Why You Should Love Your Stinkers

Why You Should Love Your Stinkers We have had quite a few emails and calls about the 9 Ways to Reduce Your Taxes attachment in the November newsletter. Most of the questions were about the “wash sale” rule typically used in selling stocks so let’s spend some more time...

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How to Title Property Correctly

Married Couples and Property Mary was a surviving spouse. She and her first spouse, Ryan owned a lovely home and placed it into joint tenancy with right of survivorship. After Ryan passed away, Mary met Logan and they were married. Because she had the house in joint...

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Tax Free Sale of Property

Howard and Lynn were age 55 when they purchased some land outside of town. They thought it would be a good investment that they could later sell for a higher price. Over the years, development from town has moved toward the property and their land is now next to a...

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  • 2020 Changes You Needed to Make Anyway!
    It’s July but the big fireworks are a victim of COVID-19. Although true, small local and personal fireworks will likely be everywhere as people adapt. That fireworks habit is ingrained in us so the fun will find a way. Another behavior or habit that’s ingrained into people is spending more time on “staycation” vacation plans than […]
  • Charitable Planning for Younger Clients ~ with a Twist.
    Often people will have one-time “Income Events” and so planning and especially the tax aspects are the motivation. In these cases, you can consider setting up a Charitable Lead Trust (CLT) in order to receive an upfront income tax deduction. A person who has significant and unusual taxable income in a particular year can establish […]
  • Charitable Planning Series: Donor Advised Funds
    A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.”  But what does that mean in practical terms?   You can set […]
  • Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win
    Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction.  What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first?  What are the one-time 2020 rules?  Well, that’s the point.  Most people don’t understand why these […]
  • Silver Linings
    The people who have filed and paid too much tax again this year, as they did last year, almost always make themselves a promise that they “will do better from now on.”  They will keep better records; maintain a mileage log.  They will learn more about work options and increase their 401(k) or 403(b).  They […]

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