Posts Tagged ‘Tax Strategy’

The Gift Tax Exclusion: Here’s What You Need to Know

By Robert Pagliarini on May 21, 2013

“How can I avoid the federal gift tax?” If this question is on your mind, you aren’t alone. The good news is that few taxpayers or estates will ever have to pay it. Misconceptions surround this tax. The IRS sets annual and lifetime gift tax exclusion amounts, and this is where the confusion develops. Here’s…

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Charitable IRA Gifts in 2013

By Robert Pagliarini on May 9, 2013

The IRS extends a major tax break. Thanks to the American Taxpayer Relief Act of 2012, charitable IRA gifts are once again allowed in 2013. An IRA owner aged 70½ or older may gift up to $100,000 this year to either a 170(b)(1)(A) public foundation or a 501(c)(3) charity. Congress may elect to extend this…

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Audit Red Flags: What Raises Eyebrows at the IRS?

By Robert Pagliarini on April 10, 2013

Are you worried about being audited? The fear may be overblown – according to Internal Revenue Service data, only 1% of taxpayers had their federal returns examined in 2012. Last year, 12.1% of millionaires had their returns scrutinized, down from 12.5% in 2011. The agency reviewed only 0.6% of returns sent in by taxpayers making…

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Make More Than $1 Million? You Won’t Like This…

By Robert Pagliarini on April 1, 2013

Did you make more than $1 million in 2012? Prepare for an IRS audit. While the IRS said it examined just under 1% of all tax returns filed and about 1% of all individual income tax returns during 2012, the IRS examined 12.1% of the 337,477 tax returns reporting income of $1 million or more!…

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Still Need to File Your Taxes? Here’s a Few Tips

By Robert Pagliarini on March 26, 2013

As April 15 gets closer, many Americans still haven’t filed their taxes. You may be one of them. As life requires us to do so much in so little time, it is understandable. If you are getting around to your taxes now, here are some things you may want to think about. Consider turning to…

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How the Middle Class Can Make a Difference for Charity

By Robert Pagliarini on March 20, 2013

Do you have to make a multimillion-dollar gift to a charity to receive immediate or future financial benefits? No. If you’re not yet a millionaire or simply a “millionaire next door,” yet want to give, consider the following options which may bring you immediate or future tax deductions. Partnership gifts. These gifts are made via…

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Common Deductions That Taxpayers Overlook

By Robert Pagliarini on February 21, 2013

Every year, taxpayers leave money on the table. They don’t mean to, but as a result of oversight, they miss some great chances for federal income tax deductions. While the IRS has occasionally fixed taxpayer mistakes in the past for taxpayer benefit (as was the case when some filers ignored the Making Work Pay Credit),…

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How To Put Your Tax Refund to Work

By Robert Pagliarini on February 20, 2013

Should your refund be saved? According to a TD Ameritrade poll, 47% of U.S. taxpayers expect a refund this year. What do they plan to do with the money? The answers may surprise you. While 15% of the survey respondents indicated they would spend their refunds on discretionary purchases, 47% said they would save the…

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2013 Charitable IRA Rollover Returns

By Robert Pagliarini on January 23, 2013

Give & receive a tax break. Schools, hospitals and other non-profit organizations are welcoming the return of the charitable IRA rollover – an opportunity that lets a traditional IRA owner aged 70½ or older donate up to $100,000 to charity with a tax perk attached. This donation can accomplish two very significant things: the IRA…

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