Tax Planning

How to Report Life Insurance Proceeds Transfer for Value
How to Report Life Insurance Proceeds Transfer for Value

The death benefit that a life insurance policy pays out is typically tax-exempt. The U.S. tax code provides a specific exemption for the proceeds from life insurance. But it also carries an exception to that privileged status. Selling the ownership of your policy has tax ...

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More in Tax Planning

Investment Tax Credit Vs. Production Tax Credit
Investment Tax Credit Vs. Production Tax Credit

Current tax law encourages businesses to develop and operate renewable energy projects, such as wind turbines and solar farms. Not only is renewable energy equipment given a preferential depreciation ...Read More

How Much Should I Save From Each Paycheck for Taxes When Working for a 1099?
How Much Should I Save From Each Paycheck for Taxes When Working for a 1099?

There is no one rate for independent contractor taxes, but you are generally safe from Internal Revenue Service penalties if you make four quarterly estimated payments equivalent to what you owed the ...Read More

How to Figure Taxes on Series E Bonds
How to Figure Taxes on Series E Bonds

The U.S. Department of Treasury issued Series E savings bonds from May 1941 through June 1980. Originally created to fund World War II, the Series E bond was sold in denominations ranging from $25 to ...Read More

Non-Qualified Annuity Beneficiary & Taxation
Non-Qualified Annuity Beneficiary & Taxation

Annuity contracts are a common long-range savings option. While you can open an annuity as a retirement plan -- such as an individual retirement annuity -- to fund it with pre-tax dollars, ...Read More

Tax-Saving Ideas for the High-Income Bracket
Tax-Saving Ideas for the High-Income Bracket

If you happen to be in the upper strata of tax brackets, it's hard to find reliable and relevant information in the media. Much of the financial media is geared toward the middle class and frequently ...Read More

Tax Tips for High Income Earners
Tax Tips for High Income Earners

Since the U.S. income tax system is progressive, a higher income typically means a higher tax rate. Fortunately, the Internal Revenue Code contains several incentives that you can take advantage of ...Read More

Taxes on Inherited Trusts
Taxes on Inherited Trusts

A trust is set up to hold assets at arm's length from the person who buys them. Living trust assets are taxed like other assets (gift and estate taxes apply). With good estate tax planning and ...Read More

Tax Benefits of Land Leases
Tax Benefits of Land Leases

A land lease, also known as a ground lease, allows you to rent real estate rather than purchase it outright. This arrangement might save you money if you lack the resources to buy the land outright, ...Read More

Does Taking Money Out of Your IRA to Pay Off Your Home Incur a Tax Penalty?
Does Taking Money Out of Your IRA to Pay Off Your Home Incur a Tax Penalty?

Under the best circumstances, retirement planning can be difficult as you attempt to project your future financial needs while balancing the fluctuations of the present market. When other major ...Read More

Tax Deductions if You Got Laid Off
Tax Deductions if You Got Laid Off

Losing a job can be a heavy financial blow, but if you've been laid off, you have the right to some useful tax breaks while you wait to return to the workforce. The IRS allows deductions on job ...Read More

If My Only Income Is From Social Security Disability Benefits Do I Have to File a Tax Return?
If My Only Income Is From Social Security Disability Benefits Do I Have to File a Tax Return?

Social Security disability pays monthly benefits to those whose medical condition prevents them from working. The IRS has a different set of tax rules for Social Security benefits, whether for ...Read More

Taxes Incurred by Paying Off Mortgages With Lottery Winnings
Taxes Incurred by Paying Off Mortgages With Lottery Winnings

Winning the lottery will certainly have some income tax implications you'll have to deal with. And even though it may be a smart idea to pay off your mortgages with the lottery winnings, doing so ...Read More

Tax Benefits of a U.S. Contractor Working Overseas
Tax Benefits of a U.S. Contractor Working Overseas

When you work abroad as a contractor, you are generally subject to the tax jurisdiction of the foreign country in which you work, even if your paycheck comes from a U.S. client. In principle, you are ...Read More

Tax Implications of Giving Your House to Your Child
Tax Implications of Giving Your House to Your Child

If you plan on giving a house to a child, you may want to do so with minimal tax consequences. Fortunately, there are ways to do this, but you'll be limited on how much you can give each year. ...Read More