Sandy Botkin looks at the best ways to get yourself ready for December 31st… Part One | Part Two | Part Three | Part Four | Part Five Originally written in October 2018. All content on this site is the property of Midas IQ LLC, or the author. You may link to any article that …
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… …
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 …
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 …
Consider buying a truck or SUV. If you buy a new or used truck or SUV that has a gross vehicle weight over 6,000 pounds and has a truck chassis, you may be able to write off the whole business use this year. Thus, if you buy a new Cadillac Escalade for $60,000 and use …
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 …
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. …
Items that I would bet most of you never thought of as qualifying medical expenses: Medical expenses to be deductible normally must exceed 7.5% of your adjusted gross income. However, if you are self employed or are an independent contractor, you might be able to deduct qualified medical expenses as a business expense and avoid …
You probably never thought of these as Qualifying Medical Expenses Read More »
