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South Windsor, CT 06074

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TaxWise Strategies

Charitable Trust Tax Benefits

What are the tax benefits of charitable trusts? Americans give freely to support the causes they value, from churches, education, and the arts to medical research. Fortunately, current tax laws encourage and even reward philanthropy. Beyond the basic tax deductions for charitable giving, setting up one or both of the following types of trusts could [...]

Required Minimum Distributions

What Is a Required Minimum Distribution? A required minimum distribution (RMD) is the annual amount that must be withdrawn from a traditional IRA or a qualified retirement plan (such as a 401(k), 403(b), and self-employed plans) after the account owner reaches the age of 70½. The last date allowed for the first withdrawal is April [...]

Retirement Plan Limits

How much money can I put into my IRA or employer-sponsored retirement plan? IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are adjusted periodically to compensate for inflation and increases in the cost of living. IRAs For the 2017 and 2018 tax years, you can contribute up [...]

What Is the Gift Tax?

The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others (with the exception of a spouse) after a person’s death. The gift tax applies to the donor. The recipient is under no obligation to pay [...]

What Is the Federal Estate Tax?

The federal estate tax is a tax on property that is transferred to others upon your death. Estate taxes are assessed on the total value of your estate — your home, stocks, bonds, life insurance, and other assets of value — that is over the applicable exemption amount. Everything you own, whatever the form of [...]

What Is the Capital Gain Tax?

Capital gains are the profits realized from the sale of capital assets such as stocks, bonds, and property. The capital gains tax is triggered only when an asset is sold, not while the asset is held by an investor. However, when a mutual fund sells shares of its holdings during the year, mutual fund investors [...]

Keeping Up with Quarterly Taxes

As of 2015, there were roughly 15 million self-employed people in the United States. About 9.5 million had not incorporated their businesses, while the remaining 5.5 million had incorporated.1 Either way, most of these entrepreneurs and freelancers don't have an employer that withholds taxes for them. Sole proprietors, S corporation shareholders, and other self-employed individuals who [...]

New Math for Social Security

In 2017, Americans born in 1955 become eligible to claim Social Security benefits at age 62. Claiming benefits before reaching full retirement age results in a permanently reduced benefit, so it requires careful consideration. But for those born in 1955 or later, the math for claiming at any age is different than it was for [...]

Insuring Your College Student

Almost 18 million undergraduates are expected to enroll in U.S. colleges and universities in the fall of 2017.1 Sending a student off to college can be hectic — and insurance might not be at the top of the to-do list. But every college student has insurance needs that should be addressed. Health Insurance Health policies vary [...]