As I’ve given more thought to the recent tax law changes, it has become apparent to me that married couples with a small or no mortgage on their homes will have a difficult time itemizing their deductions starting in 2018. With the standard deduction increasing to $24k in 2018, and the deduction for state and… Continue reading Lock In the Valuable Charitable Donation Even If You Won’t Itemize In the Future
On Friday, December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 into law. Here are some 9 steps to consider taking prior to 12/31/17 and then during 2018 to minimize your federal tax liability. Prior to 12/31/17, pay all of your 2017 state taxes that will ultimately be due next April… Continue reading 9 Ways to Minimize Your Taxes Under the New Tax Rules
Just this week the House and Senate both voted on and passed the Tax Cuts and Job Act. With President Trump’s signature, expected in the next week, this tax bill will be enacted into law. Considered to be the largest tax reform in 30 years, this new tax law is filled with both “give” and… Continue reading UPDATE: New Tax Act Details & What You Can Do
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to distribute the income earned within the fund… Continue reading Buying and Selling Mutual Funds at Year End – Be aware of Year-End Distributions
Just want to give you this one quick recommendation as the year winds down to save some taxes. Now that it appears there is a very good chance there will be tax law changes enacted into law for 2018, there is one deduction that is essentially being eliminated in 2018 that you can still take… Continue reading Tax tip for GOP tax bill
Recently, a client sent us the question "Can I pay for my child’s private school tuition using his 529 plan?". Unfortunately, the answer is no. Tax free distributions from a 529 plan can only be used for post-secondary education expenses. However, there is an alternative method to fund both private school and public-school expenses for… Continue reading Can I pay for my child’s private school tuition using his 529 plan?
With the year-end quickly approaching and time running out on whether or not a major tax overhaul will be enacted before December 31, year-end tax planning has become a big question mark in recent weeks. However, with the Senate passing the “Tax Cuts and Job Act” by a slim vote just this past December 2… Continue reading Making Sense of the Tax Reform Proposals
It's not too late to cut your 2017 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist To Cut Your 2017 Taxes
With the end of the 2017 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase your tax saving deductions may be available for you to consider before the… Continue reading Year End Projections Can Reduce Your Taxes
Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred. You can contribute up to $18,500 into a 401(k) or 403(b) plan through salary deferrals in 2018. Anyone 50 or older by December 31, 2018… Continue reading IRS Announces Higher Retirement Plan Limits for 2018
These days, most 401k and 403b plans give their participants the option of contributing to the "traditional" version or the "Roth" version. With the traditional version, the amount you contribute reduces your taxable income in the current year, and then you pay taxes on distributions down the road. With the Roth version, you forego a… Continue reading Roth or Regular?