Why take control of the lump sum pension from your company

When you receive your lump sum pension from your company, you can move it to Athene fixed index annuity to create a lifetime retirement pension under your control, with death benefits for your beneficiaries, safe, avoids probate, no negative market participation, with 10% bonus using Athene Agility, and other benefits. Text 4088541883, connie@connielifeins.com ; http://www.lifeinsurance4women.com
Connie Dello Buono , Lic 0G60621 for details.

At age 61, you are taxed less when withdrawing money from your retirement account. Most of the time, anyone who withdraws from their 401(k) before they reach 59 ½ will have to pay a 10% penalty as well as their regular income tax. However, you can withdraw your savings without a penalty at age 55 in some circumstances.

The IRS allows penalty-free withdrawals from retirement accounts after age 59 1/2 .

At age 72, federal law requires you to withdraw a minimum amount from most retirement savings accounts on an annual basis. You must withdraw from each plan type that is subject to RMDs. There are severe tax penalties for not following RMD rules.

Saturday protests in Chicago, beyond to push Trump to release tax returns

Hoping to duplicate the massive turnout from January’s women’s march, activists in Chicago and beyond are busy spreading the word about a Tax Day protest Saturday aimed at pressuring President Donald Trump to release his tax returns.

Like the women’s march, Saturday’s event in Chicago will coincide with similar demonstrations in cities across the country. The downtown event kicks off at 11 a.m. with a rally in Daley Plaza followed by a march. With meteorologists predicting temperatures near 80 degrees and thousands indicating via social media that they’re ready to march, the turnout could be sizable.

But be warned: Getting around downtown might be tough. Chicago police and emergency management officials were drawing up plans to manage large crowds and traffic that could include rotating street closings, according to a police spokesman.

That happened in January — the day after Trump’s inauguration, when about 250,000 attended the Chicago women’s march, effectively shutting down several Loop streets. Millions of others participated in similar events across the world to voice disapproval over the new administration.

Chicago’s rally and march was the brainchild of documentary filmmaker Taran Singh Brar, who started the group Tax Day Chicago and a corresponding Facebook page earlier this year calling for the Tax Day march. Comedian Frank Lesser tweeted the suggestion the day after the Jan. 22 women’s march.

The marches and rallies here and beyond correspond with the traditional deadline for filing income taxes: April 15. Because the filing date fell on a Saturday and because Monday is a holiday in Washington, D.C., this year’s deadline was extended to Tuesday.

“Trump claims no one cares about his taxes. The next mass protest should be on Tax Day to prove him wrong,” Lesser wrote on Twitter.

Since then, at least 60 national groups including MoveOn.org and the Service Employees International Union have signed on to participate in Brar’s local protest, signaling a huge turnout. A protest permit filed with the Chicago Department of Transportation estimates a crowd of 6,000 people, though he’s optimistic that those groups, along with a sizable portion of the 10,000 people who indicated they would attend via the Tax Day Facebook page he set up, will boost attendance. But he says he’s ready to march all by himself.

“Whether it’s 5,500 or 50,000, we’re marching rain or shine,” Brar said.

Since the election campaign, critics have called on Trump to release detailed tax returns, saying they would reveal whether past business dealings would pose any conflict in his job as president. Trump has said that only reporters care about him releasing his tax returns and that “you learn very little” from the documents.

Brar’s group also started a crowdfunding effort last month to bring the 16-foot inflatable rooster known as “Chicken Don” to Saturday’s rally. The hulking chicken with Trump-like gold-plated hair, which has become the Tax Day mascot since a San Francisco writer and activist wrote that Trump “was a big chicken” for not releasing his taxes, will make an appearance at Saturday’s rally. “We’re making it fun and peaceful and family friendly,” Brar said.

Organizers say they’ve invited U.S. Reps. Jan Schakowsky and Mike Quigley and the Rev. Jesse Jackson to speak at the Daley Plaza rally. Officials with Schakowsky, Quigley and Jackson have not returned messages left by the Tribune to confirm whether they’ll attend. After the rally, the crowd is expected to march north toward Trump Tower. The event is expected to end about 2:30 p.m.

