Posts Tagged ‘Taxes’

Advantages of Gift Giving

Saturday, February 28th, 2009

We are now in the midst of the tax season and you should think about ways to limit your liability. You may have many reasons for making gifts – some people have personal motives, others are motivated by tax considerations. Many want their gift-giving program to meet both personal and tax-planning objectives. Reasons for considering a gift-giving plan include:

    Assisting someone in immediate financial need

    Providing financial security for the recipient

    Giving the recipient experience in handling money

    Seeing the recipient enjoy the gift

    Taking advantage of the annual exclusion

    Paying a gift tax now to reduce overall taxes

    Giving tax-advantaged gifts to minors

    Source: Financial Visions, Inc.

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Year-End Financial Planning: A Checklist – Tip #5

Monday, December 15th, 2008

Prepare to Minimize Your Income Tax Liability

Consider estimating your federal and state income tax liabilities periodically to ensure proper withholding levels and quarterly estimated tax payments. This will prove especially important if you sell significant assets during the year or experience large swings in your income level. Consider maximizing your deductible expenses and savings such as qualified retirement plans, charitable giving, deductible expenses, etc. Be careful to meet all IRS dates and deadlines for withholdings and filings.

Source: Financial Visions, Inc.

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Year-End Financial Planning: A Checklist – Tip #1

Thursday, November 27th, 2008

The best financial decisions are made with the benefit of time, thoughtful consideration, and trusted professional advice. As tax time approaches, take the time to prepare for sound long-term financial decisions and minimize expenses, taxes, and the headache of organizing your finances at the last minute.

Organize Your Tax Records Early

In preparing for this year’s tax filing, begin to organize tax records including year-end investment statements, capital gains and losses from asset sales, transaction records from real estate transactions, interest and dividend records for the year (1099s), payroll and withholding statements (W-2s), records corresponding with deductible expenses such as property taxes and insurance, business income and expense records, etc. Some of these will not come until January or February of the following year.

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