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Tax Planning

A good tax plan will help you achieve your financial goals and retirement objectives in the most tax efficient manner. Listed below are some of the more common options for saving taxes. There are numerous rules, exceptions and consequences that may effect your situation.

Individual Retirement Accounts (IRAs) Traditional IRA - save taxes now and pay taxes later. Roth IRA - pay taxes now and save taxes later.  More information

Home Ownership allows taxpayers to deduct interest and property taxes on their residence. Gain from the sale of a home may be excludible from income. More information

Living Trust will not save any taxes but it can avoid probate. It is a good tool to have your estate distributed the way you want and protect a surviving spouse from poor financial management.  Like a will, a trust can designate who will receive your assets.  A trust can allow the surviving spouse to use all or part of the the assets and income. At the surviving spouse's death, specific assets can be distributed according to the first to die's wishes. You and your spouse should discuss your objectives and consult an attorney.

 
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copyright 2007 Macy Mark Morris, CPA

In accordance with IRS Circular 230, the information on this web site is not intended or written to be used, and cannot be used as or considered a “covered opinion” or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes

Macy Mark Morris, CPA  1902 Wright Place, Suite 200, Carlsbad, CA 92008

760 634-5622   760 918-5905   Fax 760 454-2748