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Shane Flait's Articles in Taxes

  • 2013 Estate Tax Planning Includes Trusts, Federal And State Estate Taxes
    It's important to review your estate tax planning to incorporate the changing federal and state estate tax laws - their amounts and exemption thresholds. Trusts still have a place for exemption preservation and offspring protections. Here's an update...
  • Future Tax Increases for Retirees Make A Roth IRA Better Than A Traditional IRA
    Whether a Roth IRA or a TraditionalIRA is the way to go depends on the tax bracket for your distributions compared to the bracket for your contributions of each. A comparatively higher distribution tax bracket leaves more in your pocket with a Roth, but a lower distribution tax brackets leaves more in you pocket with a traditional IRA. Let's see how it works.
  • Gifts Or Inheritances Produce Different Tax Consequences For You And Beneficiary
    Gifting versus bequeathing property is an important estate planning issue. But the taxation associated with that property may help you decide which is better for you and your beneficiary - to make it a gift or to bequeath it at your death.
  • Where Annuities Are Vulnerable to Income Taxation
    Annuities and cash value life insurance have a tax advantage in common; their earnings grow tax-deferred. But that's where similarities end. Because an annuity is geared to be used while the owner is living, any of its earnings that come out of the contract will be subject to income tax. Here's when that occurs...
  • Know the 5 Year Rule To Avoid Tax On Your Roth IRA Distributions
    Converting from a traditional IRA to a Roth IRA gives you an investment account that grows tax free, allows tax free withdrawals and hasn't any minimum distribution requirements after you turn 70 1/2. But you have to abide by the 5 year rule; otherwise you may trigger tax consequences on your withdrawals. Retirees who find themselves making large Roth withdrawals should take note.
  • Use A GRAT To Save On Gift Taxes To Your Kids
    If you expect to have several million remaining in your estate, arrange to transfer some wealth while you're living in a way that triggers little or no gift tax. You can use a grantor retained annuity trust (GRAT) to do so. A GRAT is an irrevocable trust set up for only a certain term of years and designed to transfer the appreciation on assets contributed to it with little or no gift-tax consequences.
  • How and When Can You Deduct a Loss on Your IRA Investments
    All earnings of your investments in your IRA - whether of tax-deductible contributions or nontax-deductible contributions grow tax-deferred until they're withdrawn. Then they're taxed as ordinary income. But your basis is never taxed. Those who have only made tax-deductible contributions will have everything in their IRA liable to income taxation. Here's how it works...
  • Tax Efficient Strategies for Converting to a Roth IRA
    As of 2010, anyone - no matter how high his income - can convert all or any part of a qualified plan to a Roth IRA. But converting from a qualified plan - like a traditional IRA - requires paying income taxes on the amount that you convert into your Roth IRA. This article suggests some ways to get the most benefit out of your conversion while minimizing the taxes it produces - especially for high earners.
  • Even Less Reason in 2010 to Withdraw From Your Tax-Deferred Accounts
    During your retirement, you're often advised to live off your taxable accounts first before using your tax-deferred accounts. That's because withdrawing from your tax-deferred accounts will tax you more whereas keeping them untouched allows them to grow faster than your taxable accounts. This article clarifies the assumptions in this advice and explains why there's even less reason to tap those deferred accounts in 2010.
  • How Taxation Rules Your Investment Options
    You grow your savings so to use them later. Outside of contributing they grow according to how you invest them. Government's taxation plays an important part in how you choose what to invest in and how to hold that investment. This article overviews how your savings or investments are taxed and how that influences what you choose to invest in.
  • How Much Income Tax Are the Feds Really Taking from You?
    If you're trying to save money, you ought to know how much the federal government is taking from what you earn. Most people just don't know. Finding out will show you why it's hard to get ahead. This article shows how the fed gets 35.4% of an $80,000 working income.
  • Different Tax Treatments Suggest an Order for Tapping Your Sources of Income
    By the time you hit retirement, you've probably acquired a variety of savings and income assets. From these you'll withdraw income to live on and enjoy your retirement years. But because the tax treatment of your various assets differs, you should know that ordering how you withdraw from them can help preserve them longer. In this article I suggest a sequential order you should withdraw from the six common assets categories and why.
  • Plan Not To Be Gouged By Estate Taxes in 2011
    Just because the Estate Tax has been phased out in 2010, don't be lulled into thinking it won't be back with a vengeance. On the books, it's slated to return with only a $1 million exemption. Efforts to get rid of it altogether have failed. The government will be looking for more money anyway now anyway. The following give you the full picture and how to prepare for it.

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