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 ...

Read More →

4 Tax Law Changes We Need To Make Permanent

With the presidential election beginning to heat up in America over the next several months, we are all going to hear a lot about income taxes.  We all know that with thousands of pages of tax code, it is impossible for the average citizen to really understand all of the different ways they can save money in taxes.  There are many tax law changes set to take effect in 2013.   If I had the opportunity to set the wheels in motion to make some tax law changes that would be permanent and easy to understand, here are four of them that I would recommend we change to become permanent. 1. Social Security Taxation –   From the day you begin working and earning waged income, 6.2% of your paycheck (the last couple of years 4.2%) goes toward your future social security benefits.    This is also known as your Federal Insurance Contributions Act (FICA) tax.     You only see the 6.2% that comes ...

Read More →

The Top 10 Most Overlooked Tax Deductions

Top 10 Most Overlooked Tax Deductions Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS® Co-CEO and Founder oXYGen Financial, Inc. Request a FREE consultation: www.oxygenfinancial.net Get the most out of your Tax Return for 2010 – Here is the list of the MOST Commonly Overlooked Tax Deductions: Miscellaneous Deductions On Your Itemized Deduction Form (investment and tax expenses, unreimbursed employee expenses, etc.) Business Owner Deductions (especially if you file a schedule C or have a single member LLC) State Sales Taxes (especially for individuals that live in states with no income tax) Non-Cash Charitable Contributions (do you really know what that bag of stuff is worth?) Teacher Expenses (I’ve hardly ever met a teacher who didn’t buy some supplies out of pocket) Points (on new mortgages and on refinancing) Mileage (charitable, medical, business, and moving) Private Loans (if you have documented and if they haven’t paid back) Student Loan Interest (often missed after someone graduates college) Including Reinvested Dividends To ...

Read More →