capital gains

Managing Capital Gains

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…

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estimated tax payments for 2021

Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

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.…

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Easing the pain of the NIIT on your estate plan

Easing the Pain of the NIIT on your Estate Plan

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…

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Connecting your succession plan to your estate plan

Connecting Your Succession Plan to Your Estate Plan

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…

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Social Security benefits

Will You Have to Pay Tax on Your Social Security Benefits?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your…

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selling a home; home for sale

Selling Your Home? Consider These Tax Implications

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…

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QOZ

Qualified Opportunity Zones: A Powerful Tax Incentive for Investors

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…

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