Tax planning

Latest Stories

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.

Life Insurance Remains a Strong Source of Stability in an Uncertain Tax Environment

By Penn Mutual | May 30, 2017

Just as estate planning has changed in recent years, so has the use of life insurance in estate planning. Life insurance can effectively serve multiple purposes and objectives in an estate plan, and has more uses beyond simply providing a death benefit to pay estate taxes.

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.

Effective Planning with Life Insurance – Avoid These Common Tax Traps

By Penn Mutual | July 12, 2016

Life insurance is a unique financial product that may provide needed liquidity during lifetime and upon death of the insured. The importance of life insurance is reflected in its favorable tax treatment. However, tax traps can frequently arise in structuring a policy and in common planning contexts.

Seven End-of-Year Tips for Reducing Your Income Tax

By Penn Mutual | November 3, 2015

The approaching end-of-year is an ideal time to explore opportunities to reduce your 2015 income taxes. Here are 7 things you can do between now and December 31.

Is the Estate Tax Dead?

By Penn Mutual | October 20, 2015

Is the estate tax dead? Only two out of every 1,000 estates will be subject to the federal estate tax in 2015. The question for planners is, how long will the federal exemption remain so high?

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.

The Two Secrets to a Successful Small Business Retirement

By Lynn Nolan | March 24, 2015

Like so much else in business, owners need a plan — a strategy — to prepare properly for retirement.