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Action on Smoking
and Health A National Legal-Action Antismoking Organization Entirely Supported by Tax-Deductible Contributions Learn How You Can Protect Yourself and Your Loved Ones From the Deadly Dangers of Even Small Amounts of Smoke |
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For more of us it's almost time to file our federal income tax return.
That's a good time to think for at least a few minutes on how to save on taxes -- if not now, then in the future.
It's also a good time to try to avoid the perils of probate, and in general to make sure your financial house is in order.
Here, from ASH's attorneys, are a few simple tips:
1. CHECK YOUR BENEFICIARIES: Make sure that any life insurance, pension, and similar plans have the proper beneficiaries listed. People often fail to review them each year, and there could be very serious problems if the listed beneficiaries aren't updated to reflect any births, deaths, or other serious changes.
2. EVALUATE CHANGES: Make sure you know about and evaluate
any relevant changes in the U.S. tax laws -- including interpretations
of existing law by the Internal Revenue Service -- before preparing your
tax return. You can find summaries on various financial web site,
as well as in major newspapers and other sources.
For example, the costs of smoking cessation programs
are now deductible as medical expenses, see: IRS
Approves Tax Breaks For Tobacco Related Medical Treatment [07/13/99]
3. UPDATE FINANCIAL RECORDS: Make sure your financial records -- including account numbers, telephone numbers, web site addresses, policy numbers, etc. -- are up to date so that you -- as a spouse or friend in the event of your death -- can easily find the relevant information. This is particularly important when so many banks and other financial institutions are merging or changing names, addresses, etc.
4. MAKE OR CHECK YOUR WILL: If you don't have a will, make one. If you do have one, check it to make sure it's up to date and reflects any changes in your family structure, estate planning goals, etc. By the way, to learn more about how easy it is to change your will to add ASH as a beneficiary -- and why you should consider doing so -- Please click here.
5. TAX-DEFERRED SAVING PLANS: Check out your 401(k), 403(b), and other plans to make sure they are also up to date and reflect your current circumstances. Moreover, to prevent "confiscatory" taxes on your tax-deferred retirement plans, consider setting up a CRT. For more information, please click here.
6. USE TAX-SAVING GIVING TECHNIQUES: Most everyone has favorite
charities they wish to help support, and we certaintly hope that ASH is
one of yours. For a number of tips on how to save lots of money on
taxes, avoid probate problems, assuring yourself or a loved one of a steady
income, and other ideas, check out some tips;
These include making contributions in the form of:
* stocks which have appreciated
* an insurance policy no longer needed
* a remainder interest in real property
* and, of course, setting up a charitable remainder trust (CRT)
For additional tips, please click here: ASH'S
TAX-WISE GIVING TIPS
THANK YOU FOR SUPPORTING ASH!
| Home | Search | About ASH | Why Join | Comment | Email Page | Contact |
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