Tax Planning - MahoneyGPS https://mahoneygps.com Tue, 17 Apr 2018 21:25:02 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.11 2018 Tax Q&A https://mahoneygps.com/2018-tax-qa/ Tue, 17 Apr 2018 21:19:45 +0000 http://mahoneygps.com/?p=5859 How does the new tax bill affect 529 Savings Plans and what impact do you feel it will have on the markets/economy? Under the new plan, up to $10,000 of...

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]]> What Is the Capital Gains Tax? https://mahoneygps.com/what-is-the-capital-gains-tax/ Thu, 13 Feb 2014 00:03:13 +0000 http://johnnyplaid.com/beacon/?p=1735 Capital gains are the profits realized from the sale of capital assets such as stocks, bonds, and property. The capital gains tax is triggered only when an asset is sold,...

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]]> What Is the Estate Tax? https://mahoneygps.com/what-is-the-estate-tax/ Thu, 13 Feb 2014 00:00:27 +0000 http://johnnyplaid.com/beacon/?p=1729 The estate tax is a tax on property that transfers to others upon your death. Estate taxes are assessed on the total value of your estate — your home, stocks,...

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]]> What Is the Gift Tax? https://mahoneygps.com/what-is-the-gift-tax/ Wed, 12 Feb 2014 23:56:11 +0000 http://johnnyplaid.com/beacon/?p=1724 The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others...

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]]> How Much Money Can I Put into My IRA or Employer-Sponsored Retirement Plan? https://mahoneygps.com/how-much-money-can-i-put-into-my-ira-or-employer-sponsored-retirement-plan/ Wed, 12 Feb 2014 23:55:14 +0000 http://johnnyplaid.com/beacon/?p=1721 IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are periodically adjusted to compensate for inflation and increases in the cost...

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]]> What Is a Required Minimum Distribution? https://mahoneygps.com/what-is-a-required-minimum-distribution/ Wed, 12 Feb 2014 23:53:20 +0000 http://johnnyplaid.com/beacon/?p=1718 A required minimum distribution (RMD) is the annual amount that must be withdrawn from a traditional IRA or a qualified retirement plan (such as a 401(k), 403(b), and self-employed plans)...

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]]> What Are the Tax Benefits of Charitable Trusts? https://mahoneygps.com/what-are-the-tax-benefits-of-charitable-trusts/ Wed, 12 Feb 2014 23:52:02 +0000 http://johnnyplaid.com/beacon/?p=1715 Americans give freely to support the causes they value, from churches, education, and the arts to medical research. Fortunately, current tax laws encourage and even reward philanthropy. Beyond the basic...

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]]> When Must Taxes Be Paid on IRA and Employer-Sponsored Retirement Funds? https://mahoneygps.com/when-must-taxes-be-paid-on-ira-and-employer-sponsored-retirement-funds/ Wed, 12 Feb 2014 23:49:58 +0000 http://johnnyplaid.com/beacon/?p=1712 Traditional IRAs and most employer-sponsored retirement plans are tax-deferred accounts, which means they are typically funded with pre-tax or tax-deductible dollars. As a result, taxes are not payable until funds...

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]]> What Happens If I Withdraw Money from My Tax-Deferred Investments Before Age 59½? https://mahoneygps.com/what-happens-if-i-withdraw-money-from-my-tax-deferred-investments-before-age-59%c2%bd/ Wed, 12 Feb 2014 23:49:24 +0000 http://johnnyplaid.com/beacon/?p=1706 Withdrawing funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty; all distributions are subject to ordinary income tax. However, there are certain...

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]]> What Is Tax Deferral? https://mahoneygps.com/what-is-tax-deferral/ Wed, 12 Feb 2014 23:21:49 +0000 http://johnnyplaid.com/beacon/?p=1702 “Tax deferral” is a method of postponing the payment of income tax on currently earned investment income until the investor withdraws funds from the account. Tax deferral is encouraged by...

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