Simple Year End Tax Planning Strategies You Can Do On Your Own

Posted December 27th, 2011 in Taxes by Jeremy Waller

With just a few short days until the end of the year, the deadline is quickly approaching to complete your tax planning.

I would venture a guess that most people don’t put much though into tax preparation. They just wait until all of their W-2s, 1099s, brokerage statements and other paper work to come in the mail. Then they sit down to do their taxes sometime before April 15th.

That strategy (or lack of one) could cause you to pay more than you need to. If done right, proper tax planning could save you thousands on you tax bill. Continue Reading »

Offsetting the Tax Ramifications of Required Minimum Distributions For Inherited IRAs

Posted November 14th, 2011 in Investing, Taxes by Jeremy Waller

Roth IRA and Taxes

This following is a guest post from John Papa, president of Diversified Planning Strategies. More information about John can be found at the bottom of this post.

Those looking to pass on their hard earned wealth by way of an IRA often fail to account for the potential tax ramifications of required minimum distributions for inherited IRAs. Even someone that does not need these distributions to live is required by law to start taking them at age 70.5. ┬áIf they don’t, Uncle Sam can become an unintended heir.

By marrying a few financial tools though, portfolios can avoid being sabotaged by the IRS and offset the tax implications of these distributions. Continue Reading »