Tag Archives: Wealth Planning
Know Your Total Tax Burden? You Could be Surprised: Try the Calculator
You may have a good sense of what you pay in federal income taxes. Most people do.
But many people pay other taxes they aren’t as aware of. Like federal and state taxes for cell phones and other taxes levied on your use of cable and electricity.
Perhaps surprisingly, the average American pays more than 20 different taxes during the year. Yet only a small percentage of people can accurately estimate the portion of their incomes absorbed by taxes.
Understanding what you pay (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Personal Finances, Personal Tax, State + Local Tax, Wealth Planning
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Have a Trust or an Estate with Investment Income? A Little Tax Planning May Reduce Your Medicare Surtax
The timing’s the thing according to Shakespeare. Of course he wasn’t talking about taxes, but he could have been.
For taxes in the post-fiscal cliff era, timing can be everything—and the Medicare surtax is no exception.
Beginning January 1, 2013, affluent individuals, estates and trusts pay an additional 3.8 percent in federal taxes on net investment income above certain federally established threshold amounts. It’s referred to as the Medicare surtax.
The threshold amount is significantly lower for estates and trusts than for individuals. Combine (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Federal Tax Alert: January 31 is the Deadline for 2012 Tax-Free IRA Distributions to Charity
The newly enacted American Taxpayer Relief Act retroactively reinstated federal tax rules that allow certain IRA owners to make tax-free distributions from their IRAs to eligible charities.
If you have an IRA and are age 70½ or older, you can make tax-free distributions of up to $100,000 per year for 2012 and 2013. These distributions aren’t subject to charitable contribution limits since they aren’t included in your gross income or claimed as a deduction on your return. They do, however, count (continue reading…)
Posted in High Net Worth Practice, Not-for-Profit Practice, Tax Services
Tagged Business Tax, Estate + Gift, IRS, Personal Finances, Personal Tax, Philanthropy, Retirement Planning, Wealth Planning
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Quick-Reference Guide for 2013 and (Revised) 2012 Tax Deductions and Limits
Uncertainty ends, at least when it comes to federal taxes. And it was a real cliff-hanger, if you’ll pardon the pun.
As of December 31, 2012, U.S. taxpayers faced significant increases in federal income, estate and gift taxes for 2013 as a result of Congressional inaction.
Then, on January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the Act) which President Obama signed into law on January 2.
The Act reduces income tax rates for the majority of Americans, as (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group, Uncategorized
Tagged AMT, Business Tax, Estate + Gift, Legislation, Personal Finances, Personal Tax, Tax Credits + Incentives, Wealth Planning
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Simple Gifting Strategies for 2012 and Beyond
To most of us, a gift is something that we choose to give to another person without expecting anything back—a birthday or an anniversary present, for example.
To the IRS, it’s a direct or indirect transfer of money or money’s worth to an individual where full consideration is not received in return. And it’s often a taxable event.
However, there are simple gifting strategies that can provide large gift and estate tax advantages.
General Tax Rule for Gifting The gifts you make to (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, Personal Finances, Personal Tax, Philanthropy, Wealth Planning
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Federal Tax Alert: Year-End Estate and Gift Planning
Unless Congress acts, the estate tax and lifetime gift tax exemptions are drastically reduced after this year—decreasing from $5,120,000 this year to $1,000,000 in 2013.
If you have a taxable estate and you haven’t discussed the changing tax rules with your Bader Martin advisor, give us a call now.
The time required to implement critical strategies is quickly running out.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Personal Finances, Personal Tax, Wealth Planning
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National Estate Planning Awareness Week: 6 Simple Steps You Can Take Now to Protect Your Loved Ones
It’s not always just about the numbers. And it’s definitely not just for the uber rich and the elderly.
An estate plan also protects your loved ones in the event that you become incapacitated or die unexpectedly.
National Estate Planning Awareness week was October 15 – 22, 2012—an important reminder of the critical role that your estate plan plays in securing your legacy and your family’s financial future.
Unfortunately, more than 120 million Americans either don’t have estate plans or have plans that are (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services
Tagged Estate + Gift, Personal Finances, Wealth Planning
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Underwater on Your Mortgage? Federal Tax Exemption for Mortgage Debt Forgiveness Expires This Year
It’s been said that regret is insight that comes a day too late.
For Leigh Kennedy and millions of other homeowners with underwater mortgages—those who owe more than their homes are worth—regret may very well come with the first day of the new year.
Leigh left Seattle for a job in Boston last month. Because the opportunity arose suddenly, she didn’t have time to put her waterfront condo on the market before her move. Now she’s busy settling into a new job (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services, Uncategorized
Tagged Home Ownership, Legislation, Personal Tax, Tax Credits + Incentives, Wealth Planning
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Year-End Tax Planning Series: Know What’s Slated to Change for 2013?
Delays have dangerous ends, according to Shakespeare. And he was right, especially when it comes to year-end tax planning.
In what’s been referred to as a fiscal cliff, even Taxmageddon, we face increased income, estate and gift tax rates for 2013 and decreased exemptions and deductions—barring action by Congress. No one anticipates Congressional action before the November election, when it may be too late to fully develop the strategies critical to reducing your taxes for 2012 and 2013.
If you start the (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Professional Practices Group, Tax Services
Tagged Estate + Gift, Personal Finances, Personal Tax, Wealth Planning
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Getting a Health Insurance Rebate? Learn the Tax and Other Consequences
In a time of rapidly rising costs for health insurance, a new provision of the Affordable Care Act (the Act) sets a minimum percentage of premium dollars that insurers must spend on health care, thereby limiting the amount they can retain as profit or spend on administrative costs like salaries and marketing.
According to healthcare.gov, the provision “holds health insurance companies accountable to consumers and ensures that American families are reimbursed if health insurance companies don’t meet a fair standard of value.” (continue reading…)
