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Tag Archives | Tax Planning

Tax Avoidance and Tax Evasion Not the Same

Is a carefully executed plan to minimize income or estate taxes also a tax dodge, scheme, avoidance trick, or scam? It depends. I have seen all those words used by the media to describe both tax fraud and legitimate tax-reducing strategies. A case in point is an October 2 story in The New York Times, […]

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Bundle Charitable Giving Through Donor Advised Fund

With changes to standard and itemized deductions under the new tax law, many CPA’s and tax attorneys are recommending a strategy of bunching or bundling deductible spending into alternate years. I wrote about this approach a few weeks ago. One way to bundle charitable deductions efficiently and effortlessly is through a Donor Advised Fund (DAF). […]

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To Reduce Taxes, Bunch Deductions Into Alternate Years

Want to save a bunch under the new federal income tax laws? Try bunching your deductions. The new tax law doubles the standard deduction and eliminates most miscellaneous deductions. It takes a lot more of the limited allowable deductions left to reach the threshold for itemizing deductions instead of using the standard amount. This means […]

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Tax Planning for Retirement Plan Required Minimum Distributions

One of the big advantages of a traditional IRA or 401(k) is being able to save pre-tax dollars and let them grow tax deferred until you need them. Hopefully, when you take the distributions in retirement, you will be in a lower tax bracket than when you made the contribution. The downside is that traditional […]

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Financial Planning Value By the Numbers

How much value does a fiduciary financial planner add to your investment portfolio each year? Four percent, according to Russell Investments’ 2017 update to the firm’s annual “value of an advisor” analysis. If you do the math quickly, that seems like an incredible deal. Since most financial planners charge a starting fee of around 1%, […]

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