Congress squeezes again: strategies to help ease sour taste from '93 tax act

Article Abstract:

Medical personnel can use several strategies to reduce or eliminate certain tax liabilities that they will be facing under new tax laws passed by Congress. Tax consequences should be considered all year long, rather than waiting until tax time approaches. Physician tax strategies should be diverse. It is unwise to rely on one tax-saving measure. Tax-saving techniques include diversion of income to lower tax brackets, deducting all allowable expenditures, deferring receipt of income and offsetting other income with tax credits.

Medical personnel

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Estate planning: a final gift of love for your survivors

Article Abstract:

Estate planning is necessary to save a grieving family from the need to make financial and tax decisions. Advice is needed from both financial planners and lawyers, and they should be carefully chosen for their qualifications in estate planning. Also, the heirs should be informed about the location of documents and changes in the plan. Provision should be made to accommodate changes occurring in the lives of those affected by the estate plan.

Commercial Banks, Trust, Fiduciary, and Custody Activities, Estate & Tax Planning, Analysis, Estate planning

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Will you get hit with retirement-plan success tax?

Article Abstract:

Individuals who receive too much money from retirement plans or accumulate too much money in them may be liable for excise penalty taxes. The 15% tax, sometimes known as the 'success tax,' is applied to money received from a retirement plan that exceeds federal limits. The tax may also apply to these benefits upon the person's death. Techniques for limiting exposure to such a tax are discussed.

Compensation and benefits, Physicians, Medical professions, Retirement income

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