Charitable gift planning has increased in importance due to the current tax landscape. Donor Advised Funds are one of several strategies you can work with your advisor to explore and create opportunities for increasing effectiveness of your giving while minimizing income taxes.
When making charitable gifts at the end of a year, it is generally useful to include them as part of your year-end tax planning. Changes to the tax code in 2018 may impact traditional charitable giving scenarios.
If you converted a traditional IRA to a Roth IRA in 2017 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2018, to undo your 2017 conversion.
The IRS has released proposed regulations that would shut down some suggested workarounds for the new $10,000 limit on the deductibility of state and local taxes (SALT). The new guidance would close the door on a strategy offered by some states to circumvent the deduction limit by attempting to turn the taxes paid into charitable contributions not subject to the same cap.
January is typically a strong month for the municipal bond market, but 2018 began with the worst January performance since 1981, driven by rising interest rates and uncertainty over changes in the Tax Cuts and Jobs Act. The tax law changed the playing field for these investments, which could affect supply and demand.
There's still time to make a regular IRA contribution for 2017! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2017 ($6,500 if you were age 50 by December 31, 2017).
Philanthropy may not only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die.
A sudden change in wealth can be both a blessing and a curse. Often accompanied by the stress of a major life event, such as the death of a loved one, the decisions you make before the assets even arrive can have lasting consequences.
The filing deadline for most individuals is Tuesday, April 17, 2018. That's because April 15 falls on a Sunday, and Emancipation Day, a legal holiday in Washington, D.C., is celebrated on Monday, April 16.
Under the new law, the definition of a 529 plan "qualified education expense" has been expanded to include K-12 tuition expenses. Starting in 2018, annual withdrawals of up to $10,000 per student can be made for K-12 expenses.