Future Proof Your Investments and Assets: What a Will Can Do for You

A will is a legal document that clearly states assets and investments status upon your death. Without one, the state is responsible for dividing your assets. However, deciding the route of a will usually is not easy for family members. Although unintentional, many typically have their plans on how to handle your possessions after your …

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Year-End Tax Planning: Part 1

Since we are getting towards the end of the year, I like posting ideas for year end tax planning. Accordingly, there will be a series of posts on this topic. You may have heard ex President Bush say, many years ago, “Read my lips. No new taxes.” Now read my lips (figuratively): “More new taxes… …

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Year-End Tax Planning: Part 3

Deferring bonuses: It may be advantageous to try to arrange with your employer to defer, until early 2022, a bonus that may be coming your way. This could cut as well as defer your tax. Beginning in 2018, many taxpayers who claimed itemized deductions year after year will no long be able to do so …

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Year-End Tax Planning: Part 2

If you hold property or stocks more than a year, you can get long term capital gains. These gains can be taxed as low as zero percent (for taxable incomes up to $77,200 married or $38,600 single) up to 23.8% depending on your income. If you have gains, consider selling some of your stocks or …

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Year-End Tax Planning: Part 4

Maximize your contribution to your 401K and/or IRA: Retirement comes all too quickly, Believe me on this. Each year you should maximize your retirement contributions to your 401k and/or IRA. This is particularly true if you have an employer who matches part of your contribution. Surprisingly, 50% of people who have matching contributions don’t take …

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Democratic Proposal for Tax Changes 2021

Here is a list of some of the proposed changes with tips on planning for them. However, these are simply proposals. There will be numerous changes coming about as a result of negotiations. Top individual tax rate will rise: If you earn under $400,000 of adjusted gross income, ,the income tax rate changes won’t affect you. …

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