Be Careful About Picking Beneficiaries for Your IRAs and 401(k)s

Inheriting IRA or 401(k) proceeds from a friend or relative can be a potentially huge windfall, but it can also be a sizable tax headache. For both the giver and the recipient, it’s worth getting some advice.
Bank accounts, stocks, real estate and life insurance proceeds generally pass to heirs free of income tax. However, inherited [...]

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John Gay, CFP® of Frisco Financial Planning Named to Dallas-Fort Worth (DFW) “Best Financial Planners List”

John Gay, CFP® was recently named by his colleagues to the D Magazine List of the Best Financial Planners in Dallas-Fort Worth (DFW).
Frisco, TX: December 19, 2008 — John Gay, CFP®, a Certified Financial Planner(tm) practitioner in the Dallas suburb of Frisco was named by his peers in the January 2009 issue of D Magazine [...]

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IRS increases mileage rates through December 31, 2008

The IRS has announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven [...]

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Economic Stimulus IRS Rebate Check Details

In May, the Treasury Department will begin the process of issuing rebate checks to over 130 million individuals–the result of provisions included in the Economic Stimulus Act of 2008, which was signed into law in February. Individuals who file a 2007 federal income tax return, and have $3,000 or more of income (including amounts received [...]

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It’s Not What You Earn, It’s What You Keep

You work hard for your money. So why shouldn’t you try to keep as much of it for yourself as you can? Here are some ways to pay less tax and keep more of your hard-earned dollars.
Tax deferrals rule
Take advantage of tax-deferred retirement plans, such as 401(k), 403(b), and 457(b) plans, offered by your employer. [...]

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Will You Pay Taxes on Your Social Security Benefits?

Did you know that you might have to pay federal income tax on your Social Security benefits? If Social Security was the only income you had during the year, then your benefits generally won’t be taxable. However, if you or your spouse worked and had any earned income during the year, or if you had [...]

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Why UTMA & UGMA Custodial Accounts Aren’t Making the Grade

UGMA/UTMA custodial accounts let children hold assets like stocks, bonds, and mutual funds in their own names–under the watchful eye of a designated custodian–that they legally wouldn’t be able to hold outright in their own names. Earnings, interest, and capital gains generated from assets in the account are taxed every year to the child. At [...]

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Try to Avoid These IRA Mistakes

April 15, 2008 is the deadline to contribute to an IRA for tax year 2007, but now is a good time to review the do’s and don’ts of successful IRA management.
Mistake No. 1 – Failure to start: Do you have either a traditional or Roth IRA as part of your retirement strategy? If not, get [...]

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IRS Clarifies Wash Sale Rule Relating to IRAs

In Revenue Ruling 2008-5, the IRS has ruled that the wash sales rules apply when a taxpayer sells stock or other securities outside of an IRA for a loss, and purchases substantially identical stock or securities in an IRA (traditional or Roth) within [...]

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2008 IRS Inflation Adjustments

For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced recently by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with [...]

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