Blog

Deducting Charitable Gifts Depends on a Variety of Factors

March 15, 2019

Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. What you give Among the biggest factors affecting your deduction is what you give. For example: Cash […]

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Weigh the Tax Impact of Income vs. Growth When Investing

March 15, 2019

As the 2018 tax-filing season heats up, investors have much to consider. Whether you structured your portfolio to emphasize income over growth — or vice versa, or perhaps a balance of the two — will have a substantial impact on your tax liability. Let’s take a look at a couple of the most significant “big […]

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Fewer Taxpayers to Qualify for Home Office Deduction

February 15, 2019

Working from home has become commonplace for people in many jobs. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. Here’s why. Changes under the TCJA For employees, home office expenses […]

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Multistate Resident? Watch Out for Double Taxation

February 15, 2019

Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in […]

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Installment Sales: A Viable Option for Transferring Assets

January 15, 2019

Are you considering transferring real estate, a family business or other assets you expect to appreciate dramatically in the future? If so, an installment sale may be a viable option. Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. Giving away vs. selling […]

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Laying the Groundwork for Your 2018 Tax Return

January 15, 2019

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals. Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. Personal exemptions For 2018 through 2025, the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements […]

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Accelerating Your Property Tax Deduction to Reduce Your Tax Bill

December 15, 2018

Smart timing of deductible expenses can reduce your tax liability, and poor timing can increase it unnecessarily. One deductible expense you may be able to control to your advantage is your property tax payment. You can prepay (by December 31) property taxes that relate to 2018 (the taxes must be assessed in 2018) but that […]

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Use Capital Losses to Offset Capital Gains

December 15, 2018

When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course. Now’s a good time to begin your year-end tax planning and attempt to neutralize gains and losses by year end. To do so, it might make sense to sell investments at a loss in 2018 to […]

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Is Now the Time for Some Life Insurance?

November 15, 2018

Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step is calculating how much you should get and what kind. Careful calculations If the coverage is to replace income and support your family, this starts with tallying the costs that […]

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Taxable vs. Tax-Advantaged: Where to Hold Investments

November 15, 2018

When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. Know the rules Some investments, such as fast-growing stocks, can generate substantial capital gains, […]

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