FAQ: I gift money to my son to pay his daughter’s college education costs. Is there a way to make these gifts so that no one has to pay taxes?
Actually, there is an annual exemption of $12,000 in 2007 for not reporting gifts. If you gift more than that, you would have to file a gift tax return to show that you are using some of your lifetime gifting amount of $1,000,000. You and your spouse can both gift $12,000 without using any of your lifetime amount. If you make gifts directly to an educational institution, it won’t count against your gifting amount.
You can also set up a college savings account for your granddaughter. You are allowed to gift up to 5 years of gifts in one year. You would still file a gift tax return but you elect to count it over the 5 year period and you don’t eat into that lifetime exemption amount (unless you die before 5 years.) This removes the assets from your estate and keeps it out of your son’s assets for reporting for financial aid. You control the beneficiary designation as well.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Friday, January 25, 2008
Thursday, January 24, 2008
This Saturday 1/26 - Planning for Retirement!
Join us this Saturday on "Your Financial Choices" for an in-depth conversation on everything you need to know about retirement planning!Thomas Riddle, CPA, CFP® and President of Valley National Financial Advisors will be here to discuss 5 KEY FACTS for retirement-minded individuals; with a special focus on how to replace the payroll earnings stream in retirement.
We will cover important topics regarding retirement such as:
- Income Taxes
- Investment selection
- Risk tolerance
- Cash flow
- Estate Planning
- Most importantly, we cover these factors as they pertain to your specific and unique situation...try us, we've seen them all!
Have a question about your retirement planning, or maybe you haven't even started yet?
Tune in Saturday at 9:00 a.m. on NEWS TALK AM 790 WAEB.
Listen online at www.WAEB.com
Better yet, call us with a question at 610-720-7900
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Friday, January 18, 2008
This Saturday 1/19 on "Your Financial Choices" - Pages 1 and 2 of the tax return!
This Saturday's show will be a continuance of last week where we took a look at Page 1 of the tax return...tomorrow we will also be introducing Page 2 with a special emphasis on credits.
No guest has been scheduled in order to allow for as many caller questions as possible, so take a look at your taxes, get your questions ready, and call in tomorrow!
"YOUR FINANCIAL CHOICES" airs Saturdays at 9:00 a.m. (following the news) on NEWS TALK AM 790 WAEB. You can listen online at www.WAEB.com
Caller hotline: 610-720-7900
Callers, please consider giving us your contact information so we may add you to our mailing list. You will receive a bi-monthly issue of the "Your Financial Choices" newsletter and other valuable information! We will never share your information with a third party.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
No guest has been scheduled in order to allow for as many caller questions as possible, so take a look at your taxes, get your questions ready, and call in tomorrow!
"YOUR FINANCIAL CHOICES" airs Saturdays at 9:00 a.m. (following the news) on NEWS TALK AM 790 WAEB. You can listen online at www.WAEB.com
Caller hotline: 610-720-7900
Callers, please consider giving us your contact information so we may add you to our mailing list. You will receive a bi-monthly issue of the "Your Financial Choices" newsletter and other valuable information! We will never share your information with a third party.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Wednesday, January 16, 2008
There's Still Time to Make Your Financial Resolutions for 2008!
Some New Year's Resolutions...
· Do unto others as you would have them do unto you. It’s sometimes hard to stay objective here but it’s a goal. Example: Let someone merge in front of you on the highway. Or, be polite if you would like people to be polite to you.
· A penny saved is a penny earned. – Benjamin Franklin Example: Let’s stay conscious when we’re spending. Most of us just don’t pay attention. Those that do tend to have a lot more money.
· If you have a question to ask, ask it. Have no fear. Example: “What is a mutual fund?” or “What is the AMT and what is this “patch” everyone is talking about?” (continued on next page)
· I will put money into a retirement account. I will understand what my options are. I will understand if I am losing free money every year that my employer is trying to give me.
· I will pay off my credit cards before I spend money on non-necessities, and I will understand what non-necessities are!
· I will listen to “YOUR FINANCIAL CHOICES” and call in with a question!
