Tag: Taxes

Estate and Inheritance Tax

Many years ago, Will Rogers said, “The difference between death and taxes is death doesn’t get worse every time Congress meets.” If you’ve ever tried to navigate the ins and outs of estate and inheritance taxes, you may agree, as they tend to cause a lot of confusion. In fact, wondering what is owed in taxes is the number one question we at Coyle Financial receive from surviving spouses and heirs.

Blissfully Married

Name that event: a formal setting, two people in love, shoving cake into each other’s faces. It’s a wedding, of course, and it’s a big life transition. Two of everything become one: households, mindsets, and monies.

Retirement Habits

You’re probably well aware that car insurance rates for young people are very high. This isn’t surprising, given that they’re inexperienced and more likely to get into accidents. They may be able to drive a car, but there’s a difference between that and really knowing how to drive a car. They have to think about split-second decisions, whereas an experienced driver does so automatically.

How to Transition Into Retirement

Ready! Set! Reinvent! That’s the title of our new two-module, 12-lesson course on the topic of pre-retirement. Retirement is something that requires a lot of planning, and if you’re thinking you will be retiring in the next few years, there are five key things to consider to help you plan.

Which Game Are You Playing With Your Money?

Board games and card games can be a whole lot of fun, and they can be especially appealing when you’re looking for something to do on these cold winter nights, but don’t want to leave the house. Of course, they’re not very much fun if you’re playing with the wrong set of rules or if you’re just confused about how to play the game.

Are You In Charge of Your Retirement?

In the military, you always know who’s in charge and who’s in control. There’s a chain of command that everyone understands, there are orders to follow, and strict accountability for following those orders. It makes things clear because the “who, what, when, where, and why” are laid out for you.

Tax Cuts & Jobs Act 2017

This is a special blog post on the Tax Cuts & Jobs Act 2017.Follow this link if you would like to read the two page summary from December 15, 2017 by the House Ways and Means Committee.

Until next time, enjoy!

The Charitable Double Benefit

A recent study showed that about one-third of families with at least $1 million in investible assets want to do some kind of charitable giving. Here we are in the fourth calendar quarter of the year, when the majority of charitable giving takes place – especially around the holidays. Let’s say that your church or synagogue is running a capital campaign and they’d like you to donate $10,000. It may sound like a lot of money to many people, but suppose you have a stock that you bought many years ago for $2,000, and now it’s worth $10,000 – i.e., it has appreciated by $8,000. You can sell the stock and give your house of worship your $10,000 in proceeds.

The 2 Out of 3 Tax Rule

I have a rule of thumb for you: If the government owes me money, now is better than later.

But if I owe the government, later is better than now. That’s a good rule-of-thumb tax rule and it works most of the time.

Last-minute Tax Reminders

Every once in a while, I find myself looking over a well-off individual’s tax return that shows they have no taxable income. However, the person could have generated even more tax-free capital gains or IRA distributions (if they were over age 59 ½) and still showed zero taxable income. Unfortunately, they hadn’t done any planning during the current year to take advantage of these kinds of tax mitigation strategies. Don’t let this happen to you. In fact, I’ve got six powerful tax-saving tips for you to consider before year-end.

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