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Why you should boost your 401(k) contribution rate between now and year end

Posted by on November 15th, 2017

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of […]

2 ACA taxes that may apply to your exec comp

Posted by on November 10th, 2017

Tax planning for executive compensation such as restricted stock, stock options and nonqualified deferred comp is generally more complex than for salaries, bonuses and traditional employee benefits, especially if you could be subject to the additional 0.9% Medicare tax or the 3.8% net investment income tax. These taxes apply when certain income exceeds the applicable […]

Are income taxes taking a bite out of your trusts?

Posted by on November 7th, 2017

If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold is very low for triggering the: Top income tax rate of 39.6%, Top long-term capital gains rate of 20%, and  Net investment income tax (NIIT) of 3.8%. The threshold is only $12,500 for 2017. […]

Watch out for potential tax pitfalls of donating real estate to charity

Posted by on November 3rd, 2017

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be […]

Save more for college through the tax advantages of a 529 savings plan

Posted by on October 31st, 2017

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding529 plans are generally state-sponsored, and the savings-plan […]