July 23, 2014

Video: Virginia’s Neighborhood Assistance Program Tax Credits

Early Bird Gets the Worm

This video discusses Neighborhood Assistance Programs, and how donating to a local charity can both help people in your area and help you with your Virginia tax bill.

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How Do I Find An Estate Planning Attorney In My Area?

ACTEC

What is a better starting place than advertisements and phone directories?

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Mailbag: Can I Roll My IRA Into A REIT Tax-Free?

Can I Roll My IRA Into A REIT Tax-Free?

A reader asks, “My wife has a $250K SEP IRA earning 1.5% interest. Can we use any of the funds for real-estate investments?”

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Taxes on Non-Deductible IRA Contributions

Coffee and Cream

“Once you put cream in the coffee, all coffee removed from the cup is partly cream and partly coffee.”

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How To List A Charity As Your Beneficiary

Charity

There is a tax benefit to leaving some assets to your favorite charity rather than leaving it to your heirs.

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Mailbox: How Can I Leave My Estate To A Charity?

Gift Boxes

Leaving a legacy can be a great benefit for the charity receiving the gift.

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Fourteen Ways to Avoid Paying Capital Gains

Like water for money

The capital gains tax traps wealth in an investment vehicle requiring special techniques to free the capital without penalty.

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What is a 1031 Real Estate Exchange?

What is a 1031 Real Estate Exchange?

In our article “Fourteen Ways to Avoid Paying Capital Gains Tax”, we wrote about 1031 like-kind exchanges as a powerful tax-minimization tool for investors and business owners. Despite their complexity, these exchanges have the potential to save vast amounts of money.

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Capital Gains Tax Gets More Complicated

Holding breath

Now you may pay one of at least four different capital gains rates. The strategies to deal with capital gains differ for each level.

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What is the Difference Between AGI and MAGI?

What is the Difference Between AGI and MAGI?

MAGI is a common tax term to denote the resulting value of your adjusted gross income (AGI) with some items added back in. However, each use of MAGI may have different variables added back.

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Mailbag: How Do You Live When You Are Trying To Avoid Taxes?

1040 Form with Pencil

Having sufficient assets in a taxable account can allow for tax planning.

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The Tax Code’s War On Marriage

Marriage Penalty

Two different people can end up with very different amounts of tax owed, simply because of their marital status. You cannot argue this increased tax is their “fair share” simply because they are married.

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Virginia Neighborhood Assistance Program Tax Credits Coming Soon

empowerment

Church Hill Activities and Tutoring is one example of the many charities that are granted tax credits to share with donors.

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Radio: Virginia’s Tax Freedom Day Today

Free Parking

We estimate that if you didn’t have to pay taxes, you could leave work every day at 2:34pm.

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Radio: Avoiding Excess Taxation

Tax Tables

David John Marotta was interviewed on radio 1070 WINA’s Schilling Show on April 15 to discuss taxes and how to avoid excess taxation.

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Realize Some Capital Gains Each Year To Keep Taxes Low

Monopoly Stock Sale

There are at least four different capital gains tax rates. Here’s how to minimize yours.

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What Do You Mean I Owe An Extra $100,000 In Taxes?

Businessman Target

Ah, the joys of being a small business owner in 2013.

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Gift Tender Offers To Charity To Avoid Capital Gains Tax

Gift with Yellow Bow

This technique can avoid paying any tax, a savings worth up to 36.1%.

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Tax By Inflation

The Fading Dollar

In its simplest form, the government prints money and uses the newly printed currency to fund government spending.

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Every Business Should Start a 401(k)

Small business owners

The president’s hope to restrict the plans should actually make owners more interested in creating one.

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How To Report Backdoor Roth In TurboTax

Turbo Tax Backdoor Roth

How to report a backdoor Roth in Turbo Tax.

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2014 IRA & Roth Contribution Limits

2014 Retirement Plan Contribution Limits

Plan to max out your retirement contributions for 2014 — your future self will thank you.

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2014 Employer-Sponsored Retirement Plans

2014 Empoyer-Sponsored Retirement Plans

It’s important to know the limits so you don’t over-contribute and incur tax penalties, but contribute just the right amount (based on your income) for your future standard of living.

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2014 Tax Facts

2014 Tax Facts

The numbers are in: here is a quick chart of tax info for the 2014 tax year.

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Index of Tax Tables

Tax Tables

Want the full list of tax tables? Here they are in one place for easy browsing.

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How Long Should I Keep Financial and Tax Records?

