Moore Colson Messages
Also reap estate tax benefits with
529 plans
In addition to income tax savings, 529 plans offer estate planning
benefits. Unlike other estate planning vehicles, you maintain
control over the funds even though contributions and earnings are
removed from your taxable estate. These plans give you a great deal
of flexibility. You can change beneficiaries to other family members
(though it may be considered a gift), roll the funds into a
different 529 plan without adverse tax consequences and even take
your money back — though growth will be subject to tax and a
penalty.
529 contributions qualify for the $11,000 annual gift tax exclusion
($22,000 if you split gifts with your spouse). You can even bunch
five years’ worth of exclusions into one year and contribute $55,000
($110,000 with gift-splitting) up front, but you must file a gift
tax return in the year of the gift. If you die before the five
years, the remaining years’ gifts will be included in your estate.
|
|
|
The ins and outs of
equipment leasing
|
|
Leasing continues to
gain popularity as a financing alternative for businesses that
need new equipment, office furniture or a myriad of other
items. This article explains the importance of developing a
leasing strategy to ensure consistent and favorable lease
terms. The age-old debate of leasing vs. buying is also
covered with specific ways to determine which is better for
your company.
Read
More
|
|
Coming soon to a
family near you
|
The Working Families Tax
Relief Act of 2004 brought significant tax breaks to individuals
by extending a number of provisions that were due to expire at
the end of 2004. Without these extensions, many taxpayers would
have seen an increase in their 2004 tax bills. This brief
article explains what tax breaks have been extended and how they
can help the average family.
Read
More
|
|
How to address poor
employee performance
|
If an employee exhibits
marginal or poor performance, does that make him or her a bad
worker? Instead of terminating sub-par employees, this article
shows you how to evaluate each situation to determine the best
course of action, and explains why regular performance reviews
can help keep job performance ratings high.
Read
More
|
|
A fairy tale come
true?
Strategies for shifting income to your children
|
Once upon a time, parents
could save a lot in taxes by shifting income to their kids. They
would transfer stock or other taxable investments to a custodial
account in the child’s name and the earnings would be taxed at
the child’s lower tax rate. Then Congress passed the “kiddie
tax,” making it harder to benefit from this strategy. This
article details how implementing strategies — such as hiring
your kids or opening a 529 plan — can reduce your family’s tax
bite.
Read More
|
Tax Tips
|
This
section presents brief notes on Health Savings Account
contributions, day camp tax relief, and more.
Read More
|
|
|
