As the year winds down, many people begin to wonder whether they should put off until next year purchases they were considering for this year. One interesting wrinkle to consider from a tax perspective is the sales tax deduction. MAKING THE CHOICE This tax break allows taxpayers to take an itemized deduction for state [...]
When many people think about charitable giving, they picture writing a check or dropping off a cardboard box of nonperishable food items at a designated location. But giving to charity can take many different forms. One that you may not be aware of is a gift of appreciated stock. Yes, donating part of your portfolio [...]
If you’re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give – and to whom – until the time is right. Account Attributes A DAF is a tax-advantaged [...]
January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file [...]
No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. THE BRIGHT SIDE A capital loss occurs when you sell a security for less than your “basis,” generally the original purchase [...]
Are you in your 50s or 60s and thinking more about retirement? If so, and you’re still not completely comfortable with the size of your next egg, don’t forget about “catch-up” contributions. These are additional amounts beyond the regular annual limits that workers age 50 or older can contribute to certain retirement accounts. Catch-up contributions [...]