Tax Files

Whenever the IRS challenges you, the burden of producing evidence that your claims are true rests entirely with you.

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Lifetime Exclusion From Gift Or Estate Taxes

Colorful Gift Wrapping

When you die, your assets and belongings–called your “estate”–are subject to taxation, but the there is an amount under which the executor of your estate will not have to pay taxes.

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Annual Exclusion From Gift Taxes

White Gift with Red Ribbon

There is a limit, or exclusion–an amount that the government will allow you to gift to a person per year, without incurring tax consequences.

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Myth: A Will Determines How Your Assets Are Distributed When You Die

grapes_yellow_leaves_t

It is a common assumption that your last will and testament determines who gets your stuff when you die. What you may not know is the vast majority of your assets may be transferred to others regardless of the instructions in your will.

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The Ruse Of Healthcare To Justify Massively Higher Taxes

Rich Men Rule

At least there will be less rich people to hate.

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How to Calculate An Advisor’s Value: Risk Management and Estate Planning

Chess Row Of Pawns

Comprehensive wealth management is a bottomless task.

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Estate Planning

Child Drowning in Money Corruption

The most important product of estate planning is achieving family harmony.

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Who Gets Your Stuff When You Die Without a Will?

Who Gets Your Stuff When You Die Without a Will?

It can be tricky to figure out who your “next of kin” is, so here’s a handy flowchart to help you figure out who gets everything you leave behind if you don’t have a will.

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2013 IRA & Roth Contribution Limits

Retirement plan contrib limits 2013

There’s still time to make sure you’ve maxed out your retirement contributions — your future self will thank you.

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How to Calculate An Advisor’s Value: Tax Efficiency

Chess White Pawn

A dollar saved on your taxes is better than a dollar earned which causes you to pay more tax.

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Rules For Selling Highly Appreciated Stock

hurdle tables

Now that the Bush tax cuts have expired and Obamacare will add additional tax burdens, many people need to think twice before realizing a large gain on their investments.

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2013 Capital Gains Tax Table

Capital Gains

Here’s the tax table for the 2013 capital gains tax.

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Beneficiary Designations: Per Capita or Per Stirpes?

beneficiaries

Before a grandmother passes away, both her sons predecease her. Left with only her daughter and grandchildren, depending on her titling one of three things may happen.

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Should We Hate the Richest Kids in the Graveyard?

Children in the graveyard

“They don’t deserve it!” is the most common complaint. And in most cases it’s true

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Power Fund a 529 Account Via ’5 Year Election’ in 2013

happy grandparents

Investing a large lump sum amount into a college 529 savings plan using a special ’5 year election’ can offer substantial tax savings.

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Should Planners Bypass The Bypass Trust?

Her Ladyship's Estate

The new unified credit changes for estate planning in 2013 have once again changed when you should have provisions for a bypass trust.

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Amazon Sales Tax Collection: Coming To Your State Soon!

Salestax.com

Amazon is currently collecting sales tax for purchases shipped to nine states. It will begin collecting sales tax on purchases for Virginia in September 2013.

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What Our Founding Fathers Got Wrong

James Madison

It’s hard to believe they would both protest a tariff-created monopoly at the Boston Tea Party and then create one at the first congress.

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How to Make Money Paying Virginia Income Tax

Will pay taxes for money.

Don’t hesitate to take advantage of this tax code oddity.

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Marketplace Fairness Act Adds Automation to Tax Confusion

Pretty Penny

It is not a new tax. It is simply a tax that nearly everyone currently reading this column is successfully evading without prosecution.

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NCEF Seminar in Charlottesville: “Tax Planning for Seniors”

Tax Form 1040

On April 25, David John Marotta discusses details of IRS form 1040 and other tax documents, how you can use your tax return to glean information about your financial habits, and ways to optimize your accounts.

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IRA Cap Gives Rise to New Funding Strategies

Be Outraged And Fund Your Roth

President’s proposal comes with silver linings for shrewd advisors

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Tax Planning

Dorothy and Toto 1040

A dollar saved on taxes is worth more than a dollar earned. If you earn another dollar, they will just tax you again.

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Tax Season – Wealth Management Carnival #11

Carnival - Taxes

With the federal tax filing deadline upon us, here are some articles on little-known tax tips, interesting facts, good advice, and general information about taxes. Some of these are applicable now, and some you might want to store away for next year.

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Keep Working and Hire Financial Professionals

How To Build Wealth

For families with complexity to their finances, hiring a tax professional actually saves them money. Wealth managers bring benefit to such families in the same way.

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