Sentences with phrase «tax over your lifetime»

If we base income taxes on income and wealth, then Gatsby is going to pay far fewer taxes over his lifetime than Warren, despite the fact that they are both people with the same lifetime income.

I find far too often people are preoccupied with tax deferral at all costs rather than minimizing tax over their lifetime — which to me is a more prudent strategy for those with patience and foresight.

More options provide the flexibility to better manage taxes over a lifetime.

It can potentially save you a lot of taxes over a lifetime.

Not exact matches

«If they inherit a Roth, they can take money out over their lifetime, and that's a long time to get that money tax free,» he said.

In fact, some people simply let the balances accumulate over their lifetime and pass the Roth IRA on to heirs (who also enjoy the tax - free status, although they must meet other rules).

Now, your eyes may glaze over at phrases like «lifetime capital gains exemption», but for Canadian high earners setting up a CCPC is often fundamental to a strategy to lower their tax bills.

Starting with my first job at a investment bank out of college in NYC, I saved over 50 % of my after tax income every year because I knew I wouldn't be able to last a lifetime working 70 + hours a week.

This allows you to leave a stream of tax - free income to your children, grandchildren or other heirs that can be stretched out over their lifetime.

Over your entire lifetime a considerable amount of your income will be consumed by income tax.

But just as the power of compounded interest can help small early - career contributions balloon over the decades, small losses due to taxes can snowball over a lifetime.

Taxes are one of the largest expenses you'll have over your lifetime.

Tobacco use is rapidly declining because of really effective measures (plain packaging, advertising bans and increasing price through taxes) that save lives and enormous amounts of money over a lifetime for people who used to smoke.

It's impossible to project the impact of this over a lifetime without making wild assumptions about social trends and tax regimes, but at first sight reduced home ownership looks like increased inequality.

MTA power bills will be up by about $ 9 million in 2017, and will increase even more over the lifetime of the 12 - year, $ 7.6 billion plan to support the plants on Lake Ontario, says Stop the Cuomo Tax, a group opposed to the ratepayer bailout.

The Town of Lewiston, Niagara County Legislature and the villages of Lewiston and Youngstown, as well as the Lewiston - Porter school district, have voiced their dissent despite the risk of losing out on the millions of dollars in revenue from taxes and fees that CWM would pay over the lifetime of the new landfill.

The proposed expansion is opposed by four local governing bodies and the Lewiston - Porter Central School District, which stands to lose nearly $ 1 million a year in projected tax revenue that CWM would pay over the lifetime of the new landfill.

More than 1.2 million students either dropped out of high school or did not graduate on time in 2004, which could cost the nation more than $ 325 billion in lost wages, taxes, and productivity over their lifetimes if they do not complete high school, concludes a report.

Degree holders also pay far more in taxes and cost less in public - welfare spending over their lifetimes, with bottom - line estimates ranging from $ 250,000 to $ 500,000 per person.

Well I hope they offer decent kit for just under # 40K otherwise the crazy car tax rules next year mean buying a single option that takes you to just over # 40K costs you # 1550 in tax on the lifetime of the car... (not just an Audi issue I know).

This allows you to leave a stream of tax - free income to your children, grandchildren or other heirs that can be stretched out over their lifetime.

One can gift up to $ 5.x million over their lifetime with no tax due.

With a 529 plan, you could give $ 75,000 per beneficiary in a single year and treat it as if you were giving that lump sum over a 5 - year period.3 This approach can help an investor potentially make very large 529 plan contributions without eating into his or her lifetime gift - tax exclusion.

However, for long term estate tax planning for liquidity, a guaranteed universal life policy should be considered as minimum protection due to the rising cost of term insurance over a lifetime.

In this way, your beneficiary would have the potential to stretch the distributions over his or her own lifetime, which enables the funds to continue compounding tax deferred for a longer period and avoids a large initial tax bill.

But if the beneficiary were a human being, that tax on the profit could be «stretched out» over the beneficiary's lifetime.

With the implementation of RMDs, the government is able to tax distributions from retirement funds over an owner's lifetime.

Would you rather stretch that income tax liability over your entire lifetime or pay it all over five years?

@joe semantics, but gifting over 14K exposes you to the tax, which you can mitigate with the lifetime exemptions, whereas gifting below 14K doesn't expose you to the tax at all.

That depends on your portfolio size and tax rates, but smart asset location decisions can easily save you tens of thousands of dollars over an investing lifetime.

The complexity of the interaction between traditional IRA and Roth IRA rules plus the effects of employer plans and rollovers means that it is impossible for anyone to calculate all the tax interactions over a lifetime.

Breaking the gift into several occasions over several years helps reducing the tax burden on the donor without touching the lifetime exclusion and affecting the estate tax.

The systematic lifetime (or defined yearly) payments would spread the income tax burden over several years.

Slowly drawing down your RRSP over time may allow you to smooth your income over the balance of your life and pay less lifetime tax as a result.

Over a lifetime of investing, your portfolio is probably going to generate a lot of taxes.

Over that amount, still no tax, but one files paperwork to tap their lifetime gifting amount, which is over $Over that amount, still no tax, but one files paperwork to tap their lifetime gifting amount, which is over $over $ 5M.

Also, the interest income can be averaged over the lifetime of the annuity so you could potentially benefit from tax deferral (some conditions apply).

There is an income threshold ($ 110k) to invest and the investment grows tax free over the lifetime of the investment.

But if a TFSA can shelter you from taxes over an entire lifetime, shouldn't it be reserved for assets with the highest growth potential — in other words, stocks?

Known as the «pink tax» it means women end up paying tens of thousands of dollars more over a lifetime for the same goods and services that men do.

The payment represents a refund of the 15 % contributions tax paid by the deceased member over their lifetime.

To qualify for Social Security retirement benefits, you must have paid Social Security taxes for at least 10 years (or 40 credits or «quarters») over the course of your lifetime.

Of course, this doesn't include realty taxes, land transfer taxes and HST that would be paid over a lifetime.

This means a couple can gift $ 10.24 million over their lifetime without tax.

Canadians can contribute $ 2,000 above the limit over their lifetime, but anything beyond that is penalized typically with a one per cent tax per month on any excess funds.

Writing in today's Medical Journal of Australia, Associate Professor Barry Walters said every couple with more than two children should be taxed to pay for enough trees to offset the carbon emissions generated over each child's lifetime.

Avangrid Renewables anticipates that the two wind farms would contribute more than $ 40 million over their lifetimes in combined land lease and tax payments.

An alternative, perhaps fairer tax system, but not an easy one to administer might be to tax individuals at progressive rates on the total amount of gifts and inheritances they receive over their lifetime — or extending the reach of the tax to gifts made more than seven years before death, for example to 15 years.

If you were present in the NYC «9/11 crash site area» (generally lower Manhattan below Canal Street, with some additions) between 9/11/2001 and 5/30/2002, and you are now suffering from a qualifying medical condition (including one of over 70 types of cancer), there is a good chance that free lifetime healthcare and a tax - free cash award are available to you.

Therefore, a married couple can give away $ 10.98 million over their lifetimes without paying gift taxes.