The Taxpayer Roadmap 2019

From: TaxpayerAdvocate.irs.gov
An Illustration of the Modern United States Tax System

The map below illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way through audits, appeals, collection, and litigation. It shows the complexity of tax administration, with its connections and overlaps and repetitions between stages. As you can see from its numerous twists and turns, the road to…

These 5 sources of retirement income aren’t taxable

From: www.usatoday.com

Just as taxes are a huge burden for working Americans, they can also be a drain on seniors’ limited resources. If you’re worried about affording your golden years, it pays to set yourself up with a number of income sources that the IRS can’t tax you on later in life.

The last thing you need as a senior is…

ETFs Are More Tax-Efficient Than Mutual Funds. Here’s Why.

From: www.thinkadvisor.com

Outflows tend to hurt open-end mutual funds’ tax efficiency, while ETFs tend to be resilient.

Not surprising to any advisor, a key advantage of using ETFs versus mutual funds is the former’s tax efficiency. However, a new Morningstar study explores the sources of ETFs’ tax efficiency verses index mutual funds, and found that ETFs tend to be more tax-efficient…

How to Minimize Social Security Taxes

From: money.usnews.com

Your Social Security benefit may be taxable. Try these strategies to reduce your tax bill in retirement.

Most workers pay intothe Social Security program throughout their career. Many people also pay taxes on part of their Social Security payments in retirement.

Retirees with low incomes or whose only source of income is Social Security generally don’t pay income tax on their Social Security benefit….

How To Use Muni Bonds For Tax-Loss Harvesting

From: www.fa-mag.com

Democrats’ talk of higher taxes for the rich might intensify interest in state and local government bonds, where income is often exempt from taxes.

Tax-loss harvesting in municipal bond portfolios can allow investors to offset tax liabilities stemming from capital gains in other asset classes—as long as investors and advisors do their homework.

“Basically, when rates go up investors will potentially…

Get Tax Smart With Your Investments

From: www.assetmark.com

Taxes are a top detractor from overall portfolio performance. Your financial advisor can help you implement strategies to make your investments more efficient and tax-smart.

Top 10 Estate Planning Tax Facts for 2019

From: www.thinkadvisor.com

Although every client should review his or her estate planning strategy on a fairly regular basis, after a major tax overhaul, it’s important for clients to take an even more detailed look at the various elements of their estate plans.For some clients, this will require evaluating changing circumstances and future goals to determine whether existing trusts and other planning strategies…

How To Effectively Change Domicile For Tax (And Other) Benefits

From: www.kitces.com

Executive Summary

“Home is where the heart is.” Or at least that’s what they say. When it comes to state income taxes and other legal matters (from family law to asset protection), though, home is where your domicile is… whether your heart – or your body – is there or not.

Fortunately, for many or even most people, determining domicile…

What are the benefits of doing your taxes early?

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Taking care of your taxes early is a great way to skip the stress, hassle and embarrassment of waiting until — or even past — this year’s April deadline. That said, there are some pros and cons to consider.

Prepare Accordingly

First, tell anyone who might be helping you that you want to get a head…