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Periscope Weekly Investment Newsletter.

Increase Your Financial Literacy

Michael Mink recently interviewed Karl Frank about Go Tax Free and wrote an article in Investor's Business Daily. Here's an excerpt:

Understanding how your tax and investment professional can best serve you comes from learning about what he does. Tips on how to best educate yourself on financial fundamentals:

Listen for clues. The adviser you turn to for help with taxes and financial guidance should initiate questions in order to best help you, beyond trying to sell you on his service. That adviser should want to know about your goals and the needs of the people most important to you, like a child preparing for college.

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Tax Benefits of Aging

The IRS offers some creative ways to give birthday presents to our aging population. Here are three of them: 1) larger medical expense deductions, 2) larger standard deductions and 3) a larger tax credit for the elderly who are permanently and totally disabled.*

Medical Expense Deductions

Here's a great benefit, if you're over 65 years of age. You get to deduct all your medical expenses in excess of 7.5% of your adjusted gross income, while the rest of us only get to deduct expenses over 10% of our AGI. This includes an annual physical exam, a full-body electronic scan and a pregnancy test. I'm not sure how many 65 year olds require pregnancy tests!

Standard Deductions Over Age 65

Meanwhile, back on the real-world side of the IRS, the standard deduction for folks age 65 and older is $1,500 greater than it is for the rest of us. That is a benefit that may be more useful and widespread.
You either itemize or take the standard deduction, but not both.

Disability Benefits Over Age 65

We may be living longer, but not necessarily living longer in great health. If a person is permanently and totally disabled, up to 15% of the disability income could be a tax credit (as long as it's not greater than the tax burden). If you know of a person in this situation, perhaps a friend or relative, ask them to talk to their tax preparer about the credit for the elderly and permanently disabled.

*These ideas are examples and do not constitute tax advice. Consult a qualified tax professional to obtain tax advice based on your specific situation.

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Go Tax Free

A&I Financial Services - Karl Frank Book - Go Tax Free






An assortment of tools and strategies that give readers of all backgrounds a clear, specific action plan for obtaining the maximum allowable control over when and how they pay taxes.
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