Tax strategy scan

Personal exemptions may be lost but households can expect higher savings from the child tax credit, an advisor says.

The right strategy can help minimize their future estate taxes.

Many deductions are likely to disappear if Congress passes the reform bill into law.

Clients should consider tax breaks such as education expenses, mortgage interest payment and small business costs.

Whether they have a mortgage does not affect the capital gains calculation, according to a CFP.

Retirement location "matters just as much to your tax bill as what you have,” an expert says.

The proposal aims to simplify tax subsidies by increasing qualified withdrawals from 529s in exchange for scrapping the Coverdell account.

While contribution limits are expected to remain untouched, the country is still facing a retirement crisis, one expert says.

Experts say 18-to-36-year-olds should take advantage of workplace 401(k) and Roth IRA tax benefits now and shop around for the best savings rates later.

One option for clients to consider is municipal bonds, which offer tax-free yields.

The first step is to account for any obligations or costs, an expert says.

The right debt strategy can help clients make better decisions with capital allocations.

The American Opportunity Tax Credit can save clients $2,500, while they can claim up to $2,000 with the Lifetime Learning Credit.

Less than $5 million in gross receipts during a five-year period and qualified R&D expenses are required.

Clients could face a 100% penalty of taxes owed for filing late.

Clients under 35 are the only age group with a negative savings rate. These tools can help them prepare.

Giving securities that have appreciated in value allows investors to claim a deduction and avoid capital gains taxes if they opt to sell the shares.

Certain laws may require them to maintain the coverage with their former spouse.

Making excess withdrawals could result in taxes on the earnings and a hefty 10% penalty.

Congress may have a difficult time closing tax code loopholes that benefit households more than corporations, an expert suggests.