Do you have a standing appointment with a tax advisor?
Are you prepared for your next meeting?
Need some new ideas on investing and tax planning tips to discuss with your tax advisor?
Each year brings multiple changes in Tax Planning. Today, the new method for financial planning for tax and investment is more focused on “spreading” income and expenses over a number of years. Understanding how you can accomplish this can become overwhelming.
If you are an individual with a modified adjusted income above $250,000 (joint filer), or $200,000 (single filer), you need to consult with a Tax Advisor about the current tax saving opportunities. If your modified adjusted income is below those thresholds, keep proceeding as you have previously with your investment planning.
Ideas to Discuss with Your Tax Advisor
– Bypassing installment sale deferral if that’s an option by speeding up real estate sales with a gain expected.
– Making a Roth conversion by using the 18-month free look to see if the conversion works for you. See my eBook – Roth IRA 8 Quick Helpful Tips to stay within the lower tax bracket while taking advantage of the Roth IRA.
– Working with your stocks by selling winners out of your portfolio. Then purchasing them back – watching out for the wash sale rules.
– Limiting the effect of the 3.8% Medicare surtax by considering changing your investment allocation between qualified and non-qualified accounts.
– Increasing allocation towards Tax-Free (Muni) bonds. Look at my website for the tax-equivalent yield chart.
Other Topics Covered in My eBook
* What’s Going to Expire?
* Estate, Gift and GST Tax
* Net Investment Income (NII) & Medicare Surtax
* Tax Rate Calculation Illustration
Main Focus – Cashflow
As with all of my eBooks, my main focus is always cashflow. Taxes aren’t the end-all be-all. I suggest that before making any changes to personal tax and investment plans that you weigh all the relevant factors. In my opinion, tax planning is having more dollars in your pocket at the end of the day.
Remember, financial news publications educate you on the basics. However, with all tax law changes you need to dig deep into the law to find the additional tax savings and long-term cash flow opportunities.
Work with Makara & Associates
Looking for some help with tax planning? A tax advisor?
Contact Makara & Associates today. Call our Naples office (239) 384-9688 or Fort Myers office (239) 768-5008.
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This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.
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