April 15, 2022

Episode 241: Your Last Tax Day

31 minutes

In this episode, we ask:

What about tax as a seven layer dip?

What are the different tax systems?

What about income tax?

When did the income tax start?

What about payroll tax?

What about capital gains tax?

What about short term and long term capital gains tax?

What about sales tax?

What about property tax?

What about estate tax?

What about gift tax?

What about the inheritance tax?

What about gift tax exemptions?

What about the annual gift tax exclusion?

What about the tax on interest?

What about the ten year time horizon?

What is the ultimate goal?

What about inheriting money?

What about taxable money?

What about tax deferred money?

What about tax free money?

How many times can you say “taxable”?

What about the stepped up basis rule?

What about stock or real estate?

What about the SECURE Act (2019)?

What about the ROTH IRA?

What is THE IRS?

What about the significant limits in the ROTH IRA or ROTH 401(K)?

Do you still plan to eat?

What are the limits with a Bank on Yourself® Type Whole Life Insurance policy?

What happened when Mark’s mom died?

What was the last gift she gave Mark and his brother?

Was the death benefit taxable?

What are some strategies?

What happens when you receive a taxable inheritance?

What about preparing in advance?

What might you build?

What about insurability?

What about accessing cash value?

What about leaving a generational gift and legacy?

What about the estate tax exemption?

What about a historical example?

When is the estate tax due?

How long does an estate / family have to pay the tax?

How will an estate / family pay the tax?

What happens when a life insurance death benefit is larger than the estate tax exemption?

How do we avoid running into a large estate tax problem?

What about a more modest death benefit?

What about an irrevocable life insurance trust (ILIT)?

What about term insurance?

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Bonus: Quick Reference

Tax filing dates for 2022 (via IRS):

There are several important dates taxpayers should keep in mind for this year’s filing season:

January 14: IRS Free File opens. Taxpayers can begin filing returns through IRS Free File partners; tax returns will be transmitted to the IRS starting January 24. Tax software companies also are accepting tax filings in advance.

January 18: Due date for tax year 2021 fourth quarter estimated tax payment.

January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins

January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.

April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots’ Day holiday

October 17: Due date to file for those requesting an extension on their 2021 tax returns

The topics presented in this podcast are general information only and not for the purposes of providing legal, accounting or investment advice. On such matters, please consult a professional who knows your specific situation.

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