Here’s good news if you own a stock portfolio. (And if you’re a reader of the Tax Reduction Letter, I’ll bet you do.) If you know how to play the game, you can turn your stock portfolio into a year-end tax-reducing machine. The basics are really pretty straightforward. Avoid the high taxes (up to 40.8%) on short-term capital gains and ordinary income.Lower the taxes to … [Read more...]
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How 529 College Savings Account Withdrawals Are Taxed
To get my complete, FREE articlewith all the details… Definition: 529 Plan. 529 plans are tax-advantaged accounts thatare used to help pay for qualified educationalexpenses. What you may already know: The big advantage of a 529 plan is that “qualified” withdrawals from the account are usually federal and state income-tax free. The plan is a great way to help … [Read more...]
Handling Key Non-Tax Financial Issues When a Loved One Passes Away (Part 3)
Previously, in the Tax Reduction Letter, we published the first two parts of a three-part series… Tax Considerations When a Loved One Passes Away (Part 1)Tax Considerations When a Loved One Passes Away (Part 2) In this, the final article in the series, we’re coverthe most important non-tax financial issues. Read my new article… Handling Key Non-Tax Financial Issues … [Read more...]
Refresher on Tax-Smart College Savings Strategies for Parents
You already know that college is expensive. But only when you start writing checks to cover your youngster’s college bills, do you really start feeling the terrible pain. How much pain? Well, the average cost of college tuition, fees, and room and board was recently running at $32,500.If your son or daughter is heading to a private, non-profit four-year college, you’ll … [Read more...]
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Sure, you can pay Uncle Sam more taxes than you have to. But why? You see, if you know how to take advantage of all that the law allows, you can save a bundle. Let me be specific. After you read this article, take my advice and act by December 31. When you do, you can get five year-end family-related tax breaks that can leave more money in your pocket. Are you … [Read more...]