Brar said that no matter where people are on the political spectrum, they should attend Saturday’s rally and march, stressing that Trump’s taxes reached beyond partisan politics.

Trump has not released his tax forms and could be the first sitting president since Richard Nixon to not release at least some of his tax returns. Last month, two pages of Trump’s 2005 IRS Form 1040 showed that Trump paid about $38 million in income taxes on more than $150 million in income the year before.

A January ABC News/Washington Post poll that found that 74 percent of those polled said Trump should release his tax returns. In a recent Bloomberg/Morning Consult poll of registered voters, 53 percent said Trump should be forced to release his tax returns, and 51 percent said Trump’s taxes are either very or somewhat important to them.

“We live in a very politically polarized environment. … The one thing that seemed to escape is the tax return issue,” Brar said. “A lot of things break down along party lines, and this one seems to escape and in an environment that’s so highly polarized, I think we ought to maintain that.”

wlee@chicagotribune.com

Twitter @MidNoirCowboy

Federal Tax Deductions for Home Renovation by Turbotax

There are a number of ways that you can use home renovations and improvements to minimize your taxes.
Looking to spruce up your home without breaking the bank?

Renovation of a home is not generally an expense that can be deducted from your federal taxes, but there are a number of ways that you can use home renovations and improvements to minimize your taxes. These include both tax deductions and tax credits for renovations and improvements made to your home either at the time of purchase or after.

Using your mortgage to make home improvements

One way to save on the costs of home renovation is to make the improvements to the home at the time it is purchased.

If the mortgage you take out to buy a home includes additional money to make renovations, your acquisition cost for the home includes this amount. You can then deduct the interest on this amount from your income as part of your mortgage interest deduction.

Improvements that qualify as medical expenses

Improvements to your home can also be deducted from your income as medical expenses if they are medically necessary.

The cost of installing entrance or exit ramps, modifying bathrooms, lowering cabinets, widening doors and hallways and adding handrails, among others, are home improvements that can be deducted as medical expenses. But the deduction amounts must be reasonable, given their medical purpose, and expenses incurred for aesthetic or architectural reasons cannot be deducted.

In other words, making a residence wheelchair accessible qualifies, but adding a sculpture garden does not.

Additionally, any amounts spent for these improvements that increase the value of your home cannot be claimed as a medical related expense.

Tax credits for energy generation

One of the best ways to lower your taxes is to take advantage of energy tax credits by installing qualified energy generating systems.

You can get a one-time federal tax credit of 30% of the cost of qualifying geothermal heat pumps, solar water heaters, solar panels, small wind turbines, or fuel cells placed in service for an existing or new construction home through December 31, 2016.

Except for fuel cells (which must be installed in your primary residence to qualify), the credit can be used for items installed in vacation or second homes as well.

The 30% credit applies to the cost, including labor and installation, and there is no maximum limit (except for fuel cells). For example, if you purchase and install a small wind turbine for $10,000, you get a $3,000 tax credit right off the bat – not counting the future savings on your electric bill.

This tax credit must be taken in the tax year that the item was placed in service, and a Manufacturer Certification Statement must accompany the item to qualify. For complete details, visit Federal Tax Credits for Energy Efficiency.

Home sale exemption

Under the home sale exemption, you do not have to pay capital gains on appreciation of your primary residence when you sell it if your profit is $250,000 or less. Because home renovations increase your basis in your home, they can help reduce the amount of your sale price that is counted as profit, and therefore can potentially help get you under the home sale exemption to avoid capital gains altogether. Even if not, the increased basis will limit the taxable portion of the sale price.

March 16, 2015 deadline for business structure execution

Unless otherwise indicated, all deadlines related to TAXES are at 11:59:59 P.M. (one second before midnight) local time.

See also IRS Publication 509.

March 31, 2014

November 15, 2014

  • Start of 2015 open enrollment at the Health Insurance Marketplace.
  • This applies to uninsured taxpayers who want to avoid possible penalties on their 2015 tax returns, which are filed in 2016.

