Are Charitable Deductions Going To Be Wiped Out Under Trump?

For many American families who prepare for year end tax planning, no discussion is complete without talking about charitable contributions.   Many families make charitable contributions by tithing a percentage of their family income, giving cash to local charities, or they end up taking non-cash items from their household and donating them to a worthy charity.  With the potential shake up in the tax law under a Trump regime, will you have your charitable contributions completely wiped out in 2017? First things first.   You don’t really need to worry about charitable contributions if you don’t itemize your deductions at all.  Today, a single filer has a $6,300 standard deduction and a married couple has $12,600 for a standard deduction. In addition, you get to deduct you, your spouse, and your children as personal exemptions on your tax return.  The suggested policy going forward would be to wipe out the personal exemptions and offer a larger standard deduction of $15,000 for a ...

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5 Tax Tips Before You File

It’s the beginning of February and your tax documents will be piling up by the day as a new mail from your mortgage companies, banks, and investment companies are sent out to you.   As you begin to stack up your pile of information to bring to the CPA or accountant, did you ever wonder if there are still ways you can save money on your 2013 income taxes before you hit the SEND button to the IRS?   Here are my 5 smart money moves on tax tips before your file away for another year. Contribute To An IRA- Whether this is a Traditional IRA or for small business owners/freelancers a SEP-IRA, these types of IRA contributions could still potentially be tax deductible for the 2013 calendar year even though the contributions and accounts were opened in 2014.   The biggest mistake individuals make is not investigating how these vehicles work or the adjusted gross income limits that would make things like ...

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Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes here in 2013. He is one of the best tax management advisors that I know of in the industry. As I have shared before in my blogs, tax management will be as important if not more important than asset management over the next decade. With all of the recent fiscal cliff changes, the tax law has become even more complicated and requires a close eye here in 2013 when income to tracking your gross income, capital gain sales, and potentially triggering out things like stock options or selling a piece of rental real estate. One of the main questions taxpayers will face this this year is whether or not their home mortgage ...

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Is Georgia One Of The Best Tax States To Retire In Today?

Inevitably all of us have the dream of being able to make work optional. I’ve written lots of articles regarding the subject of retirement, but as we approach another Presidential election you may need to consider which state to live in when it comes to saving money in taxes. Outside of how you like the overall lifestyle of the state in which you live, where your family resides, and other factors, taxation certainly should be in the top five list on where you choose to make your final place of residence. Since states are changing their laws all the time, I wanted to share that I think Georgia will continue to be a top ten player for retirees over the next twenty years. I recently had the opportunity to do an interview with Susan Garland who is the editor for the retirees section of Kiplinger and we had a candid conversation around their article of the 10 most friendly tax ...

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Be a Tax Pro! Part II: 5 MORE ways to cut your 2011 personal income taxes

Here are 5 MORE ways to cut your 2011 personal income taxes like a tax pro: 1. Homeowners – accelerate your tax deductible expenses.  Pay your January 2012 mortgage payment and property taxes before December 31, 2011.  You can write off the interest and taxes in 2011.    2.Take advantage of the 0% tax rate on long-term capital gains and dividends.  If you can keep yourself below the 25% income tax bracket, the profits on assets owned for more than a year and dividends are tax free. 3. Use tax credits to mitigate state income tax liabilities.  There are various tax credits that can be used to avoid some or all state income tax.  Some can be generated by a business, some can be purchased, and some are based on taking an action that is supported by the government.  4.Pay your state income taxes early.  Estimate your state income tax liability to the best of your ability and pay it on ...

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