November 24, 2014 |
Sell your losers. Gift your winners. It's nearly December, time to evaluate your portfolio and sell off some losers. With the stock market setting records, investors have recorded terrific gains and can "harvest" tax losses to offset those, says Brad Bernstein of UBS. "Take losses now," says Bernstein, a UBS Wealth Management senior vice president in Center City. He has been swapping out under-performing mutual funds, reaping the losses, and swapping into better-performing mutual funds and exchange-traded funds.
November 27, 2013 |
It's the giving season! Make charitable donations well before year-end 2013 in order to get your tax deduction. Don't wait until the last minute to make charitable donations to a favorite organization, or to transfer money to relatives free of gift taxes. Charitable IRA rollovers are one vehicle that JPMorgan highlights to older and retired clients. In 2013, taxpayers over age 70½ can make a direct transfer of up to $100,000 from an IRA to qualified charities (not including private foundations and donor-advised funds)
April 10, 2013 |
Panic-stricken during tax time, many Americans dig out receipts for last year's charitable donations before filing by April 15 - only to discover the charity they gave serious money to either was a scam or wasn't eligible for a tax-deductible gift. If you're like me - meaning you routinely file your tax returns at the last minute - you can save yourself from being duped by a charitable donation gone awry. The American Red Cross and Goodwill are just two examples of well-known tax-exempt charities approved by the Internal Revenue Service.
March 26, 2013 |
A notable piece of small-business news on Capitol Hill concerns a tax proposal that could lift some of the uncertainty entrepreneurs complain about. Under a proposal announced this month by House Ways and Means Committee Chairman Dave Camp (R., Mich.), a popular tax deduction for equipment purchases would become permanent and be set at $250,000, aside from annual inflation adjustments. Known as the Section 179 deduction, it is scheduled to drop to $25,000 in 2014. It was set at $500,000 from 2010 through 2013.
March 1, 2013
D EAR HARRY: I am a recently hired regional manager for a large franchising company. My job requires thatI own and know how to use a computer to submit daily reports from remote locations. My computer is a Mac, and I had some problems getting it synchronized with the company's large-capacity PC. As a result, the company shared with me the cost of a PC laptop. My tax preparer said that there was just no way I could get a tax deduction for it, even if my boss says it was required and will support that statement in writing.
December 14, 2012 |
WASHINGTON - The White House and the nation's most prominent charities are embroiled in a tense, behind-the-scenes debate over President Obama's push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health. In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president's plan for reducing the federal deficit and averting the year-end fiscal cliff, according to people familiar with the talks.
December 12, 2012 |
A couple of weeks ago, I challenged you to take a holiday giving pledge. I asked you to share how you were giving back, not just by writing a charitable check for that all-important year-end tax deduction - but what exactly are you doing to give of yourself? By chronicling simple acts of giving, my hope was that we could usher in a different language, one in which we move beyond tossing out divisive labels like makers and takers , and celebrate each other for simply being givers . Not to mention we'd be helping those in need during a time they need it most.
November 27, 2012
MY HUSBAND AND I tithe to our church, meaning we give 10 percent of our income. We also donate money to various charities. Our giving results in a tax break because we itemize on our tax return. Would we give less if we didn't have the tax deduction? I'm confident we wouldn't. We give because we believe it's the right thing to do for folks who are fortunate enough to have money to give. Having the tax deduction is a bonus, but one that has never driven us to give more or less. I'm actually a bit turned off when a charity tries to persuade us to give by overly emphasizing with the standard phrase, "Your donation is tax-deductible.
August 12, 2012
Just imagine it - taxing an American athlete's gold medal! Why, it's almost like taxing Mom, apple pie, home ownership, and monogamy. Sure, a hard-bitten pragmatist might point out that moms, apple pies, home ownership, and monogamy are frequently if not usually subject to taxes in the United States. But apparently no amount of pragmatism is getting in the way of the drive to pass a tax break for our Olympic medalists. Last month, the group Americans for Tax Reform pointed out that Olympic medals and their accompanying cash honoraria - $25,000 for gold, $15,000 for silver, $10,000 for bronze - can (like most other forms of income)
June 29, 2012 |
DEAR HARRY: In January 2011, my son "Jim" defaulted on his mortgage. His wife had not revealed to him that they were in financial trouble until it was too late. We were able to iron out all the marital issues, and I got all their finances on a current basis. He has a steady job that he's had for years, and he makes about $75,000 a year. We were then able to work out a deal with Fannie Mae for my other son, "Bill," to buy the house for a cash settlement of $257,000 (the house is worth upwards of $300,000)