Follow @PearlandNews€¦ · Liberty, TX 77386 Phone: 8327958843 Email:...
4
3/30/2016 Are you overlooking these tax tips? Your Houston News: Living http://www.yourhoustonnews.com/pearland/living/areyouoverlookingthesetaxtips/article_df9b77de7cda5ea78de0d3f4a7e09847.html 1/4 74°Overcast More weather. Advanced Search GO Search the Archives Follow @PearlandNews Welcome! Login Signup | yourHoustonNews.com CLASSIFIEDS JOBS AUTOS HOMES PLACE AN AD Story Comments Advertisement Print Font Size: Are you overlooking these tax tips? PRESS RELEASE Posted: Friday, March 4, 2016 4:00 am PRESS RELEASE Whether you’re a smallbusiness owner, a corporate executive or a professional looking to retire soon, you don’t want to leave potential taxdeferrable options by the wayside, says Mark Chandik, president of FDP Wealth Management (www.fdpwm.com). “That’s money in the bank – at least it could be,” he says. “Don’t look at it as a trick. Legally, if it meets certain criteria, it’s your money!” While many taxpayers simply don’t know what they’re missing, others think they know exactly what they’re doing. The problem in both scenarios is that most will simply do this year what they’ve done in previous years, which could cause them to pay a higher tax bill than necessary. Chandik, a veteran financial professional and author of “10 Financial Strategies for the Smart Investor,” says there are several areas to explore in saving money on taxes this year. • Insurance products offer an advantageous tax status. These products include both life insurance and annuities. Regardless of how you see the performance of these products, they have a unique tax status. Life insurance cash values can grow taxdeferred and may be accessed taxfree for supplemental retirement income. Annuities also offer complete tax deferral during the accumulation period. • The type of investment vehicle can make a big impact on tax efficiency. Taxwise, exchange traded funds (ETFs) offer an advantage over traditional mutual funds, which can generate a large amount of “phantom income” that’s taxed based on the buying and selling of underlying securities. Growth via ETFs, however, may offer the same kind of performance, but the changes at the portfolio level aren’t taxed in the same way. ETFs are also less expensive. • Track yeartoyear carryover items. Check for any capital losses that could offset current capital gains. Excess amounts of unused capital losses can be carried over to the next year’s return. For example, if you have net capital losses in a prior year in excess of a $3,000 annual deduction limit, they can be carried over to your next year’s income tax return. The same goes for any charitable contributions and unused business credits that you can’t deduct in a previous year because of limits on such writeoffs. • Just started retirement planning? Review your contributions. Whether it’s a 401(k) plan, SEP plan or individual Home News Sports Living Opinion Photos Celebrations HerEntertainment Obituaries Contact Us Careers at HCN Wednesday March 30, 2016 HERE Houston Health News Calendar Weddings & Engagements Share Your Photos With The Community 101 Houston
Transcript of Follow @PearlandNews€¦ · Liberty, TX 77386 Phone: 8327958843 Email:...
3/30/2016 Are you overlooking these tax tips? Your Houston News: Living
http://www.yourhoustonnews.com/pearland/living/areyouoverlookingthesetaxtips/article_df9b77de7cda5ea78de0d3f4a7e09847.html 1/4
74°OvercastMore weather.
Advanced Search GO
Search the Archives
Follow @PearlandNews
Welcome! Login Signup|
yourHoustonNews.com
CLASSIFIEDS JOBS AUTOS HOMES PLACE AN AD
Story Comments
Advertisement
Print Font Size:
Are you overlooking these tax tips?PRESS RELEASE
Posted: Friday, March 4, 2016 4:00 am
PRESS RELEASEWhether you’re a smallbusiness owner, a corporate executive or a professional looking to retire soon, you don’twant to leave potential taxdeferrable options by the wayside, says Mark Chandik, president of FDP WealthManagement (www.fdpwm.com).
“That’s money in the bank – at least it could be,” hesays. “Don’t look at it as a trick. Legally, if it meetscertain criteria, it’s your money!”
While many taxpayers simply don’t know what they’remissing, others think they know exactly what they’redoing. The problem in both scenarios is that most willsimply do this year what they’ve done in previous years,which could cause them to pay a higher tax bill thannecessary.
Chandik, a veteran financial professional and author of“10 Financial Strategies for the Smart Investor,” saysthere are several areas to explore in saving money ontaxes this year.
• Insurance products offer an advantageous tax status.These products include both life insurance andannuities. Regardless of how you see the performanceof these products, they have a unique tax status. Lifeinsurance cash values can grow taxdeferred and maybe accessed taxfree for supplemental retirementincome. Annuities also offer complete tax deferral duringthe accumulation period.
• The type of investment vehicle can make a big impacton tax efficiency. Taxwise, exchange traded funds(ETFs) offer an advantage over traditional mutual funds,which can generate a large amount of “phantomincome” that’s taxed based on the buying and selling ofunderlying securities. Growth via ETFs, however, mayoffer the same kind of performance, but the changes atthe portfolio level aren’t taxed in the same way. ETFsare also less expensive.
• Track yeartoyear carryover items. Check for anycapital losses that could offset current capital gains.Excess amounts of unused capital losses can be carriedover to the next year’s return. For example, if you havenet capital losses in a prior year in excess of a $3,000
annual deduction limit, they can be carried over to your next year’s income tax return. The same goes for anycharitable contributions and unused business credits that you can’t deduct in a previous year because of limitson such writeoffs.