January 5, 2015 (evening)

  • The Intuit Electronic Filing Center begins accepting and holding (“stockpiling”) 2014 tax returns that are final and able to be e-filed.
  • The IRS starts processing stockpiled returns on January 20.

January 15, 2015

  • Due date for fourth installment of 2014 estimated tax payments.

January 20, 2015

  • The IRS starts processing previously stockpiled returns. Most (but not all) are processed on a first-in, first-out basis.
  • The IRS will run a small number of stockpiled returns through their systems up to a week before this date for testing purposes.
    • If yours is one of them, please note that your tax refund (if any) will not be processed until after January 20.

February 15, 2015

  • End of 2015 open enrollment at the Health Insurance Marketplace.
  • This applies to uninsured taxpayers who want to avoid possible penalties on their 2015 tax returns, which are filed in 2016.

March 16, 2015

  • Deadline for filing a 2014 corporation or S-corporation return or extension.

April 15, 2015

  • Deadline for filing a 2014 personal, partnership, or estates/trusts tax returns or extension.
    • The return or extension must be postmarked or transmitted for e-filing by Wednesday, April 15, 2015.
    • To avoid late payment penalties and interest, any additional taxes you owe must be paid by this date even if you filed an extension.
  • Due date for first installment of 2015 estimated tax payments.

April 20, 2015

  • Deadline for resubmitting or paper-filing a rejected federal return that was originally e-filed by the April 15 deadline if you did not file an extension.
    • Note: The last day to resubmit a rejected 2014 return is October 20; however the April 20 deadline applies to taxpayers who owe taxes and want to avoid the late-filing penalty.
  • Deadline for resubmitting or paper-filing a rejected extension that was originally e-filed by the April 15 deadline.

June 15, 2015

  • Deadline for filing a 2014 personal return for U.S. citizens or residents living and working abroad, including military duty.
  • Due date for second installment of 2015 estimated tax payments.

September 15, 2015

  • Final deadline to file your 2014 corporation, S-corporation, partnership, or estates/trusts tax return if you filed an extension.
  • Due date for third installment of 2015 estimated tax payments.

October 15, 2015

  • Final deadline to file your 2014 personal tax return if you filed an extension on or before April 15.

October 20, 2015

  • Final deadline to resubmit a rejected 2014 return that was originally e-filed on or before October 15.
    • If you’re expecting a refund and miss the October 20 e-file cutoff date, you have until April 16, 2018 (October 15, 2018 if you filed an extension) to file a paper return and claim your 2014 refund.

Connie’s comments:

Financial strategy and business structure execution should be made before March 16,2015. We at Harding Financial are helping doctors and business owners reduce their income taxes thru a business structure (C or C and S corporations) and  financial strategy.

Please contact Connie Dello Buono 408-854-1883 motherhealth@gmail.com or conniedbuono@gmail.com

Maximize Tax Savings For 2014 Business Car Purchases

Doctors and Business Owners who purchased a business car in 2014 will be able to boost their tax savings using the $8,000 increase in first-year depreciation, thanks to the recent extension of bonus depreciation. Doctors who purchased a heavy SUV or pickup (Gross Vehicular Weight Rating over 6,000 pounds) by December 31, 2014 are eligible for even greater tax breaks.

Assume a doctor or Business Owner purchased a new SUV for $60,000 in 2014. First, the doctor or business owner can expense $25,000, the cap for SUVs. One-half of the remaining $35,000 cost, or $17,500, can be deducted using bonus depreciation. Another 20% of the $17,500 remaining balance, or $3,500, can be claimed as normal depreciation. Accordingly, with 100% business use, the total 2014 write-off for a $60,000 SUV purchase is $46,000. If the doctor or business owner purchased a used, rather than new SUV, bonus depreciation cannot be claimed, although the other tax breaks remain available.

Information only, please run this by your Professional Tax Advisor to implement.

Contact Connie Dello Buono 408-854-1883 motherhealth@gmail.com or conniedbuono@gmail.com to have a phone chat with a Sr Investment Advisor on ways to reduce income taxes for doctors and business owners via a business structure and financial strategy.