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Retire with Grace News

Tax

3 Mid-Year Tax Planning Strategies for Individuals

About the Author: CHERYL L. CHARBONNEAU, CPA, CFP®, CGMA, is CFO and Director of Tax Operations at Grace Tax Advisory Group, LLC in Southwest Florida. For 25 years, Cheryl worked as a CPA, which included 10 years as a partner in an accounting and wealth management firm in Naples. Subsequently, she earned the Certified Financial Planner® and…

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Real Estate Investor vs. Professional: Why it Matters

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of…

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7 IRA Questions to Ask Before You File Your Tax Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040. 2) Did you make a non-deductible IRA contribution for 2016? If yes, make sure the contribution is reported on Form 8606. The contribution will not, however, be reported anywhere on your Form…

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COULD A TAX-FREE EXCHANGE HELP COVER LTC INSURANCE COSTS?

No estate plan is complete without considering long-term care (LTC) expenses and how to pay for them. LTC insurance is an option, but these policies can be expensive. One solution is to use a total or partial tax-free exchange of an existing life insurance policy or annuity contract. Reviewing the history For many years, Internal…

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Things to Tell Your Tax Preparer During Tax Season

Any time you get a 1099-R for a retirement plan transaction, make sure you give it to your tax preparer. The IRS gets copies of your 1099-Rs, so they need to be included on your income tax return. They cannot be ignored, even if they are for a non-taxable transaction. How will your tax preparer…

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2016-2017 TAX PLANNING GUIDE

Time to Plan Your Year-End Taxes Click here to download this whitepaper. The simple word “taxes” can make people squirm as they think about all the details they need to address. But, with some forward-looking planning, managing your taxes doesn’t have to be as difficult as it can seem. As we move into an economy…

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