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Tag: Tax Planning

Five Simple Ideas for Tax Efficient Investing

Five Simple Ideas for Tax Efficient Investing

​ Published in Bradenton Herald: September 27, 2016 By GARDNER SHERRILL  |Investor’s Column September 27, 2016 Five Simple Ideas for Tax Efficient Investing I’ve written fairly extensively over the past year about investing in expensive markets. If you believe, as I do, that the next five years may produce lower returns, then managing frictional costs becomes even more important. As we move quickly towards the year end of 2016 I thought I’d focus my efforts today on some strategies you…

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Retirement Alchemy: Turning After-Tax Plan Contributions into Roth Savings

Retirement Alchemy: Turning After-Tax Plan Contributions into Roth Savings

​In medieval times, alchemists sought methods for transforming ordinary metals into gold. Today, just about every adult searches for a means of transforming savings into a retirement’s worth of income. Recently, they received help from an unexpected source – the Internal Revenue Service (IRS). In 2014, our nation’s tax collection agency engaged in a bit of retirement alchemy when it issued Notice 2014-54. Despite being tagged with an uninspired moniker, the notice gave participants in employer-sponsored retirement plans an opportunity to…

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State Rankings and Taxes

State Rankings and Taxes

Wallet Hub has listed taxes by states and broken them down into categories. This analysis attempts to compare the states with each other and it delves deeply into taxation.  Click on your state to see its ranking or click on the WalletHub logo below to go to the full analysis.  Many thanks to those at Wallet Hub who assembled this data. Source: WalletHub

The Basics of Tax Loss Harvesting

The Basics of Tax Loss Harvesting

You may have heard of tax loss harvesting. Some people harvest losses every year, while others do so only when they have taken significant capital gains or have received more income than expected during a given year (perhaps they sold a business, received an inheritance, or collected a sizeable bonus).Tax loss harvesting occurs when an investor sells an investment at a loss, meaning the investor’s cost basis – the original purchase price adjusted to account for dividends, stock splits, and…

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Triple Tax Advantage

Triple Tax Advantage

​ Are you missing out on a possible triple tax advantage? If you have a high deductible health insurance plan and you’re not contributing the maximum to a health savings account (HSA), then you may be missing out. A study cited by The Washington Post found just one in 20 people with HSAs take full advantage of the opportunity. In general, HSAs offer three tax benefits: Contributions are federally tax-deductible up to certain limits ($3,350 for a single person and…

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Tax Free Opportunities

Tax Free Opportunities

​ Lots of Americans are passionate about taxes. Many would like to pay fewer taxes, so they fervently embrace tax-free opportunities. You know you’re a tax-free fan if you: · Always shop in the duty-free store when you come through customs.1 · Contribute to 529 plan accounts for all your grandchildren.2 · Hold off on purchases until your state’s sales tax holiday.3 · Have considered moving (or moved) to a state such as Alaska, Florida, Nevada, South Dakota, Texas, Washington,…

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Summer Tax Thoughts

Summer Tax Thoughts

As you’re plunking bait, lolling on the beach, or paddling a stream, let your thoughts turn to… taxes. Sure, it’s a lot easier not to think about taxes until you have to, but by then it’s usually too late to do anything that might make a difference. Late summer, when your blood pressure is nice and low, is the perfect time to decide whether you need to take any steps to prepare for this year’s taxes. Consider Forbes’ assessment of…

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Trends in Charitable Giving

Trends in Charitable Giving

Trends in Charitable Giving Whether the economy is expanding or contracting, Americans tend to be consistent with charitable donations. In 2011, as the U.S. economy continued to stabilize, Americans gave an estimated $298.42 billion to charity. That’s almost $8 billion more than the previous year.1 Americans give to charity for two main reasons: To support a cause or organization they care about, or to leave a legacy through their support.

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