Reduction Strategies

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Parable for Roth Conversion

Submitted by Harold Wong on Tuesday, June 30, 2015 - 3:00pm

Many boomers keep most savings in either 401(k) plans or traditional individual retirement accounts. If you’re in this generation, born between 1946 and 1964 and with a few working years remaining before retirement, consider converting your IRA to a Roth.

Tax Saving for College Kids

Submitted by Jason Lina on Wednesday, June 10, 2015 - 12:00pm

As any parent knows, dependents are tax deductible. However, letting your children file on their own can create significant tax saving opportunities if you are subject to rules that limit many traditional tax breaks.

How to Get 2015 Tax Breaks

Submitted by Lora Murphy on Tuesday, June 2, 2015 - 3:00pm

Though the ink’s barely dry on your return for 2014, getting an early start on tax planning for 2015 can save you both money and stress next April. Here are five techniques to keep in mind.

1. Tax-loss harvesting. If you already realized a large capital gains tax in 2015 or anticipate one later this year, this tactic might help. Loss harvesting involves selling an investment at a loss and simultaneously buying a similar, substitute investment.

Tax-Smart Investing

Submitted by Dan Crimmins on Thursday, May 28, 2015 - 12:00pm

No one likes to pay taxes. Although they are one of the two certain things in life, you want to do all you can to reduce this burden. The ways to achieve that is through investing long term in mutual funds specializing in broad asset classes and using tax-managed funds.

Easy Funds for Giving

Submitted by Sheila Handrick on Friday, May 15, 2015 - 3:00pm

If you want to leave a lot to charity, you can use a couple of tools in your estate planning – one of which is the pricey and time-consuming job of launching your own Rockefeller Foundation. Another method, though, might save you a lot of money and effort: a donor advised fund.

Lowering Your 2015 Taxes

Submitted by Sterling Raskie on Monday, March 30, 2015 - 12:00pm

With 2014 well over and the spring of 2015 looming, you may find yourself gathering all of last year’s tax information and getting ready to file your income taxes. Maybe you expect a refund or maybe you dread writing a check to Uncle Sam. If the latter, here are some tips to reduce your tax burden for 2015.

Yield Plays in S&P Sectors

Submitted by Joseph A. Clark on Wednesday, March 18, 2015 - 3:00pm

Being a proactive investor means paying attention to more than just your investments’ fees and expenses. What your dividends yield is very important. And their tax situation is, as well, as dividends are taxable income.

Finding Every Deduction

Submitted by Kimberly J. Howard on Thursday, February 26, 2015 - 12:00pm

Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify for at least one often-forgotten deduction – and maybe more than one.

Tax Moves in a Divorce

Submitted by Wendy Spencer on Tuesday, March 10, 2015 - 12:00pm

In the turmoil of the end of your marriage, you may sign a divorce settlement agreement quickly, even with relief. That important – and possibly ill-considered – paper may start you on a new life. It might also ignite a tax nightmare for you in the future.

The Tax Deferral Dilemma

Submitted by Joseph A. Clark on Wednesday, February 11, 2015 - 3:00pm

Your decision to defer taxes via a 401(k) or traditional individual retirement account seems to make sense today for your future. Deferring taxes in an IRA can certainly reduce the taxes you owe in the current year. But predicting the impact of tax deferral in the future becomes more complex, and may cost you more in the long run.