It's Christmas time. And while you may be doing your last minute shopping for that hard to shop for relative, you also need to be considering meeting your 2016 annual gift exclusion. By making tax-free gifts to loved ones during their lifetime, affluent individuals...
Whether you didn’t save as much for retirement as you would have wished earlier in your career or you’d simply like to make the most of tax-advantaged savings opportunities, if you’ll be age 50 or older on December 31, consider making catch-up retirement contributions...
A charitable donation to a qualified charity is generally fully deductible. Often, donations may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on...
Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year,...
When it comes to making a charitable donation, remember that all donations are not created equal. You must keep in mind the available deduction for different types of assets donated. Cash. This includes not just actual cash but gifts made by check, credit card or...
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for...
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.),...
There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old retirement plan....
If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock....
For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other gambling activities, it’s important to be familiar with the applicable tax rules for gambling winnings and losses. Otherwise, you could be putting yourself at risk for interest or...
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