CONTACT ME FOR YOUR TAX PREP, I AM AVAILABLE YEAR ROUND, JUST FILL IN THE FORM BELOW.
The biggest lifetime expense you'll ever encounter is neither a home nor college education, but income taxes, What
we were never taught is that the amount of income tax you are liable for has little to do with your total income, and everything
to do with your knowledge of tax strategies.
importance of an effective tax plan cannot be overstated. One third to one half of all the wealth you will accumulate in your
lifetime is dependent on your tax-reducing plan and not your income, investments, or retirement program.
Life insurance is taxable for federal estate tax purposes if
a. The proceeds are payable to or for the benefit of his or her estate, or
b. At the time of death, the insured possessed
any incidents of ownership in the policy
The policy-is transferred by the decedent within three years of death. Example if Joe dies owning $100,00
of life insurance, the life insurance is included
in the estate. Now if Joe spouse is the insurance
beneficiary, the proceeds are exempt from estate
tax because of unlimited martial deduction
If the life insurance is community property, only one-half of the policy
To avoid estate tax on larger policies, ownership of the insurance policy is often
transfered to someone
before death, and the insured must not retain any rights of ownership in the policy. For example if Joe
transfers an insurance policy to his
son, John, the owner and insured are now different persons and the
policy is not taxable at death.
For more information on Estate Taxes
contact me using the form above.
What is loopholes? They are gray,
untested areas of the tax law that allow you to claim "default deductions (since a specific no does not exist, you create
a loophole by saying "yes" loopholes are sought after by desperate, high income tax payers, whom never took time
TAX STRATEGIES - are
positive, legal uses of the tax laws to reduce your income taxes. Tax strategies are actions you take that automatically and
legally qualify you for additional deductions. These strategies can inclue opening an IRA account, starting a small
business, buying real estate, traveling, college education for your children.
We have a tax system that imposes taxes, not on your total income, but on a far smaller number known
as your taxable income; your residual income after you substract your exemptions, adjustments, and deductions.
If you would like to learn more about these strategies order my TAX Reducing Strategies Binder.
If you need guidance in your tax preparation refer to the I.R.S. publication (17)
Louisiana residents that need assistance with tax preparation call: Dawn 888-329-6829
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