Many donors don’t fully appreciate the potential tax savings that can come from charitable giving. Not only is the timing of the gift important, but how the gift is made (whether in cash or securities) also has an impact on the possible tax benefits.
Have you completed your tax returns yet?
If not, there is still time to make sure that you claim every deduction for which you qualify.
Here are 20 common deductions:
Imagine this nightmare scenario:
You have finished your taxes and feel a sense of relief as you hit the button to submit your return to the Internal Revenue Service electronically. The government, however, blocks the return.
The problem? Someone else has already filed a fake tax return with your name and Social Security number!
“The hardest thing in the world to understand is the income tax.” — Albert Einstein
Many investors and high earners are still stinging from the impacts of new federal tax rules that went into effect in 2013, which included:
Since the firm’s inception, we have placed considerable focus on obtaining and maintaining the accuracy and integrity of our clients’ cost basis data. As an investment advisor, we believe that preserving this data is critical to our clients, their tax professionals, and the investment management process. Recent legislation has resulted in significant changes in cost basis tax requirements for account custodians, such as Charles Schwab & Co, Inc (Schwab). Custodians are now required to report cost basis and the corresponding gain or loss directly to the IRS in a phased approach:
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