The right timing can result in significant tax savings. If you plan to sell capital assets, a little planning can do wonders for your tax bill. Capital assets include a wide range of property held for personal or investment purposes, including stocks, bonds, real estate, jewelry and collectibles. Here are a few rules of thumb…Read More
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payments for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…Read More
The 3.8% net investment income tax (NIIT) can negatively affect your estate plan. This is especially true if your assets include an investment portfolio, because the NIIT can increase the tax on your capital gains, taxable interest and other investment income, thus reducing the amount of wealth available to your family. In addition, the NIIT…Read More
For any business owner, contractors included, putting together a succession plan may seem like an overwhelming task. Often, among the most difficult things to conceptualize is precisely how to connect — and beneficially integrate — your succession plan with your estate plan. Here are few ideas to consider. Sell your shares By selling your ownership…Read More
If you’re newly retired, or planning to retire soon, you’ll need to decide what to do with the savings you’ve accumulated in your company’s 401(k) plan. If you don’t need to tap the funds right away, it’s generally best to let them continue earning investment income on a tax-deferred basis for as long as possible.…Read More
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This…Read More
Investors willing to make long-term investments in distressed communities now have a powerful tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program, created by the Tax Cuts and Jobs Act (TCJA). The program allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in…Read More
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