tax planning week | Ed Slott and Company, LLC

tax planning week

Choosing a Direct IRA Rollover Avoids 20% Withholding on Plan Distributions

If you're receiving a distribution from your employer's retirement plan, such as a 401(k) or 403(b) plan, you have the choice to roll over those funds tax-free to an IRA. There are two ways to do that. Click below to hear more about each choice.

Tax Time IRA Questions ... And Our Answers

It's tax time - and we've covered a lot of key planning issues during our Tax Planning Week. Here are some responses to other key IRA questions that come up a lot at tax time.

Gifting-During-Life Strategy: Does It Make Sense for YOUR Family?

When it comes to estate planning, one of the primary goals is to transfer as much of a person's assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Today, the federal estate tax exemption is $5,340,000 per person. It is also portable (can be transferred) between spouses, giving them a maximum exemption of $10,680,000 per couple and the maximum rate is 40%. That is a far cry from where we’ve been.

IRS Dirty Dozen Tax Scams During Tax Season

IRS has released its annual list of the “Dirty Dozen” tax scams just in time for you to try and avoid them during their peak tax season. Beware of these scams and check back here for Tax Planning Week through Friday.

Disadvantage of Using Your Roth IRA for Higher Education Expenses

While Roth IRAs should ideally be used for retirement, the fact that you have unrestricted access to your Roth IRA basis allows you to take a distribution at any time for any reason. Maybe you’re planning on going back to college or graduate school, but you don’t want to go in debt to pay for it. However, if you’re planning on using your Roth IRAs to pay for higher education expenses, there is a big disadvantage you need to know about before you do so. Click for more information.

Tax Planning Week - Tips, Trends, Essential Information About Your Tax Planning

Welcome to Tax Planning Week at The Slott Report - a week where each of our experts verse all of us in one issue they feel is extremely important as you organize your paperwork and hop on TurboTax or send it off to the local CPA. Click for more Tax Planning information.

IRAtv: Can IRS Regulate Persons Who Prepare Tax Returns for a Fee?

A Washington, D.C. district court handed down a ruling that affects all of us as the 2012 tax season gets underway. The court ruled in Loving et al vs. IRS that the Internal Revenue Service did NOT have the authority to regulate persons who prepare or help prepare tax returns for a fee. They couldn't order these individuals to pass a test or maintain a minimum required level of competency.

Net Unrealized Appreciation (NUA): The Big Income Tax Advantage

There is a little known provision in the tax code that can provide a huge income tax advantage in the right circumstances. We explain this provision and how it may affect you below.

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