- About Us
- Small Business Taxes
- Tax & Accounting Services
- Contact Us
The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan at least to get the match amount.
1) Harvest Capital Losses
Capital gains property includes stocks, bonds and mutual funds. Currently, the stated rate on long term capital gains is 15%. If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.