Upcoming decisions in D.C. may impact tax planning
Tax reform may be higher on the Capitol Hill agenda, but passage this year is unlikely.
Category: Taxes
Budget outlook may mean higher taxes
The federal budget deficit has improved in recent years, but projections estimate worsening conditions in a couple of years.
Using Form 1040 to uncover opportunities
The IRS tax Form 1040 can be used to launch financial planning discussions.
Strategies to lessen tax impact on retirement savings
Outliving savings is a concern for some investors. But longevity is not the only risk. Taxes pose a risk and here are some strategies to help.
Five tax-efficient strategies for 2015
With tax reform proposals from the White House and the new Congress likely to spark debate, any potential tax code changes will face close scrutiny. Today, tax-efficient planning strategies take on heightened importance. When planning in 2015, consider these five strategies that may help investors mitigate their tax bills. 1. Invest in municipal bonds to
Changes in tax thresholds impact 2015 planning
Most tax thresholds for income, estate, and gift taxes saw changes for 2015. In addition, the federal estate and gift tax exemption rose to $5.43 million, taking inflation into account. The following tables illustrate the key tax and income thresholds to consider when planning in 2015. 292689
New taxes proposed by president during SOTU
Raising the capital gains and dividend tax rates and eliminating certain inheritance tax provisions for high earners are among the tax code changes President Obama proposed in his State of the Union speech Tuesday night. At the same time, President Obama called for the adoption of a number of benefits targeted to lower- and middle-income
Taxpayers may owe Uncle Sam due to health-care subsidies
This tax season marks the first time taxpayers who received federal subsidies to purchase insurance on health-care exchanges will have to report these tax credits on their returns, leading to confusion for some and a potential tax liability for others. Many subsidies — or Premium Tax Credits — were issued upfront and based on estimated
Tax-advantaged savings approved for people with disabilities
In the final days of 2014, Congress approved a bill to create a new tax-advantaged savings vehicle for people with disabilities. The Achieve a Better Life Experience (ABLE) Act amends the tax code beginning in 2015 and establishes tax-free savings accounts for people with disabilities. These accounts, which are similar to a 529 college plan,
Tax breaks win extension by Congress
The Senate voted 76-16 Tuesday to approve a House bill that preserves several dozen tax provisions, known as “tax extenders,” from January 1, 2014 through the end of the year, essentially providing a one-year retroactive extension. The collection of provisions, which includes tax breaks and deductions, was set to expire as of the end of