For almost 100 years, Americans have been paying federal income taxes. In return, the government has defended our freedom, built highways, preserved natural resources and funded programs that have helped all Americans. Over those same years, the income tax law itself and the rules surrounding the law have become huge, complex and confusing. Many have found that professional income tax advisors, and software programs are essential for preparing tax returns and just dealing with all the financial issues associated with income taxes.
This odd sounding tax was originally enacted in 1969 to curtail the use of tax shelters.
Income Tax Rate Schedules for 2018.
Use custodial accounts as a way to move funds and assets to your children.
People often think that estate planning is just for the wealthy and usually undertaken just to avoid or reduce estate taxes. However, there is much more. The proper planning can reduce the stress often associated with choices over medical decisions and financial management for the dying or disabled.
With the recent strong performance of the stock market, many people should consider how giving stock to their favorite charity can further their favorite causes and create an income tax break.
Americans continue to open their wallets to support their favorite causes. Understanding your options may help you save some additional taxes while you help your favorite charity.
The AMT is becoming a problem for millions of taxpayers and many are not aware of its presence. It may be difficult to totally avoid the AMT, but an understanding of what it is and how it works may provide some ideas on how to reduce it.
Many individuals are able to help their families and reduce potential estate taxes by using this popular gifting technique. It can work for anyone and be a critical part of family financial planning.
Life insurance trusts can be used to keep insurance proceeds out of your taxable estate and save large amounts of estate taxes. As you review your estate plan, speak with your attorney about this powerful and useful technique of owning life insurance policies.
A death in the family is always sad and stressful. No one likes to contemplate their own death, but there are some simple steps to follow to prepare for the inevitable. This article includes 8 steps everyone should consider.
The Internal Revenue Code is a very long and extremely complex document. While only the very best tax professionals can fully understand all of it, a better understanding of some of the basics can help individuals put their financial decisions into perspective and potentially save some taxes.
Estate planning is not just the wealthy or the elderly. A few steps can help ensure that your family will be cared for as you intend if tragedy strikes.
No one likes to pay income taxes. Delaying the actual payment of taxes can be satisfying from an emotional and financial point of view. Learn some of the types of investments and types of accounts that can help you delay the final tax bill.