Sentences with phrase «income tax planning purposes»

This is commonly used for Income Tax planning purposes for large estates to minimize the Income Tax paid on the Estate.

Not exact matches

Consider undertaking a purpose - based approach that appropriately matches your goals with investment strategies such as these: a short - term strategy (tax reserves, working capital, near - term planned outlays and lifestyle needs), an intermediate - term strategy (new investments) or a long - term (income needs, wealth transfer and philanthropy).

Other goals remain close behind, including income production (4.1), asset value growth (4.0), tax purposes (3.7) and estate planning (3.5).

The Fixed Income Analysis tool is designed for educational purposes only and you should not rely on it as the primary basis for your investment, financial or tax planning decisions.

The 2016 Plan has been designed to permit the administrator to grant certain awards in its discretion that qualify as performance - based for purposes of satisfying the conditions of Section 162 (m), thereby permitting us to receive a federal income tax deduction in connection with such awards.

Even though, for social security tax and Medicare tax purposes, you are considered a self - employed individual in performing your ministerial services, you may be considered an employee for income tax or retirement plan purposes.

Effective 2002 and thanks to Economic Growth & Tax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqTax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqtax - deferred contributions to their retirement plans and lower their current taxable income.»

In addition, IPP assets are creditor - proof: always a plus for the self - employed; and as with traditional Registered Pension Plans, pension income can be split up to 50 % with one's spouse, for income tax purposes (pension splitting).

Income from annuities that are provided as part of a qualified retirement plan isn't treated as investment income for this purpose, though, so it escapes the added 3.8 Income from annuities that are provided as part of a qualified retirement plan isn't treated as investment income for this purpose, though, so it escapes the added 3.8 income for this purpose, though, so it escapes the added 3.8 % tax.

Income from pensions, 401k plans, IRAs and other qualified retirement plans is excluded from the definition of investment income for purposes of thiIncome from pensions, 401k plans, IRAs and other qualified retirement plans is excluded from the definition of investment income for purposes of thiincome for purposes of this tax.

Contributions to health and education savings plans can also reduce taxable income and increase your refund the year made, and, if used for the intended purpose, may be tax - free upon withdrawal.

Your family size in the context of income based repayment plan may not necessarily be the same with the number of exemption you file for tax purposes.

An employer - sponsored investment plan that allows individuals to set aside tax - deferred income for retirement or emergency purposes.

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

No, contributions to Michigan Education Savings Program (MESP) or any 529 plan are not deductible for federal income tax purposes.

No, contributions to Minnesota College Savings Plan or any 529 plan are not deductible for federal income tax purpoPlan or any 529 plan are not deductible for federal income tax purpoplan are not deductible for federal income tax purposes.

Generally, wage - loss replacement benefits payable on a periodic basis under a group sickness or accident insurance plan to which an employer has contributed are included in an employee's income for tax purposes when those benefits are received.

An investment in The Fund may therefore not be suitable for investors seeking a regular income stream for financial or tax planning purposes.

Roth 401k contributions are treated the same as pre-tax 401k elective deferrals for all plan purposes, except that they are included in an employee's wages for tax purposes at the time of contribution (i.e., Roth 401k contributions are after - tax contributions, where pre-tax 401k contributions are deducted from income before payroll tax).

As expected, the plan unveiled by Prime Minister Stephen Harper and Finance Minister Joe Oliver in Vaughan, Ont., allows families with children under the age of 18 to transfer as much as $ 50,000 worth of income from the higher - earning spouse to the lower - earning spouse for tax purposes starting in this year.

Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to a Registered Retirement Savings Plan (RRSP).

Thrift Savings Plan payments are taxable as ordinary income for Federal income tax purposes for the year in which they are disbursed.

For investment purposes, we offer tax - deferred fixed annuity investments, equity - indexed annuity plans, immediate (income generating) annuities, guaranteed income riders, structured settlements, and structured sale accounts.

A transfer of units of the Fund to the Corporation for shares of the Corporation will be a disposition for Canadian income tax purposes, which may result in a capital gain or loss to unitholders who hold their units outside of registered plans.

With a 529 plan, all contributions are made post-tax for federal income tax purposes.

«For someone later in life, it could be an estate planning purpose to buying life insurance to leave a legacy for a cherished beneficiary or to donate to charity or to cover income tax at death.»

For planning purposes, it's much more useful to work with your effective tax rate — what you actually pay relative to income from all sources.

Considerations for giving include the purpose of the gift, funding source, impact to income, estate tax planning and impact on family members from your contribution.

The IRS website confirms that if you receive the proceeds under a life insurance plan as a beneficiary, the benefits are not considered income and do not have to be reported for the purposes of income tax.

If used for any other purpose, you may be subject to income taxes, plus an additional 10 percent federal tax penalty on your earnings.2 Keep in mind that you, the 529 plan owner, are the one subject to taxation and any penalties - not your beneficiary.

Treats as life insurance policies certain self - funded death benefit plans maintained by churches for their employees, thus excluding the benefits provided through the plans from gross income for income tax purposes.

The death benefit of a whole life insurance policy can be received tax free by the beneficiaries, and for this reason whole life insurance is used for estate planning purposes as well as providing income for beneficiaries after the insured passes away.

Although if you are buying a term insurance for saving income tax, then your purpose may not be 100 % achieved as the premiums of any term plan is very less.

But what insurance agents really mean when they make this point is if you put money in a tax - advantaged retirement plan like a 401 (k) and want to take it out for a purpose other than retirement, you might have to pay a 10 % early distribution penalty plus the income tax that's due.

Other goals remain close behind, including income production (4.1), asset value growth (4.0), tax purposes (3.7) and estate planning (3.5).