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If you believe your estate will be subject to estate taxes, consider how your heirs will pay the bill.
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Careful estate planning is still one of the most important ways to manage and protect your assets for your heirs.
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A SEP IRA is a type of plan under which the employer contributes (up to a certain limit) to an employee’s IRA.
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If you leave a job or retire, you should consider your options regarding your employer retirement plan assets.
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Tax-deferred retirement plans for self-employed individuals have higher contribution limits than IRAs.
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If you do not participate in an employer-sponsored retirement plan, you might consider a traditional IRA.
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If you start saving for retirement sooner, the more money you are likely to accumulate and possibly retire sooner.
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Qualified Roth IRA distributions in retirement are free of federal income tax and aren’t included in gross income.
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Capital gains are profits realized from the sale of assets; a tax is triggered only when an asset is sold, not held.
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Everything you own, whatever the form of ownership, is subject to federal, and possibly state, estate taxes.
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The federal gift tax applies to gifts of property or money while the donor is living.
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IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government.
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Required minimum distribution is the annual amount that must be withdrawn from a qualified retirement plan/account.
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For the grantor, there are a few potential tax benefits that can come with setting up a charitable trust.
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With traditional IRAs and most employer-sponsored retirement plans, taxes are not payable until funds are withdrawn.
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Tax-deferred retirement account withdrawals before age 59½ generally triggers a 10% federal income tax penalty.
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There can be a substantial benefit to deferring taxes as long as possible.
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Many traditional tax-advantaged investment strategies have gone away, but there are still some alternatives.
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Changes to the tax code have left a few key deductions for itemizers, like medical, dental and some business expenses.
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While stable, CDs can create quite an income tax bill. Fixed annuities and municipal bonds can offer tax advantages.
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Consider a trustee-to-trustee transfer to an IRA versus a lump-sum distribution from a workplace retirement plan.
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It’s important to understand tax-exempt vehicles when establishing a comprehensive tax planning strategy.
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Want to keep more of your mutual fund profits? You may be interested in strategies to help lower your tax liability.
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A 1035 exchange allows you to exchange your life insurance policy for one from another company without tax liability.
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American tax law is a constantly changing landscape. The latest major piece of tax legislation is the Tax Cuts and Jobs Act of 2017.