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Services > Tax Planning & Compliance > Questions to Ask Your CPA > |
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Questions To Ask Your CPA About Personal Financial
Planning
- What is the best way to allocate assets for maximum tax efficiency? Do I keep taxable, inefficient funds with high turnovers in my IRA or other tax-deferred account, and conservative, tax-efficient funds in my taxable accounts?
- Should I set up a trust to accumulate funds for my children's education? What types of trusts are available? What are the pros and cons of each?
- How can I lower taxes by shifting income to my children, and how much money can I give to them as gifts?
- What is "second to die" life insurance, and how does it play a role in estate planning?
- If I want to donate a stock I lost money on to a charity, how should I do this so I can maximize my tax savings?
- What is my risk if I extend the holding period on a stock to 12 months to qualify for a lower capital gains rate?
- Should I consider making a withdrawal from an IRA to pay college expenses? If I do, will I pay a penalty?
- If I need to borrow money for personal use, what is the best source: home equity loans, 401(k) loans, banks, finance companies, brokerage firms or insurance policies?
- How does the Roth IRA work? Can my nonworking spouse make a contribution to a Roth IRA if I am covered by my employer's pension plan?
- What personal records do I need to keep and where should I keep them?
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