There’s still time to get substantiation for 2018 donationsIf you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your […]
What will your marginal income tax rate be?While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see […]
2 major tax law changes for individuals in 2019While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.1. Medical expense deduction thresholdWith rising health care costs, claiming […]
A review of significant TCJA provisions impacting individual taxpayersNow that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of […]
Act soon to save 2018 taxes on your investmentsDo you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments • you just need to carefully select which investments you sell.Try balancing gains and lossesIf you’ve sold investments at a gain […]
Year-end tax and financial to-do list for individualsWith the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends:Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 […]
Check deductibility before making year-end charitable giftsAs the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply […]
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018?The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But for […]
Mutual funds: Handle with care at year endAs 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 gainsUnlike with stocks, you can’t avoid capital gains on mutual funds simply by […]
Donate appreciated stock for twice the tax benefitsA 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 […]
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