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Individual Income Tax

Catch-up retirement plan contributions can be particularly advantageous post-TCJA

401K, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions […]

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Mutual funds: Handle with care at year end

Captial Gains, Individual Income Tax, Internal Revenue Service, Investment, Mutual Funds, Stocks, Tax Planning, Tax Savings /

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains. Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.

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It’s not too late: You can still set up a retirement plan for 2018

401 K, Employee Benefits, Income Tax, Individual Income Tax, Internal Revenue Service, Investment, Investment Income Tax (NIIT), IRA, Pension benefit, Profit-Sharing, Profit-Sharing Plan, Simplified Employee Pension (SEP) /

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return! More benefits. Not only

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Donate appreciated stock for twice the tax benefits

Charitable, Donations, Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, Investment, Investment Income Tax (NIIT), Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

A tried-and-true year-end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift. Appreciated publicly traded stock

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Consider all the tax consequences before making gifts to loved ones

Estate Tax, Federal Income Tax, Gift Tax, Income Tax, Individual Income Tax, Tax Cuts and Job Acts (TCJA), Tax Planning /

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple

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Charitable IRA rollovers may be especially beneficial in 2018

Charitable, Donations, Individual Income Tax, IRA, Itemized Deduction, Retirement, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings /

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the

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The tax deduction ins and outs of donating artwork to charity

Charitable, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings, Uncategorized /

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit

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Do you need to make an estimated tax payment by September 17?

Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Withholdings /

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely

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Back-to-school time means a tax break for teachers

AGI (Adjustable Gross Income), Deductable Expenses, Income Tax, Individual Income Tax, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings /

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the

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Play your tax cards right with gambling wins and losses

Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA) /

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income- You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies

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