HAPPY NEW YEAR!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
· Do unto others as you would have them do unto you. It’s sometimes hard to stay objective here but it’s a goal. Example: Let someone merge in front of you on the highway. Or, be polite if you would like people to be polite to you.
· A penny saved is a penny earned. – Benjamin Franklin Example: Let’s stay conscious when we’re spending. Most of us just don’t pay attention. Those that do tend to have a lot more money.
· If you have a question to ask, ask it. Have no fear. Example: “What is a mutual fund?” or “What is the AMT and what is this “patch” everyone is talking about?” (continued on next page)
· I will put money into a retirement account. I will understand what my options are. I will understand if I am losing free money every year that my employer is trying to give me.
· I will pay off my credit cards before I spend money on non-necessities, and I will understand what non-necessities are!
· I will listen to “YOUR FINANCIAL CHOICES” and call in with a question!
HAPPY NEW YEAR!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Thursday, January 10, 2008
This Saturday 1/12: Page 1 of the Tax Return!
It's that time of year again....
Be sure to tune in this Saturday, January 12 for a review of Page 1 of the tax return!
(NEWS TALK AM 790 WAEB, or listen online at http://www.waeb.com/)
We'll look at some of the nuances behind the most familiar line items on the Federal Form 1040 as well as several tax reduction success stories.
Our guest will be YOU, the listening audience! We want to take as many callers as our time slot allows, so get your questions ready and call 610-720-7900
April 15th will be here before you know it!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Be sure to tune in this Saturday, January 12 for a review of Page 1 of the tax return!
(NEWS TALK AM 790 WAEB, or listen online at http://www.waeb.com/)
We'll look at some of the nuances behind the most familiar line items on the Federal Form 1040 as well as several tax reduction success stories.
Our guest will be YOU, the listening audience! We want to take as many callers as our time slot allows, so get your questions ready and call 610-720-7900
April 15th will be here before you know it!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Save Money Before It's Too Late
Did you know...
If your employer offers a flexible spending account, you may set aside pre-tax dollars for medical expenses and qualified dependent care expenses. In this way, you save money on the taxes that otherwise would have been levied on those dollars.
You may qualify for a retirement savers credit on your tax return if your adjusted gross income is within the limits AND you contribute to some kind of retirement account. If you qualify and you aren’t putting money into a retirement account, you are losing money.
Did you know that if you have employer stock in your 401k retirement account, that you may be entitled to special tax treatment when you roll it over to an IRA that may save you lots of taxes? It also applies to ESOP plans.
You can donate appreciated stock that you have held more than a year to your favorite charity and not recognize the gain on the stock.
One of your most important assets is your health.
There are many, many choices that you have everyday in your life that affect your financial life. Understand your choices while you can take ACTION versus REACTION.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
If your employer offers a flexible spending account, you may set aside pre-tax dollars for medical expenses and qualified dependent care expenses. In this way, you save money on the taxes that otherwise would have been levied on those dollars.
You may qualify for a retirement savers credit on your tax return if your adjusted gross income is within the limits AND you contribute to some kind of retirement account. If you qualify and you aren’t putting money into a retirement account, you are losing money.
Did you know that if you have employer stock in your 401k retirement account, that you may be entitled to special tax treatment when you roll it over to an IRA that may save you lots of taxes? It also applies to ESOP plans.
You can donate appreciated stock that you have held more than a year to your favorite charity and not recognize the gain on the stock.
One of your most important assets is your health.
There are many, many choices that you have everyday in your life that affect your financial life. Understand your choices while you can take ACTION versus REACTION.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Monday, January 7, 2008
"Learning with Laurie" - The official blog of "Your Financial Choices" on NEWS TALK AM 790 WAEB Saturday mornings at 9
Welcome to Learning With Laurie! My goal is to provide you with the information you need to make educated financial choices.
Currently updating, check back soon!
Listen to "Your Financial Choices" on NEWS TALK AM 790 WAEB on Saturday mornings at 9
Listen online at www.waeb.com
Currently updating, check back soon!
Listen to "Your Financial Choices" on NEWS TALK AM 790 WAEB on Saturday mornings at 9
Listen online at www.waeb.com
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