Tax Planning

What are required minimum distributions and how are they calculated?

What are required minimum distributions and how are they calculated?

Generally, annuity contracts have fees and expenses, limitations, exclusions, holding periods, termination provisions, and terms for keeping the annuity in force. Most annuities have surrender charges that are assessed if the contract owner surrenders the annuity. Withdrawals of annuity earnings are taxed as ordinary income. Withdrawals prior to age 59½ may be subject to a 10% federal income tax penalty. Any guarantees are contingent on the claims-paying ability and financial strength of the issuing insurance company.

Estate Taxes

Estate Taxes

What are estate taxes? There are many factors that you should consider when designing an estate plan. One of the most significant is taxes. The act of giving away your property may be subject to taxes on the federal level, state level, or both. These tax liabilities...

Tax Incentives for Motor Vehicles

Tax Incentives for Motor Vehicles

Three federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles).The new clean vehicle tax credit can be either a personal or a general business tax credit, depending on...

9 Unexpectedly Powerful Insights From Doing Our Taxes

9 Unexpectedly Powerful Insights From Doing Our Taxes

At the dreaded tax time, when we brace for the bad news of how many of our hard-earned dollars are going to the government. But going through the process of collecting all this financial information about the past year can be so much more than just tax prep.