• Just started retirement planning? Review your contributions. Whether it’s a 401(k) plan, SEP plan or individual
Home News Sports Living Opinion Photos Celebrations HerEntertainment Obituaries Contact Us Careers at HCN Wednesday March 30, 2016
HERE Houston Health News Calendar Weddings & Engagements Share Your Photos With The Community 101 Houston
3/30/2016 Are you overlooking these tax tips? Your Houston News: Living
http://www.yourhoustonnews.com/pearland/living/areyouoverlookingthesetaxtips/article_df9b77de7cda5ea78de0d3f4a7e09847.html 2/4
Business Spotlight
Discuss Print
Similar StoriesYMCA offering Diabetes Prevention Program
Pearland native serves aboard Navy’s newest carrier
TCEQ daily air quality forecast
HAPPY HANDYMAN: A chair repair solution thatreally works
ASK TONI KING: Does Medicare have a plan forrecovering at home?
Most ReadTwo dead of gunshot wounds southeast of Conroe
Shattered Dreams: Hargrave High studentsparticipate awareness program
Sheriff’s office pursues new lead in case of missingCleveland man
New high school soon to enter into second phase
IRA, check out the advantages of using any taxdeferred saving vehicles that are available for taxreductionstrategies. If you’re new to retirement planning, know that not all contributions are deductible.
“These tips are just a starting point to let folks know what’s possible in savings for tax season,” Chandik says.
About Mark ChandikMark Chandik is the Principal of FDP Wealth Management (www.fdpwm.com) and has more than 30 years ofprofessional experience serving corporate executives, professionals, business owner/operators, affluent familiesand private individuals with investing needs.
Posted in Living on Friday, March 4, 2016 4:00 am.
1Keep it Clean.Please avoid obscene, vulgar,lewd, racist or sexuallyoriented language. PLEASETURN OFF YOUR CAPSLOCK.
2Don't Threaten.Threats of harming anotherperson will not be tolerated.
3Be Truthful.Don't knowingly lie aboutanyone or anything.
4Be Nice.No racism, sexism or any sortof ism that is degrating toanother person.
5Be Proactive.Use the 'Report' link on eachcomment to let us know ofabusive posts.
6Share with Us.We'd love to hear eyewitnessacounts, the history behind anarticle.
Rules of Conduct
Comments Facebook
Forgot?
Screen Name or Email
Password
Or, use your linked account:
Welcome to the discussion.
Login
yahoo
Need an account? Create one now.
3/30/2016 Are you overlooking these tax tips? Your Houston News: Living
http://www.yourhoustonnews.com/pearland/living/areyouoverlookingthesetaxtips/article_df9b77de7cda5ea78de0d3f4a7e09847.html 3/4
Humble, Texas | BYRNE METAL CORP.
Assistant Project Manager Humble, Texas | BYRNE METAL CORP.
Estimator
Humble, Texas | BYRNE METAL CORP.
Estimator Multiple Posi... Cleveland, Texas | CLWCDL A Driver
La Porte, Texas | G & P OFFICE FURNITURE
Delivery Worker
La Porte, Texas | G & P OFFICE FURNITURE
Delivery Driver La Porte, Texas | G & P OFFICE FURNITURE
Delivery Driver Multiple...
Conroe, Texas | FIRST FAIRWAY AT WALDENHousekeeper
Conroe, Texas | CONLEN SURFACTANT TECHNOLOGY/CST PERF. PReceptionist
Conroe, Texas | TIM'S POOLSPool Tech
Huntsville, TX | Brookshire Brothers PharmacyRegisteredCertified Pha...
Houston, Texas | Lone Star College
Late Start Classes Begin...
Home Work Handyman Liberty, TX 77386 Phone: 8327958843Email: [email protected] FOR APPOITMENT ONLY
Let Us Do All of Your "Home Work" from Painting,Sheetrock, Carpentry, Tile, Siding, Remodeling,Roofing, Fences, Decks. WE PROVIDE FREEESTIMATES.
YourHoustonJobs.com
3/30/2016 Are you overlooking these tax tips? Your Houston News: Living
http://www.yourhoustonnews.com/pearland/living/areyouoverlookingthesetaxtips/article_df9b77de7cda5ea78de0d3f4a7e09847.html 4/4
MARKETPLACE
C lassif iedsJobsHomesAutosCe lebrationsObituariesLega ls
SERVICES
HelpAdvert ising Serv icesPlace a C lassif ied adSubscript ion Serv icesRSS FeedsContact UsSite indexCareers a t HCN
MEMBERSHIP
Sign upLog in
HomeBlogsPhotosCa lendarCe lebrationsObituaries
Storm CenterEnterta inmentHS GridironBusinessPetsHea lthWeather101 Houston
HOUSTON NEWS
A tascocita ObserverBay A rea C it izenBe l la ire ExaminerC leve land AdvocateConroe CourierC ypress C reek MirrorDay ton NewsDeer Park BroadcasterEast Montgomery ObserverEastex AdvocateFort Bend SunFriendswood Journa lHumble Observer
Kingwood ObserverLake Houston ObserverMagnol ia PotpourriMemoria l ExaminerPasadena C it izenPearland Journa lR iv er Oak s ExaminerSpring ObserverSugar L and SunThe Katy RancherTomball PotpourriWest Univ ersity ExaminerWoodlands V i l lager
LOCAL COMMUNITIES
Search Search
Terms of service | Privacy statement | FAQs © Copyright 2016, Your Houston News, The Woodlands, TX.
