An annuity is a series of payments at a fixed interval guaranteed for a particular set of years or a lifetime for one or more individuals.
Similar to a pension, money is paid out of an insurance contract under which the annuitant pays a lump sum premium or multiple premium payments over a period of time. An annuity is guaranteed and backed by an insurance company. The amount paid back is a combination of your principal amount and interest earned , and part of the payments may be tax-free. Payments received from an annuity are similar to payments received from a pension. You can create your own guaranteed pension using different annuity planning strategies.
If a business generates profits, taxes should be paid. The Internal Revenue Service (IRS) requires owner operators to estimate the profits of their business and make quarterly estimated tax payments as needed. Savings for quarterly estimated tax payments requires discipline and understanding. If you have past due taxes...
There are certain steps, if you follow them you may end up with everything you desire such as a home, financial support for your children’s education and a retirement life full of comfort. The keys to financial success are:
The goals of retirement planning are to achieve financial independence at the retirement age. Retirement plans are offered by various financial institutions and insurance companies. These are often bundled projects, offering the benefits of both insurance and investments. Instead of working at a single large company for most of the life and then counting on a pension for retirement days, people have started self-saving and investment planning on their own.
The following tips can be a great way to provide a considerable tax reduction taking advantage of the IRS code and the ‘green lights’. Great planning skills, organization and attention to detail are key skills to have before getting started.
Comprehensive Tax and retirement planning should be combined to provide a sound retirement. A complete tax and retirement plan is required to nurture wealth building in one’s own estate while minimizing the overall tax burden for all beneficiaries. Thus, Tax and Retirement Planning contributes to all of the following: