Tax

New Ways to Give to Charity While Getting the Best Tax Breaks

With such a high standard deduction, taxpayers may not get additional itemized deductions for charitable donations. However, with a little clever planning in charitable giving, taxpayers can exceed the standard deduction, start itemizing again, and lower their tax bill. In 2017, the standard deduction was $6,350 for individuals and $12,700 for married couples. However, as …

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Cracking the Nest Egg: When Accumulation Becomes Distribution

It’s a big transition when you leave the workforce to live off your savings, requiring an attitude adjustment in both you and your advisor. Here are the issues to consider when time, compounding, and conventional investment principles no longer work in your favor. Retirement planning is easy during the accumulation phase. Just stash as much …

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9 Reasons You Should Consult With Your CPA Before Year-End

While the national focus has been on uncertainty around the new tax law, there are many individual tax-planning opportunities you should consider before year-end to ensure you are getting the best deal while staying compliant. Although the Tax Cuts and Jobs Act of 2017 captured national attention, there are still plenty of tax-planning opportunities you …

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IRS Throws Salt in the SALT Deduction Limit Wound

The Tax Cuts and Jobs Act of 2017 introduced a limit for deductions on state and local taxes. Some states hoped to get around that through charitable contributions. But the IRS says no. In August of 2018, the IRS released new proposed regulations (technically, they are amendments to existing regulations) to deal with states’ recent …

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