDs for 2009
Individuals age 70 1/2 and older do not have
to take a required minimum distribution (RMD) from their company
retirement plans or traditional individual retirement accounts
(IRAs) in 2009. RMDs for 2009 were suspended as part of the Worker,
Retiree, and Employer Recovery Act of 2008.
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