tax planning Archives

Tax planning must consider the impact of potential new tax bill

Oct 5, 2017 | Small Business

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year if Congress...

Investors: Beware of the wash sale rule when trading

Oct 2, 2017 | Individuals

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...

Tax planning critical when buying a small business

Sep 11, 2017 | Small Business

If you acquire a small business, your to-do list will be long. This means you cannot devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative tax consequences can be serious. To...

3 midyear tax planning strategies for individuals

Aug 3, 2017 | Individuals

In the quest to reduce your tax bill, year end tax planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: Consider your bracket...

Turning next year’s income tax refund into cash now

May 4, 2017 | Individuals

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year....

Using a like-kind exchange to defer income tax

Mar 16, 2017 | Small Business

Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 like-kind exchange. It can help you defer capital gains tax on appreciated...

It’s time to harvest investment losses

Dec 19, 2016 | Individuals

If you hold investments outside of tax-advantaged retirement plans such as Individual Retirement Accounts and pension plans, you may be able to take steps before year end to reduce your 2016 tax liability. How to harvest investment losses Suppose you’ve sold...

There’s still time to set up a retirement plan for 2016

Dec 17, 2016 | Small Business

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future. So if you haven’t...

Why meeting the 2016 annual gift exclusion can still be a good idea

Dec 16, 2016 | Individuals

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...

Catch-up retirement contributions for workers age 50 and up

Dec 15, 2016 | 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...

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