#40 Financial Winners and Losers Under Trump Presidency

Impact investing podcast Trump stocks taxes

Happy 2017.  I’m back after a break from blogging and social media – since the Trump election.  I was extremely disappointed with the results of the election and how Trump won. The entire election process is disturbing.

I spent some time thinking about how I can make an impact and I will continue to explore options and take the steps I can.  Right now, I will focus on Socially Responsible Investing – community investing and shareholder advocacy.

Any change of president, especially with changing political parties, brings with it some industries will do better and those that will not do as well as they previously had.  In addition, with Republicans in control of the White House and both houses of Congress, there will most likely be major tax reform in 2017.

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#11 Taking Money from an IRA without Penalty (72T) – Ask a Fee Only Financial Planner

In this podcast I will answer the question: How can I get money out of my IRA before age 59.5 without a 10% penalty?

Podcast #11 can be found below.  If you prefer, you can also see our video (Video #11) and blog (Blog 23) on the same topic.

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#5 – Employing Children and Kiddie Tax – Ask a Fee Only Financial Planner

In this podcast I will answer the question: What are the benefits of employing a child?  And what are the limitations?

The blog that addresses this question can be found at: 15 Employing a kid and the kiddie tax

The video for this episode is at: http://youtu.be/JoNWRs1P1iM our YouTube channel is video channel

You can find our other podcasts at: Ask a Fee Only Financial Planner podcast and on iTunes

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15 Employing a kid and the kiddie tax

These topics are only related in that they have to do with kids and taxes but also if your child earns enough from your business, the kiddie tax may apply.

EMPLOYING KID

Employing a child can be effective way to shelter income from taxes.  The earnings a child receives can be put into a Roth IRA, IRA or company tax deferred plan (to minimize the kiddie tax).

Payments to the child must be reasonable in relation to the services rendered.  In addition, payments must made to the child – not held for the child.  Employment of a child is also affected by child labor law regulations. Although there are strict laws that detail appropriate jobs and hours based on age, children working for a parent generally fall under an exception to these laws.

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8 Tax Advantage of Employing a Child

Employing a child can be effective way to shelter income from taxes.  The child’s earnings can be put into a Roth IRA, IRA or company tax deferred plan.

Payments to the child must be reasonable in relation to the services rendered.  In addition, payments must made to the child – not held for the child.  Employment of a child is also affected by child labor law regulations. Although there are strict laws that detail appropriate jobs and hours based on age, children working for a parent generally fall under an exception to these laws.

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5 Married Same-Sex Couples Gain Equal Tax Benefits

Two months after the Supreme Court struck down the Defense of Marriage Act, the Treasury Department ruled that legally married same-sex couples will be treated as married for federal tax purposes.

The decision has a host of implications, even for couples who now live in states that don’t recognize same-sex marriage.

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