Moore Colson Messages
How to deduct nondeductible
interest
Some types of interest that aren’t deductible in
their original form can become deductible if you make a few changes.
For instance, you can’t deduct interest on consumer debt such as
auto loans or credit cards. But you can make it deductible by
converting it to a home equity loan of up to $100,000.
Another strategy: Use the proceeds from the sale of securities to
pay off your consumer debt. Then buy new securities on margin. The
total amount you owe remains the same, but you’ve replaced
nondeductible debt with potentially deductible debt.
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Deducting interest trims
borrowing costs
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When they borrow money,
many people look for the lowest interest rates without
considering whether they can also deduct that interest from
their taxes. But for those who do a little planning, deducting
interest expenses can provide significant tax savings. This
article takes a look at various kinds of deductions, both
above the line (which the taxpayer subtracts from gross
income) and itemized, to see where borrowers can potentially
save money.
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Have you adjusted your
product mix lately?
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Most companies’ product and
service mix goes through changes over time, as customer needs
evolve, economic conditions fluctuate and competitors’ offerings
come onto the market. But if business owners perform regular
evaluations they don’t need to fear changing conditions. In
fact, periodically adjusting the product and service mix can
lead to greater profitability and success.
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ILITs can help you
reduce your taxable estate
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The goal of estate planning
is to ensure as much assets as possible pass tax free to loved
ones. Just as people need hammers, screwdrivers and other tools
to build a house, they also need a variety of tools to build
their estate plans. Life insurance can be useful, because it can
provide families with much-needed financial support and other
benefits after a loved one dies. But without proper planning, it
could create a larger estate tax bill. This article looks at how
an irrevocable life insurance trust (ILIT) can help.
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What can you do after
maxing out retirement plan contribution limits?
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Today, many investors deal
with complexity and uncertainty. Some of the reasons are: Social
Security benefits possibly decreasing or running out, and many
companies reducing or eliminating their pension plans. So even
more pressure is put on people to ensure they have sufficient
funds to continue their current lifestyles after they retire.
This article explains why taxpayers should consider investments
outside retirement plans, such as municipal bonds and annuities,
once they’ve contributed the maximum to their retirement
accounts.
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