2 ACA taxes that may apply to your exec comp If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated […]
Individual Tax Advice
“Bunching” medical expenses will be a tax-smart strategy for many in 2017
“Bunching” medical expenses will be a tax-smart strategy for many in 2017 Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can […]
Investors: Beware of the wash sale rule
Investors: Beware of the wash sale rule A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end […]
Why you should boost your 401(k) contribution rate between now and year end
Why you should boost your 401(k) contribution rate between now and year end One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum […]
Save more for college through the tax advantages of a 529 savings plan
Save more for college through the tax advantages of a 529 savings plan With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is […]
Watch out for potential tax pitfalls of donating real estate to charity
Watch out for potential tax pitfalls of donating real estate to charity Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve […]
