Qualified plans can give great tax advantage
Published 9/4/2009 at 2:26 p.m. 0 comments
There are many types of qualified plans: pension, profit-sharing, 401(k) and IRAs are the most popular.
Beat the estate tax; legally and easily
Published 8/28/2009 at 4:56 p.m. 0 comments
If you use the right tax tools and techniques together with the right professionals (lawyer, insurance consultant, and CPA), you can and will develop a plan to beat the IRS. Every time. And legally.
Tax Secrets of the Wealthy: Who should own business real estate?
Published 8/18/2009 at 9:48 p.m. 0 comments
The first commandment of my someday-I-will-write-it bible of taxation would be “Thou shalt not put real estate into a corporation.” We see it at least a dozen times year: When readers of this column ask us to do a tax ...
Tax Secrets of the Wealthy: Solve your business succession problem
Published 8/11/2009 at 9:21 p.m. 0 comments
Own a family business? Want to transfer it to your kids? Then you’ll love this article. It’s about an old IRS letter ruling that is one of my favorites. It might be labeled “the lazy man’s way to plan your ...
Tax Secrets of the Wealthy: Business succession
Published 8/4/2009 at 9:22 p.m. 0 comments
Many of the columns I write and the seminars I give deal with family business succession planning. Can you guess the most common succession situation and related problems? Getting the business from dad and/or mom to one or more of ...
Tax Secrets of the Wealthy: Captive audience: Are you among them?
Published 7/28/2009 at 10:30 p.m. 0 comments
The Internal Revenue Code is not a friendly creature. It is designed to “taketh” your money; “giveth” is not in its vocabulary.
Tax Secrets of the Wealthy: A tale of two clients
Published 7/14/2009 at 9:54 p.m. 0 comments
Succession planning has always been and still is a hot topic. Let’s start with a classical fact pattern and the tragic tax results that are sure to follow for the uninformed.
Tax Secrets of the Wealthy: Roth IRA a sure tax winner; tax-free E/R plan even better
Published 6/30/2009 at 8:20 p.m. 1 comment
Every tax newsletter, journal, and other publication (I read a bunch of them in my never-ending struggle to stay current on the tax law) has had one or more articles on the virtues of Roth IRAs in the past three ...
Tax Secrets of the Wealthy: A big breakthrough - Reader-insurance-analysis test yields hard to believe positive results
Published 6/23/2009 at 9:00 p.m. 0 comments
About six months ago this tax column ran a long two-part article titled: “Slash premium costs, yet increase life insurance benefits.
Tax Secrets of the Wealthy: Succession planning
Published 6/16/2009 at 8:49 p.m. 0 comments
Do you own all or part of a closely-held business? Like it or not, some day you’ll have to value that business.
Tax Secrets of the Wealthy: How to escape from your qualified plan tax trap
Published 6/2/2009 at 8:55 p.m. 0 comments
Do you have a significant amount of money ($300,000 or more) in one or more qualified plans? For example, an IRA, profit-sharing plan, 401(k), etc.
Tax Secrets of the Wealthy: The Tax Game
Published 5/26/2009 at 9:30 p.m. 0 comments
Recently, I read an article titled, “What makes for success?” by Kemmons Wilson, the founder of Holiday Inn. He said, “It is great to attain wealth, but money is really just one way — and hardly the best way — ...
Tax Secrets of the Wealthy: Thank you tax court for finally understanding
Published 5/12/2009 at 9:54 p.m. 0 comments
First, a simple question: How much would you pay for property worth $100,000, if you must spend $25,000 (to fix it: commissions, special taxes or whatever) prior to collecting your $100,000? ... Certainly not more than $75,000 … Or less, ...
Tax Secrets of the Wealthy: ‘Mommy, can people die from diabetes?’
Published 5/5/2009 at 9:53 p.m. 0 comments
Unfortunately, the answer is ‘yes.’ The quote that is the title of this article is how a letter sent to me started.
Tax Secrets of the Wealthy: How the IRS clipped the Yankee clipper
Published 4/28/2009 at 10:03 p.m. 0 comments
Joe DiMaggio, unquestionably one of the great baseball legends of all time, now plays in the big ballpark in the sky. He knew how to use his arm and his glove, but mostly his bat, to win countless ballgames.