Shielding Your Insurance from Estate Taxes
By Doug Reed |
The rules are very stringent, but your financial advisor can help navigate Life insurance, which can help to provide for your heirs in the event of your death, can be an important estate planning tool. It can provide funds to loved ones when they need it most and help meet your family’s financial obligations. One…
Charitable Giving Yields Tax Benefits for Businesses
By Doug Reed |
An economic downturn may not seem like the best time to increase charitable giving, but at the same time, the need for funding at many nonprofits is especially acute as a result of the current economy. In addition to supporting a worthy cause, you or your business can help lower your tax bill through cash…
What to Do if You Underpay Your Taxes
By Doug Reed |
Financial $ense Tips to avoid a surprise tax-time bill and possible penalties Every year, there are taxpayers that underpay their taxes. It just happens. But if you do that, no matter how innocent your underpayment might have been, you can be subject to penalties. The IRS issued a statement to help those who underpay to…
What to Do If (When) Your Taxes Start Going Up
By Doug Reed |
Financial $ense One variable that is hard to plan for in retirement is taxes. There are steps you can take, though, despite the uncertain tax landscape. We don’t even know what the tax rates will be next year, so how can you plan for 20 years or more in the future? We can’t say whether…
What’s a 990 form?
A charity accounting expert explains
By Doug Reed |
Financial $ense Most tax-exempt nonprofits must file a 990 form with the Internal Revenue Service every year, typically in mid-May. The 990 is purely informational. Nonprofits commit to serve an “approved purpose” – such as fighting bigotry, protecting animal welfare or sheltering the homeless – and meeting other eligibility rules. In exchange, they generally don’t…
5 Ways to Build A Better Tax Plan
By Doug Reed |
It’s important that as you build your plan, you think about some strategies to reduce or defer your taxes now or in the future. Here are some strategies to consider helping your financial plan become more tax-efficient: 1. Tax harvesting Usually, this strategy is implemented near the end of the calendar year, but it can…