High Net Worth Tax Strategy

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  1. High-Deductible Health Plan - HDHP

    A high-deductible health plan is health insurance with a high minimum deductible for medical expenses that must be paid before ...
  2. Exemption Trust

    An exemption trust helps minimize or eliminate federal estate taxes on a married couple's estate. The trust holds the assets ...
  3. Gross Estate

    Gross estate is the gross value of a person's estate at the time of their death before liabilities such as outstanding debt ...
  4. Charitable Lead Trust

    A charitable lead trust is designed to reduce a beneficiary's taxable income by first donating a portion of the trust's income ...
  5. Gift Splitting

    Gift splitting is a taxation rule that allows a married couple to split a gift's total value between them, allowing them ...
  6. House Your Retirement With Self-Directed Real Estate IRAs

    Investors are now able to fund their retirement accounts with hitherto forbidden eal property, mortgages and other real-estate ...
  7. Lump Sum Versus Regular Pension Payments

    Should you accept the traditional, lifetime monthly payments or take a lump sum distribution? We'll help you understand what ...
  8. Long-Term Capital Gain or Loss

    A long-term capital gain or loss comes from a qualifying investment that was owned for longer than 12 months before being ...
  9. Golden Hello

    A golden hello is a signing bonus offered to a candidate from a rival company, specifically designed to entice employees ...
  10. Exemption

    An exemption is a deduction allowed by law to reduce the amount of income that would otherwise be taxed.
  11. Fractional Gift

    A fractional gift entails a gradual charitable donation of a work of art in order to receive the maximum a tax break.
  12. Pick-Up Tax

    The pickup tax was created to allow US states to share in US federal estate tax proceeds but was phased out completely by ...
  13. Zero Capital Gains Rate

    The 0% capital gains tax rate charged to those selling properties in "enterprise zones", applied by government to prompt ...
  14. Widow's Exemption

    A widow's exemption is one of several forms of state or federal tax relief available to a widowed spouse in the period following ...
  15. Robo Tax Loss Harvesting

    Robo tax-loss harvesting is the automated selling of securities in a portfolio to deliberately incur losses to offset any ...
  16. Charitable Split-Dollar Insurance Plan

    A charitable split-dollar insurance plan is a type of life-insurance policy previously known for the tax breaks it provided ...
  17. Accounting

    Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business.
  18. Underpayment Penalty

    Underpayment penalty is a tax penalty enacted on those who fail to pay enough of their total estimated taxes.
  19. Charitable Contributions Deduction

    Within certain limitations, the Charitable Contributions Deduction allows taxpayers to deduct their cash and property contributions ...
  20. Stock Savings Plan

    A plan where residents of some Canadian provinces receive provincial income tax credits for purchasing initial public offering ...
  21. Recognized Loss

    Recognized loss is when investments are sold for less than their purchase price, it may be reported for income tax purposes ...
  22. IRS Publication 527 - Residential Rental Property (Including Rental of Vacation Homes)

    An Internal Revenue Service (IRS) document providing tax information to those who rent out their residential properties for ...
  23. Ordinary And Necessary Expenses - O & NE

    Ordinary and necessary expenses incurred by individuals for business or primary employment are typically tax deductible in ...
  24. Bargain Sale To A Charitable Organization

    Bargain sale to a charitable organization is the sale of a good or service to a charitable organization for less than the ...
  25. Final Return For Decedent

    A final return for decedent is a tax return filed for an individual in the year of that person's death.
  26. Business Tax Credits

    Business tax credits are federal income tax credits available to businesses.
  27. Premature Distribution

    A premature distribution is one taken from an IRA, qualified plan or tax-deferred annuity that is paid to a beneficiary that ...
  28. Estate Freeze

    An estate freeze is an asset management strategy whereby an estate owner aims to transfer assets to his or her beneficiaries ...
  29. Automatic Savings Plan

    An automatic savings plan is a type of personal savings system in which the plan contributor automatically deposits a fixed ...
  30. Form 4952: Investment Interest Expense Deduction

    Form 4952: Investment Interest Expense Deduction, is an Internal Revenue Service tax form determining the investment interest ...
  31. Bona Fide Foreign Resident

    A Bona Fide Foreign Resident is a resident of a foreign country for an entire tax year, who the IRS deems eligible for the ...
  32. Gross-Income Test

    The Gross-Income test is one of the five tests where dependents may not exceed certain earnings annually.
  33. Relationship Test

    The Relationship Test is test one must pass in order to be claimed as a dependent on another’s tax return, satisfying one ...
  34. Support Test

    One of five tests taxpayers must pass in order to claim a dependent, proving they paid at least half of prospective dependents' ...
  35. Dependent Care Credit

    The Dependent Care Credit is a tax credit for un-reimbursed childcare expenses paid by working taxpayers, to encourage their ...
  36. Child And Dependent Care Credit

    Child and dependent care credit is a non-refundable tax credit for unreimbursed childcare expenses paid by working taxpayers.
  37. 529 Savings Plan

    A 529 Savings Plan is a tax-advantaged college savings account created by a holder for a designated beneficiary, for tuition, ...
  38. Citizenship Test

    A key criteria test set forth by the IRS, that an individual must satisfy in order to be claimed as another person's dependent.
  39. Are fringe benefits direct or indirect costs?

    Learn how to allocate costs associated with fringe benefits provided to employees and how to determine when a cost is either ...
  40. Absolute Interest

    Absolute interest is the total and complete ownership of an asset or property.
  41. Short Sell Against the Box

    A short sell against the box refers to the act of short selling securities you already own, leaving yourself neutral, with ...
  42. Philanthropy

    Philanthropy is charitable giving to human causes on a large scale, undertaken by an individual or organization based on ...
  43. Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions

    Form 706 is a tax form used to calculate taxes due on trust distributions that are subject to a generation-skipping tax (GST). ...
  44. Buffett Rule

    The Buffett Rule is a tax proposal for a 30 percent effective federal tax rate on the income of millionaires.
  45. Portability

    Portability is an employee's ability or right to retain certain benefits when switching employers.
  46. Asset Protection Trust

    An asset protection trust is a vehicle for holding an individual's assets to shield them from creditors.
  47. 4 Reasons Estate Planning Is So Important

    Estate planning isn't fun, but without it, the consequences can be devastating for your heirs – or at least, not what you ...
  48. Estate Planning For Canadians

    Trusts, wills, taxes and rules differ by country. Find out what you need to know about estate plans in Canada.
  49. Gift in Trust

    A gift in trust is an indirect bequest of assets to a beneficiary by means of a special legal and fiduciary arrangement.
  50. Is there a difference between capital gains and dividend income?

    Selling something for a profit leads to capital gains. A payment made by a corporations to stockholders is a dividend. Both ...
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