TAX BLOG
Trusts- The Basics
A trust is a legal entity in which someone acting as a fiduciary holds property for the benefit of another. Trusts are used extensively in the areas of financial and wealth management. Most people think of trusts as something only used by the “super rich” but...
The $10 trillion shift
A monumental transfer of funds totaling hundreds of billions of dollars is now underway according to a recent article in the Wall Street Journal (Jan. 17, 2017 by Vipal Monga and Sarah Krouse). The IRS requires that taxpayers must begin withdrawing funds from IRA and...
Donor advised funds
Another method of donating to charity in a tax favored way is the donor-advised fund. A donor-advised fund qualifies as a tax-exempt charity and therefore money can be placed in these accounts for an immediate income tax deduction. These funds can grow tax free and...
Do good and lower your taxes!
The charitable contribution deduction has been a mainstay of the tax code for decades. The current Republican House tax plan preserves only two deductions – mortgage interest and charitable contributions. When North Carolina’s tax system was overhauled a few years ago, only three deductions survived and charity was one of them.
2016 Year End Tips
Thanksgiving is over, the Christmas season is in full swing and another year is rapidly coming to a close. However, there are still actions that you can take now to lower your 2016 tax bill. My standard advice for this year (and any year for that matter) is very simple:
Defer income until 2017 where that is possible and accelerate deductions into 2016.
This strategy takes on even more importance in the wake of November’s elections for two big reasons:
The Candidates on Tax Reform: Part 3
In my previous posts, we looked at the tax plans of the two major candidates for President. I will conclude this series with a look at the Libertarian party’s tax proposals. Former New Mexico Governor Gary Johnson captured the Libertarian Party’s presidential...