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 […]

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 […]

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]

Consider all the tax consequences before making gifts to loved onesMany 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 […]