High Net Worth Tax Strategy

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  1. Support Test

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

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

    Child and dependent care credit is a non-refundable tax credit for unreimbursed childcare expenses paid by working taxpayers.
  4. 529 Savings Plan

    A 529 Savings Plan is a tax-advantaged college savings account created by a holder for a designated beneficiary, for tuition, ...
  5. 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.
  6. 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 ...
  7. Absolute Interest

    Absolute interest is the total and complete ownership of an asset or property.
  8. 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 ...
  9. Philanthropy

    Philanthropy is charitable giving to human causes on a large scale, undertaken by an individual or organization based on ...
  10. 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). ...
  11. Buffett Rule

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

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

    An asset protection trust is a vehicle for holding an individual's assets to shield them from creditors.
  14. 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 ...
  15. 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.
  16. 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 ...
  17. Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.
  18. Pick the Perfect Trust

    Trusts are an estate plan's anchor, but the terminology can be confusing. We cut through the clutter.
  19. Realized Gain

    A realized gain is a profit resulting from selling an asset at a price higher than the original purchase price.
  20. How Will Meghan Markle's Finances Change Now That She Has Married Harry?

    The duchess will find her financial life - and Prince Harry's - in a tricky tangle when their fairytale marriage runs into ...
  21. Gifting Your Retirement Assets To Charity

    There are several things to consider when you want to donate your retirement assets to charity. Read here to make sure you're ...
  22. Moving Retirement Plan Assets: How To Avoid Mistakes

    Sometimes things go wrong in a simple transfer of funds. Make sure you know how to avoid penalties.
  23. Retirement Taxes: 5 Ways to Save Money

    Living on a fixed income during retirement can be difficult if your taxes are high. These five ideas can help you manage ...
  24. Charitable Remainder Trust

    A charitable remainder trust is a tax-exempt irrevocable trust designed to reduce the taxable income of individuals and support ...
  25. Gift Letter

    A gift letter is written correspondence explicitly stating that money received from a friend or relative is a gift.
  26. Capital Gains Tax

    A capital gains tax is a tax for capital gains incurred by individuals and corporations from the sale of certain types of ...
  27. Value-Added Tax - VAT

    A value-added tax is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from ...
  28. Disposable Income

    Disposable income is the amount of money that households have available for spending and saving after income taxes have been ...
  29. Step-Up In Basis

    Step-up in basis is the readjustment of the value of an appreciated asset for tax purposes upon inheritance.
  30. Total Return

    Total return is a performance measure that reflects the actual rate of return of an investment or a pool of investments over ...
  31. Unrecaptured Section 1250 Gain

    The unrecaptured section 1250 gain is a type of depreciation-recapture income that is realized on the sale of depreciable ...
  32. Cost Basis 101: How To Correctly Understand It

    Understanding how to calculate cost basis is critical for tracking the gains or losses of an investment, and what the tax ...
  33. Unrealized Gain

    An unrealized gain is a profit that exists on paper, but has yet to be cashed in, resulting from any type of investment. ...
  34. Auditing Standards Board (ASB)

    The Auditing Standards Board (ASB), part of the AICPA, issues guidelines and rule pronouncements that CPAs must adhere to ...
  35. How to Increase Your Disposable Income

    Here are four quick and easy ways to increase your spending money.
  36. Wash-Sale Rule

    A wash-sale rule is a regulation that prohibits a taxpayer from claiming a loss on the sale and repurchase of identical stock. ...
  37. Private Annuity

    A private annuity is an agreement in which an annuitant transfers property to an obligor in exchange for payments for the ...
  38. Split Payroll

    Split payroll is method of paying employees who are on international assignments in which pay is divided between local and ...
  39. Retirement Plan Tax Form 8606: When To File

    If you have a Roth IRA, you are responsible for keeping track of your pretax versus after-tax assets.
  40. Why is Monaco considered a tax haven?

    Discover why the principality of Monaco is considered a tax haven, and learn about some of the sovereign city-state's more ...
  41. Qualified Dividend

    A qualified dividend is a type of dividend subject to capital gains tax rates that are lower than the income tax rates applied ...
  42. Tax Strategies for Your Retirement Income

    Once you’re actually retired, consider these strategies to minimize taxes.
  43. Income Exclusion Rule

    An income exclusion rule sets aside certain types of income as nontaxable.
  44. Retirement Method of Depreciation

    Retirement method of depreciation describes the accounting practice of delaying the depreciation of a fixed asset until it ...
  45. Registered Retirement Savings Plan Deduction Limit

    Registered Retirement Savings Plan Deduction Limit is the maximum sum Canada allows taxpayers to deduct from their income ...
  46. Qualified Retirement Plan

    A qualified retirement plan meets the requirements of Internal Revenue Code Section 401(a) and is therefore eligible to receive ...
  47. IRS Publication 590: Individual Retirement Arrangements (IRAs)

    IRS Publication 590: Individual Retirement Arrangements (IRAs) refers to an IRS document that outlines rules for individual ...
  48. Chargeable Gain

    Comparable to capital gain, a chargeable gain represents the increased value in an asset when it is sold.
  49. Return-on-Capital Gain

    The value of an investment in an asset as it matures or is sold can be expressed as a return-on-capital gain.
  50. Recognized Gain

    The profit seen from the sale of an asset or investment typically qualifies as a recognized gain.
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