Close Menu
+

Tag Archives: year-end tax planning

word cloud - donation

Ensure your year-end donations will be deductible on your 2016 return

By Legacy Protection, LLP |

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you must make them by year end to qualified charities…. Read More »

Facebook Twitter LinkedIn Google Plus
2017, silhouette of a woman standing in the sun

Few changes to retirement plan contribution limits for 2017

By Legacy Protection, LLP |

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of limit 2017 limit Elective deferrals to 401(k), 403(b),… Read More »

Facebook Twitter LinkedIn Google Plus
Save for Education

Want to save for education? Make 2016 ESA contributions by December 31

By Legacy Protection, LLP |

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the… Read More »

Facebook Twitter LinkedIn Google Plus
Annual exclusion gifts

Why making annual exclusion gifts before year end can still be a good idea

By Legacy Protection, LLP |

A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift tax exclusion with direct gifts. Even in a potentially changing… Read More »

Facebook Twitter LinkedIn Google Plus
Retirement note

There’s still time to set up a retirement plan for 2016

By Legacy Protection, LLP |

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future. So if you haven’t already set up a tax-advantaged plan, consider doing… Read More »

Facebook Twitter LinkedIn Google Plus

Deduct home office expenses — if you’re eligible

By Legacy Protection, LLP |

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. If you’re self-employed, generally your… Read More »

Facebook Twitter LinkedIn Google Plus

Why it’s time to start tax planning for 2016

By Legacy Protection, LLP |

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities A tremendous number of variables affect your overall… Read More »

Facebook Twitter LinkedIn Google Plus

Why you should make annual exclusion gifts before year end

By Legacy Protection, LLP |

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient. The gifted assets are removed from your taxable estate, which can be especially advantageous… Read More »

Facebook Twitter LinkedIn Google Plus

Why you need to know the value of your assets

By Legacy Protection, LLP |

With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First, your estate might be worth more than you think…. Read More »

Facebook Twitter LinkedIn Google Plus

Your 2013 return may be your last chance for two depreciation-related breaks

By Legacy Protection, LLP |

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: Bonus depreciation. This additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are new tangible property with a recovery period of 20 years or less and… Read More »

Facebook Twitter LinkedIn Google Plus