This document discusses various tax planning strategies for both corporations and individuals. It notes that taxes are likely the biggest expense for most families and outlines key areas of financial planning that should be addressed, including tax planning, income planning, risk management, estate planning, education planning, retirement planning, and debt management. It then discusses some common mistakes people make and provides over 50 strategies that most people have not implemented related to taxes, investments, risk management, and more.
IT’S IRA SEASON – SAVE FOR RETIREMENT WHILE ENJOYING TAX BENEFITSSpencer Savings Bank
As a group, Americans are not doing well in preparing for retirement. Research shows that most Americans do not have enough money saved for retirement and many are very concerned. One of the main reasons for lack of saving are incomes that have not changed (or decreased) over the years, while cost of living continues to rise and salaries are not going as far as they once did to cover all the necessities.
This is a presentation I gave to my writing for the organization class. We were assigned to give an informative speech. I chose retirement because too many times its overly complicated and many young people cannot understand it.
Confused by the variety of retirement options? Want to retire early? Want to retire abroad? You’ll find all the answers at Retirement Planning Solutions (for UK and overseas)...
Exiting your business is a common obstacle for many entrepreneurs. You are ready to sell but how do you develop an exit strategy that meets your
needs? Preview our slides to learn how you can get your business ready for sale, develop your exit plan and be mindful of tax and legal considerations.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
Get to know what I do (Group Benefits/Group Investments)Kevin Green
I have uploaded this presentation to give business owners a better understanding of how we work with them on group benefits and group investments. It explains our added-value approach - implementing the plan plus working with employees on their personal financial planning needs. Enjoy!
IT’S IRA SEASON – SAVE FOR RETIREMENT WHILE ENJOYING TAX BENEFITSSpencer Savings Bank
As a group, Americans are not doing well in preparing for retirement. Research shows that most Americans do not have enough money saved for retirement and many are very concerned. One of the main reasons for lack of saving are incomes that have not changed (or decreased) over the years, while cost of living continues to rise and salaries are not going as far as they once did to cover all the necessities.
This is a presentation I gave to my writing for the organization class. We were assigned to give an informative speech. I chose retirement because too many times its overly complicated and many young people cannot understand it.
Confused by the variety of retirement options? Want to retire early? Want to retire abroad? You’ll find all the answers at Retirement Planning Solutions (for UK and overseas)...
Exiting your business is a common obstacle for many entrepreneurs. You are ready to sell but how do you develop an exit strategy that meets your
needs? Preview our slides to learn how you can get your business ready for sale, develop your exit plan and be mindful of tax and legal considerations.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
Get to know what I do (Group Benefits/Group Investments)Kevin Green
I have uploaded this presentation to give business owners a better understanding of how we work with them on group benefits and group investments. It explains our added-value approach - implementing the plan plus working with employees on their personal financial planning needs. Enjoy!
While most people think of permanent life insurance as a way to protect the financial security of their families, it can also serve as a powerful retirement tool.
This powerpoint training is the slides from the webinar I did on the taxing of social security and is placed on our training site.
If you want more training on annuities, selling or building your book of business visit us at www.7figuresalestools.com
Be sure you’re traveling in the right direction. From financial concerns to sound solutions, let’s talk about the challenges you face as you navigate the road toward retirement.
2016 tax review hints and changes, including PEASE and PEP Limitation, Alternative Minimum Tax (AMT), donations of appreciated capital gain property, qualified charitable distributions, ELOI contracts, net investment income tax (NIIT), Kiddie Tax rates and qualifications, family limited partnerships, tax reform, and the "death tax" provided by a certified CPA.
Close your eyes for a moment--now try to picture yourself on the first day of your retirement. Your last day of work is behind you; there is no alarm clock jolting you out of sleep. You awaken on your own and you have the rest of your life ahead of you. Are you happy about your prospects? Relaxed? Energized? Excited? Now open your eyes.
1. Effect of Taxes on your Savings Q: $100,000 for 30 years @ 8% Interest A: $352,395 Q: $100,000 for 30 years @ 8% Deferred A: $1,006,266 Q: How many Investors focus only on Rate of Return?
2. Taxes I would suggest to you that I can save you $1,000 in taxes FASTER than you can get yourself a $2,000 raise. Taxes are likely your family’s biggest expense - let’s start there shall we? Investments are a matter of opinion, taxes are a matter of fact.
17. Investment Management, Risk Management, Estate Planning, Inflation Management, paying taxes unnecessarily, etc.We have over 50 Strategies, that most people have not implemented!
18. Most businesses have not planned a proper business exit strategy! Research has shown that most individuals feel they are not ready for Retirement Q: How many people in this room feel what they are doing will put them in the proper position for retirement?
22. How to Build a Personal Income with Corporate dollars, conservatively and tax effective
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24. Invest in the Stock Market without putting your money at Risk
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26. Is there a better way? (Please Keep Score – which do you have?) How can business owners and individuals avoid or reduce CRA taxes on investments? How can business owners use corporations to create a tax advantaged retirement income? Establish a Corporate Retirement Income Enhancer
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29. Funding a buy-sell agreement at the death of one of the co-owners of the business
39. $1,533,572 Tax Free in year 25* Canada Life, Wealth Achiever, Max 20, Zoom 11.1, Policy Date: September 10, 2010, Face Value $560,000
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41. In year 20 John could take out $578,701 after tax
42. In year 25 John could take out $776,892 after taxWhat about Monthly Income?
Editor's Notes
Explain part one that we are using an example of a person in the top tax bracket using 46.4% tax rate and interest income.Part two the $100,000 assume money is inside of an RRSP – taxes would be paid on withdrawal (tax liability of approximately $450,000) as a lump sum approx. $550,000 net still more than non-reg or all could be tax free if build up in TFSA, which would take years (with deposits of $5,000 per annum) based on today’s contribution maximums.
We will be discussing business owners and individuals
People who are not going to Retire why?
Open end question.Pitcher Partners found that the average age of small business owners is 55 years and 81% of them plan to retire in the next ten years. However, 75% of them had no business exit strategy.In another survey, the Cameron Research Group showed than only 10% of small business owners had a documented succession plan. Another 44% had thought about succession but had no plan and nearly half or 46% had not given any thought to succession. Read more: http://www.articlesbase.com/business-ideas-articles/the-heartbreaking-exit-strategy-for-business-3148789.html#ixzz0yxEXqwACUnder Creative Commons License: Attribution
Now the basic benefits of corporate insurance is
Lets get back to the tax free investment account and how it works
Corporation has capital in taxable environment$1 of life insurance paid on death does not necessarily equal $1 of CDA as the addition to CDA is reduced by the adjusted cost basis of the policyHowever the owner says im glad to leave a estate, but I wanna spend my money! My retirement my yacht.
3 ways to access the investmentsFor each method of withdrawing funds from the policy, one should seek professional advise (accountant, financial planner) to determine the most appropriate method.Withdraw money from the cash value of the policyTake a policy loan on your policy (interest charges)Use the policy as collateral to obtain a loan from a lending institution (complex, need to know advantages and disadvantages.Each method requires careful consideration.
What can you invest in.Whole life guarantees 6% minLets examine the whole life div yield