Archive - 2015

1
Gifting Appreciated Stock To Family Members
2
Your Year End Financial Checklist
3
Long term care: pay and pay and pay again
4
Retirement money in ex-employer’s plan? Here are your 4 choices.
5
How to save more taxes if you are charitably inclined?

Gifting Appreciated Stock To Family Members

Many family members give money to their children. For children with lower incomes, there is an opportunity to give them appreciated stock to shift the capital gains to a lower tax bracket.

Current tax law has separated capital gains into four separate tax brackets.

Those in the lowest income tax brackets experience a 0% federal capital gains tax. In 2016, this capital gains opportunity is available to single filers with income under $37,650 and married filing jointly filers with income under $75,300.

Meanwhile, the highest income tax brackets experience a 23.8% federal capital gains tax. In 2016, the highest bracket …

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Your Year End Financial Checklist

As 2015 winds down it may be an ideal time to consider wrapping up (pun intended) some loose ends regarding your finances and getting ready to welcome 2016 financially prepared. Here’s a list of things to consider as 2015 comes to an end.

  1. Have you made your maximum IRA contribution for 2015?

If you have yet to contribute the maximum to your IRA there’s still time. Individuals under age 50 can contribute $5,500 while those 50 and over can contribute $6,500. Individuals have until they file their 2015 taxes or the 2015 tax deadline (whichever comes first) to make their …

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Long term care: pay and pay and pay again

Think you’ve been prudent and taken care of any long term care needs by buying long term care insurance? Okay, good, but now you can start worrying again. As usual, American capitalism has found new ways to extract more bucks out of us hapless suckers, oops I mean frugal, hard working citizens.

The Wall Street Journal last week had an article describing how Medicare tracks and audits hospitals for frequent re-admissions. The idea is supposed to be that if you give correct and adequate care followed up by adequate home care, you shouldn’t be readmitting people for the same thing. …

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Retirement money in ex-employer’s plan? Here are your 4 choices.

When changing jobs from one employer to another, I heard from many a simple question: What should I do with the qualified (tax-deferred) money that is in a plan sponsored by ex-employer? What are my options? While choosing the exact option depends on individual circumstances, knowledge of the four typical options listed below will guide you through making the decision.
  1. Request a lump sum distribution of the funds from your ex-employer’s plan,
  2. Take no action and leave the funds in your ex-employer’s plan (if allowed),
  3. Transfer the funds to a new employer’s plan if your new employer offers a plan,
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How to save more taxes if you are charitably inclined?

When it comes to saving money and planning for financial future, there is one certain question on anyone’s mind: How can I save money on Income taxes? What strategies help me reduce my tax bite? There is no better time of the year than now to plan for this. Presented below is one technique that could help you give some relief come tax time.

If you are charitably inclined, donate to charity often, and take a tax deduction for the amount you donated, the good news is that you have an opportunity to increase your savings! Instead of donating cash …

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