Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

16 Year-End Tax Tips That You Should Know

Posted by Mark On February 13th

It’s that time of the year again. Time to work on your taxes. Have you reviewed your tax deductions?

Tax Tips

Getting the correct paperwork together and knowing what expenses can generate a tax deduction can take time. Trying to figure out what deductions you qualify for can be stressful. However…

Read the rest of this entry »

The 2010 Tax relief Act reinstated the Estate, Gift and GST tax at a 35% tax rate and $5.12 million (for 2012) exemption.

Portability Election

This is the third installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.

In addition to the increase in the exemption amount the Act also created a portability election for decedents dying after 2010. This election is made by…

Read the rest of this entry »

3: Estate Tax, Gift Tax, and GST Tax

Posted by Mark On February 18th

Estate Tax

This is the third installment of Tax Planning for Changing Times: 5 Things You Should Know which can also be downloaded as a free eBook.

The 2010 Tax Relief Act reinstated the estate tax, gift tax, and GST (Generation-Skipping Transfer) tax at a 35% tax rate and $5.12 million (for 2012) exemption. In addition to the increase in the exemption amount…

Read the rest of this entry »

What You Should Know About Home Equity Loan Interest

This is the second installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library.

Any loans that fall under the nondeductible category need to be reviewed along with your cash or equity availability. If possible, they also need to be re-characterized to a deductible form of interest.

An example of this would be having availability on a home equity loan (balance after transfer must be below $100,000) and paying off an auto loan or credit card. This will increase cash flow two fold:

Read the rest of this entry »

If you buy your parents’ home and rent it back to them…

…you can create a nice tax break.

Read the rest of this entry »

2009’s estate tax rate was 45%, and…

the 2009’s highest income tax rate was 35%, so:

If your estate was larger than the 2009 exemption amount of $3.5 million you may have been able to save 10% in estate taxes by converting to a Roth IRA.

Read the rest of this entry »

If you’re a 401(k) plan owner, be sure to…

…review your 401(k) plan(s), because some will allow distributions while you are still employed.

You can convert a distribution directly from a 401(k) into a Roth IRA, be sure not to overlook this option.

If you have any questions, comments or concerns about Roth IRA’s, or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688.

– Mark

———-

This information is based on facts, assumptions and representations as stated and authorities that are subject to change.  We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER:  The information within this post is for informational and educational purposes only and is not tax advice and should not be used as such.  The facts of each individual situation can have significantly different outcomes when applying tax law.  The hiring of a CPA is an important decision not to be based solely on advertisements.

No matter how many IRAs you own…

the IRS views them as one pool of assets for tax purposes.

Read the rest of this entry »

Roth IRA – Tax Diversification In Retirement

Posted by Mark On April 22nd

Having options is the key to making the right decision at the right time.

Creating “Roth assets” today, by conversion or yearly contributions, will provide you options in retirement.

Read the rest of this entry »

Roth IRA – Opening Multiple Accounts

Posted by Mark On April 7th

Did you know?

You are not required to convert your traditional IRA(s), SEP(s) and SIMPLE(s) into one Roth IRA.

Read the rest of this entry »