The Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act was signed into law on December 22, 2017 with many of its provisions to take effect on January 1, 2018. The bill is quite…
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Financial Factoids: Tax and Estate Planning Issues
Keeping Income Tax Information There is a general three-year statute of limitation for your taxes, meaning the IRS has three years from when you file your return to start an…
Read More Financial Test Q&A: Income Tax and Estate Planning
Financial Test Questions and Answers Income Tax and Estate Planning Questions What is a living trust? a) A document that dictates life preserving wishes b) A trust established to…
Read More Podcast: Filing Your First Tax Return
https://financialfitnessassociation.org/wp-content/uploads/N6_FilingFirstTaxReturn-1.mp3 Filing Your First Income Tax Return Filing your income tax returns may sound frightening, but it is not as bad as it may sound. It is something…
Read More Podcast: Beginning to Think About Estate Planning
https://financialfitnessassociation.org/wp-content/uploads/L9_BeginningToThinkAboutEstatePlanning.mp3 Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some of the basics of estate planning. …
Read More Podcast: Fundamentals of Income Taxes
https://financialfitnessassociation.org/wp-content/uploads/F10_FundamentalsOfIncomeTaxes-1.mp3
Read More Year Round Tax Savings Strategies
Here are some ideas that you can use throughout the year to make April 15th less taxing: Be organized. Having your records in a usable manner will make preparing your return…
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Year End Tax Planning Opportunities
Tax planning should be a year round activity, but deserves special attention as the end of the year approaches. While everyone’s tax situation is different and there is no substitution…
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What Does “Probate” Mean?
The term “probate” is associated with estate planning and describes the legal process by which a decedent’s will is processed by a special court. An executor of the estate is…
Read More Useful Income Tax and Retirement Planning Information
There have been several major tax law changes over the past few years with staggered effective dates. These laws have significantly changed the way you may want to consider your…
Read More The Power of Tax Deferred Compounding
The Power of Tax Deferred Compounding Delaying, or deferring, when you pay income tax on the earnings of an investment provides a means to earn interest on your interest. Ways…
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The Basics of Estate Planning
Estate planning is often only considered essential for wealthy or older individuals. If you have loved ones, however, you should have some form of estate plan regardless of your level…
Read More The Tax Implications of Financial Decisions
The Internal Revenue Code is a very complex, often confusing and constantly changing set of rules. Individuals sometimes let tax issues cloud their decision-making. Here are three areas where some…
Read More Revocable Living Trusts
Living trusts have become a popular way of owning assets for some people. They can help address a number of important issues, but they are not for everyone. What is…
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Income Tax Implications of Home Ownership
Owning a home can provide financial and income tax benefits as well as emotional satisfaction. While a home is usually viewed as shelter and a place to live, for decades…
Read More Making Annual $15,000 Gifts
What is the simplest estate planning tool around? Gifting! Make substantial annual gifts now while you can control the funds with flexibility. Reap the benefits and fun of being with…
Read More Fundamentals of Income Taxes
Our federal income tax system was implemented in 1913 simply as a way for the government to collect revenue. Since then, the laws have been expanded and revised dozens, if not hundreds of times.
Filing Your First Income Tax Return
Filing Your First Income Tax Return Filing your income tax returns may sound frightening, but it is not as bad as it may sound. It is something that everyone…
Read More Giving Stock to Another Person
One of the most common and easiest estate planning tools is simply giving assets to a family member. The tax laws enable gifting up to $15,000 to anyone per year…
Read More Estate Planning Is More Than Minimizing Estate Taxes
Many people think of estate planning only as a way to reduce taxes. Actually, it is a lot more. Here are some of the issues you should consider: Family communication.…
Read More Eight Simple Estate Planning Steps
A death in the family is always sad and stressful. No one likes to contemplate their own death, but here are some simple steps to prepare for the inevitable: Family…
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Developing an Effective Income Tax Strategy
Taking steps now can help keep your 2014 and future tax liabilities as low as possible.
Consider Charitable Contributions of Appreciated Stock
With the rise in stock prices over the past few years, this may be an ideal time to make special contributions to your favorite charity. The organizations you contribute to…
Read More Charitable Giving Strategies
The American public continues to be generous to their favorite causes. It is estimated that over $410 billion was given to charities in 2017 according to the Giving USA Foundation.…
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Beware of the Alternative Minimum Tax
Many unsuspecting taxpayers will find themselves paying more income this year because of the Alternative Minimum Tax (AMT).
The Basics of Income Taxes
Over the years, the income tax law has become huge, complex and confusing. Many turn to professional advisors to help prepare their tax returns. We’ll help you learn how you can be a more-informed income taxpayer.
How Long to Keep Tax Records
Knowing what tax information to keep and how long to keep it can help you organize your taxes and save space.
The “Kiddie” Tax or How Children Are Taxed
The “Kiddie” Tax or How Children Are Taxed Children are subject to income taxes just like their parents. However, there are some special rules that apply and some of them…
Read More Evaluating Investments on an After-Tax Basis
Most people think of the returns on their investments simply based on what they paid on purchase and what they receive on sale. Ignoring the income tax consequences can result…
Read More Investments That Delay Taxation
Having control over when you pay income tax on the earnings of an investment can be attractive for several reasons: Paying taxes later improves your current cash flow. You want…
Read More Taxable, Tax Advantaged, Tax Deferred and Tax Free
Income taxes, while not popular, are an important part of everyone's financial life. They are a complicated issue that many just accept as part of the cost of living in…
Read More Mutual Funds and Income Taxes
Mutual funds offer many benefits such as diversification, professional management and convenient purchase options. However, the income tax issues associated with mutual funds can be confusing. Generally, owning equities through…
Read More Comparing Taxable and Tax Exempt Bond Yields
The Internal Revenue Code allows individuals to treat interest income from most municipal obligations as tax exempt. This beneficial tax provision enables municipal entities to raise capital more cheaply to…
Read More How Are Mutual Fund Investments Taxed?
Mutual funds offer many benefits such as diversification, professional management and convenient purchase options. However, the income tax issues associated with mutual funds can be confusing. Generally, owning equities through…
Read More Understanding Tax Brackets
Situation I was thinking about income taxes and am a bit confused. The accountant said that my husband and I paid about 17% in tax but said that we were…
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