Tax planning

Latest Stories

Legislative Update: CARES, FFCRA and Other Federal Programs for Consumers

By Penn Mutual | April 16, 2020

Given the broad impact that COVID-19 has on the U.S. economy at large and on personal finances, legislation offers opportunity for relief. The Families First Coronavirus Response Act (FFCRA Act),… Read More

Create a Richer Legacy, Not a Bigger Tax Headache

By Hunter Gimbel | January 22, 2019

Under the new tax law, the amount that can pass free and clear of federal estate and gift taxes has almost doubled, from $5.49 million to $11.18 million per spouse. It is possible to gift this money during your lifetime, but the time to act on this is now, because in 2026 the exemption will revert to the old amount.

4 Easy Ways to Add Charity into Your Financial Plan

By Ande Frazier | December 7, 2018

If philanthropy is one of your goals, these tips can help you shape a giving strategy that you can feel good about.

Don’t Let These Planning Mistakes Haunt You

By Dewane Lewis, Jr. | October 31, 2018

Financial planning must be scary, given the amount of people who avoid it or try to do it on their own, unassisted. While having a 401(k) or Roth IRA, or perhaps having a 529 savings plan for college are critical components of a sound financial plan, this is only focusing on particular needs without looking at the bigger picture.

Smart Tax Planning for the Soon-to-Be Retired

By Jason Wein | October 23, 2018

There’s such an emphasis on saving for retirement, yet no one puts much thought into the tax consequences. Without smart tax planning, taxes can be a major source of erosion on retirement income. Most of us would be thrilled to get a 6 to 8 percent return long-term on our retirement portfolios, yet the current minimum income tax rate is 10 percent, the maximum is 37 percent. Being smart about taxes can make your money go much farther in retirement.

Deferred Compensation Remains a Good Choice for Highly Compensated Employees

By J. Clifford Dixon | March 20, 2018

Deferred compensation is an often-overlooked way of sheltering income from taxes. It’s not right for everyone, but it has one big advantage: There is no limit to how much income can be deferred.

Sensible Strategies for Your Tax Refund

By Margaret Muldoon | April 11, 2017

I wrote a few years ago about five smart ways to use your tax refund: 1) maxing out an IRA, 2) boosting emergency savings, 3) paying down debt, 4) investing the funds, or 5) putting it into a business. I realize it’s not always so easy to take “found money” and devote it all to something so sensible.

So, go ahead, live a little. But here are a few strategies for doing so sensibly.

Five Smart Ways to Use Your Tax Refund

By Margaret Muldoon | April 7, 2015

First, let’s talk about what to do with this year’s refund, and then we can explore how to change things so that you get to keep your money this year.