Act now before Trump takes action: Tax Strategy Scan
Last chance for 0% capital gains?
Tax breaks on capital gains could fall victim to tax reform next year, which means the final days of 2016 may be your client's last chance to cash in, according to Kiplinger. Unrealized long-term capital gains selling before the markets close on Dec. 30 could wipe out the tax bill on those gains. Missing the deadline is a risk, if President-elect Trump and the Republican-led Congress enact a plan that is currently at the heart of the tax-reform debate. -- Kiplinger
Why more investors are donating stock to charity
Clients may want to accelerate their donations of appreciated securities to charities this year in the event President-elect Trump enacts reforms he's promised to make after taking office, according to The Wall Street Journal. They may end up with a bigger tax deduction, as tax rates are likely to drop under the new administration in 2017. “[I]t’s almost always better to donate the stock rather than selling the stock and giving cash, in a taxable account,” says an expert. -- The Wall Street Journal.
How Trump’s tax cuts (and hikes) will impact you, explained in one simple chart
There are tax payers who benefit and others who lose under President-elect Donald Trump's tax plan, according to MarketWatch. Clients can refer to a chart in this report that breaks down the impacts of Trump's plan to simplify the tax code. -- MarketWatch
How a couple wrote off cat food and other breaks that boosted refunds. Plus, how charity counts toward an IRA withdrawal.February 14
There are ways around having to pay as much as a 50% penalty. Plus, inheriting Roth IRAs and designing more efficient retirement portfolios.January 31
Moving investments into these accounts may optimize returns and boost savings. Plus, know your IRAs and the impact of Trump's proposals on income brackets.January 25