Tax Planning

We’ve compiled valuable tax strategy articles below. You can find even more tax strategy articles in our Financial Center Guides.

2019-2020 Tax Planning Guide Early Bird

2019-2020 Tax Planning Guide—All you need to know to prepare for this tax season.

Tax Planning Ideas

Keep volume of records in check—Many years’ worth of tax and financial records can accumulate before you know it.

Identity Theft and your Tax Returns —Tax returns are a prime target for identity thieves.

5 things to know about substantiating donations —There are virtually countless charitable organizations to which one might donate.

Don't get taxed twice on nondeductible IRA contributions—Taxpayers who make nondeductible contributions to a traditional IRA need to understand the tax treatment of distributions to ensure they’re not taxed twice on the same income.

Dynasty Trusts are more valuable than ever—The Tax Cuts and Jobs Act, signed into law this past December, has brought great changes to estate planning.

Year-end Tax Planning with Checklists—Get off to a good start with your year-end tax planning with this helpful guide.

Planning for the 3.8% Medicare Contribution Tax on Net Investment Income—As of 2013, high-income taxpayers will face a 3.8% additional Medicare contribution tax on net investment income. Here's an overview of the new tax and steps you can take to reduce its impact.

Planning for Limits on Deductions and Exemptions—Among the tax increases in the enacted 2012 American Taxpayer Relief Act are provisions that impose, or in some cases reinstate, caps on tax breaks for top earners. Read here to learn more about the changes.

529 Plans—If you have a child (or a grandchild) who is going to attend college in the future, you have probably heard about qualified tuition programs, also known as 529 plans (for the Internal Revenue Code section that provides for them), which allow prepayment of higher education costs on a tax-favored basis.

Post-2009 Roth IRA rollovers—You may roll over amounts in qualified employer-sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs—regardless of your adjusted gross income (AGI).

Advantages of Accelerating Qualified Plan and IRA Distributions—When it comes to taxes, reaching age 70-1/2 is an important milestone. That's because you have to start taking minimum annual distributions from your traditional IRAs when you reach age 70-1/2. And if you've already retired from your company, you also must begin making withdrawals from your company retirement plan as well. If you don't take these minimum distributions when you're supposed to, you could get hit with a 50% penalty tax.

Kiddie Tax—You recently asked how you can save taxes by transferring assets into your children's names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the " kiddie tax" rules impose substantial limitations on it if: (1) the child hasn't reached age 18 before the close of the tax year, or (2) the child's earned income doesn't exceed one-half of his support and the child is age 18 or is a full-time student age 19 to 23.

Saver's Credit—We are writing to let you know about a tax credit that can save you up to $1,000 in taxes just for putting money aside for your retirement. It's called the "saver's credit." The credit is a "reward" you receive for putting up to $2,000 a year in an individual retirement account (IRA), Roth IRA, 401(k) plan, or other plan, as explained below. This is an additional tax benefit on top of any other benefits available for the contribution. And unlike deductions, which only reduce taxable income, the credit reduces your tax bill dollar for dollar (but not below zero).

Tax Benefits of Putting Junior Family Members on the Payroll—As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan contributions for your child.

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