We would like to thank our neighbors in Lansing, Kansas for visiting our website. If you are looking for a licensed estate planning attorney in the Kansas City metropolitan area, you have found a reliable local resource.
Lansing’s Historical Presence
Lansing, located along the Missouri River in the eastern part of Leavenworth County, is the second largest city in the County with a population of more than 11,000. Lansing is now a part of the Kansas City metropolitan area. Founded by William Lansing and his friend John C. Schmidt, Lansing started merely as a ninety-acre plot of land. The area was transformed into town lots back in 1878. The streets were donated by Lansing and Schmidt and named the Town of Lansing.
“The City with a Future”
Because of its rapid and continuous growth, Lansing is widely known as “The City with a Future.” As the largest employer in Lansing, the Lansing Correctional Facility has played an important role, not only in Lansing’s history but also in its economic growth. With more than 1,000 employees, the former Kansas State Penitentiary (now Lansing Correctional Facility) is the State’s largest and oldest facility for detention and rehabilitation.
Additionally, Lansing offers many economic development incentives including various tax rebates and credits meant to help revitalize neighborhoods encourage investment in new businesses.
The Neighborhood Revitalization Plan
The purpose Lansing’s Neighborhood Revitalization Plan is to promote the revitalization and development of the city by encouraging new construction and by rehabilitating, conserving, or redeveloping certain areas. The city offers various incentives, including tax rebates. Income tax incentives are also available to eligible companies in Lansing, Kansas: the Enterprise Zone Program and the High Performance Incentive Program.
High Performance Incentive Program
The High Performance Incentive Program provides a 10 percent corporate income tax credit on any qualified capital investment for eligible businesses. This 10 percent tax credit is awarded to companies that operate an eligible business, pay above-average wages and invest in employee training. The corporate income tax credits can be used to reduce 100 percent of corporate income tax liability each year.
Machinery and Equipment Property Tax Exemption
The city of Lansing, Kansas also provides a property tax exemption for any commercial or industrial machinery and equipment acquired through a qualified purchase or lease, and for property transferred into the state after June 30, 2006. Such qualified property is exempt from state and local property tax. This exemption applies to machinery and equipment used in the establishment of a new facility and the expansion of an existing facility. This particular exemption applies to machinery and equipment used in manufacturing, warehousing or distributing commercial equipment, computers, desks and chairs, copiers and fax machines.
Planning for Your Retirement
Here at Gaughan & Connealy, we take our commitment to our neighbors in Lansing, Kansas to heart. If you haven’t started creating your retirement plan yet, it’s not too late to start. If you want a comfortable retirement, you can’t simply rely on your Social Security benefits. Instead, you must plan ahead and create a comprehensive retirement plan that will meet your future needs and allow you to relax comfortably in your golden years. Individual Retirement Plans (IRAs) are an easy way to start your plan while saving and investing in your future.
How an IRA Works
An IRA, or individual retirement account, is basically an investment account with various tax benefits. An IRA provides a dependable way to set aside money for retirement. With individual IRAs, you do not have to pay taxes on the earnings from the retirement account. Those earnings can instead be reinvested in order to allow your account to grow exponentially. Then after you reach retirement age and begin to make withdrawals, your tax obligation will depend on the type of IRA you own, your current income and the amount of your withdrawals.
Understanding the Different Types of IRAs
There are four kinds of IRAs with various benefits. Traditional and Roth IRAs are established by individuals, whereas Simplified Employee Pensions (SEPs) and Savings Incentive Match Plan for Employees (SIMPLE) are sponsored by employers. Regardless of the type you choose, all IRAs are “fully vested.” This means all of the contributions you make and earnings you accumulate belong to you, including the contributions made by your employers.
Limitations on Contributions Depend on the Type of IRA
The IRS has established limitations on the total amount of annual contributions you can make to an IRA account. These limitations are subject to changing each year. For that reason, you should always consult with your estate planning attorney to determine the current limitations for that year.
If you have questions regarding IRAs, or any other retirement planning matters, contact Gaughan & Connealy for a consultation either online or by calling us at (913) 262-2000.
