Category: Individual Tax Briefs

  • A Review Of Significant TCJA Provisions Impacting Individual Taxpayers

    A Review Of Significant TCJA Provisions Impacting Individual Taxpayers

    Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on…

  • Mutual Funds: Handle With Care At Year End

    Mutual Funds: Handle With Care At Year End

    As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.…

  • Time For NQDC Plan Deferral Elections

    Time For NQDC Plan Deferral Elections

    If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation.   But to receive this attractive tax treatment, NQDC…

  • Donate Appreciated Stock For Twice The Tax Benefits

    Donate Appreciated Stock For Twice The Tax Benefits

    A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?  2 benefits from 1 gift Appreciated publicly traded…

  • Could “Bunching” Medical Expenses Into 2018 Save You Tax?

    Could “Bunching” Medical Expenses Into 2018 Save You Tax?

    Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into…

  • Consider All The Tax Consequences Before Making Gifts To Loved Ones

    Consider All The Tax Consequences Before Making Gifts To Loved Ones

    Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.  …

  • 529 Plans Offer Two Tax-Advantaged Education Funding Options

    529 Plans Offer Two Tax-Advantaged Education Funding Options

    Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits 529 plans provide a tax-advantaged way to help pay for…

  • Back-To-School Time Means A Tax Break For Teachers

    Back-To-School Time Means A Tax Break For Teachers

    When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the…

  • Keep An Eye Out For Extenders Legislation

    Keep An Eye Out For Extenders Legislation

    The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. Recent history Back in December of…

  • 3 Traditional Midyear Tax Planning Strategies For Individuals That Hold Up Post-TCJA

    3 Traditional Midyear Tax Planning Strategies For Individuals That Hold Up Post-TCJA

    With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) mean taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more…