When to Begin Drawing Social Security

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Income Deferral Strategies

Sid KessIn 2013, there is a new, harsher tax landscape for high-income taxpayers. The top rates on ordinary income, capital gains, and qualified dividends are higher than in 2012. There are new phase-outs for itemized deductions and personal exemptions that limit write-offs for these taxpayers. And there are additional Medicare taxes on earned income and...

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When Should You Begin Drawing Social Security?

mug_jerry_loveThis is a question that I am frequently asked by clients. Should they start as soon as they turn 62, when they are the full retirement age (now 66 for most individuals) or should they defer until they turn age 70? The answer is “it depends” on a number of factors. This article will walk you through the basic considerations.
For the purpose of...

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Avoid 50% Penalties on Distributions From Your Retirement Plan

Julie WelchWhen it comes time to withdraw money from a retirement plan, you should consider both nontax as well as tax considerations. Here are several of the nontax factors:
- Your need for the money
- Your life expectancy
- Your health
- Your future plans
The two main tax factors are:
- The penalties on withdrawing money from the retirement plan
-...

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Steps to Effective IRS Audit Resolution, Part II

Martin DavidoffYou can view the first half of this article by visiting http://www.cpataxmag.net/davidoff-stories/42-e-martin-davidoff-columns/869-steps-to-effective-irs-audit-resolution.
When taxpayers receive the dreaded notice that their business is going to be examined by the Internal Revenue Service (“IRS”), the first thing they do is seek...

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Life Insurance Planning Post-ATRA

Martin ShenkmanInsurance has, and will always remain, an integral part of many estate plans, regardless of the status of the estate tax. Life insurance can be used, as it has for many decades, to build an estate (e.g., for a young client with a modest estate and a family to support in the event of premature death), provide liquidity to an estate (e.g., a client...

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June/July 2013 Tax Season 2013
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