Does Changing Your State of Domicile Allow You To Avoid Paying Capital Gains Tax?
As individuals approach retirement, they often ask the tax question, “If I were to move to a state that has no state income tax in retirement, would it allow me to avoid having to pay capital gains tax on the sale of my investments or a rental property?” The answer depends on a few variables.
Tax Filing Requirements For Minor Children with Investment Income
When parents gift money to their kids, instead of having the money sit in a savings account, often parents will set up UTMA accounts at an investment firm to generate investment returns in the account that can be used by the child at a future date. Depending on the amount of the investment income, the child may be required to file a tax return.
Why Do Wealthy Families Set Up Foundations and How Do They Work?
When a business owner sells their business and is looking for a large tax deduction and has charitable intent, a common solution is setting up a private foundation to capture a large tax deduction. In this video, we will cover how foundations work, what is the minimum funding amount, the tax benefits, how the foundation is funded, and more…….
The Huge NYS Tax Credit Available For Donations To The SUNY Impact Foundation
There is a little-known, very lucrative New York State Tax Credit that came into existence within the past few years for individuals who wish to make charitable donations to their SUNY college of choice through the SUNY Impact Foundation. The tax credit is so large that individuals who make a $10,000 donation to the SUNY Impact Foundation can receive a dollar-for-dollar tax credit of $8,500 whether they take the standard deduction or itemize on their tax return. This results in a windfall of cash to pre-selected athletic programs and academic programs by the donor at their SUNY college of choice, with very little true out-of-pocket cost to the donors themselves once the tax credit is factored in.
The Trump Tax Plan for 2025: Social Security, Tips, Overtime, SALT Cap, and more….
It seems as though the likely outcome of the 2024 presidential elections will be a Trump win, and potentially full control of the Senate and House by the Republicans to complete the “full sweep”. As I write this article at 6am the day after election day, it looks like Trump will be president, the Senate will be controlled by the Republicans, and the House is too close to call. If the Republicans complete the full sweep, there is a higher probability that the tax law changes that Trump proposed on his campaign trail will be passed by Congress and signed into law as early as 2025.
What Is A Donor Advised Fund and How Do They Work for Charitable Contributions?
Due to changes in the tax laws, fewer individuals are now able to capture a tax deduction for their charitable contributions. In an effort to recapture the tax deduction, more individuals are setting up Donor Advised Funds at Fidelity and Vanguard to take full advantage of the tax deduction associated with giving to a charity, church, college, or other not-for-profit organizations.
What Vehicle Expenses Can Self-Employed Individuals Deduct?
Self-employed individuals have a lot of options when it comes to deducting expenses for their vehicle to offset income from the business. In this video we are going to review:
1) What vehicle expenses can be deducted: Mileage, insurance, payments, registration, etc.
2) Business Use Percentage
3) Buying vs Leasing a Car Deduction Options
4) Mileage Deduction Calculation
5) How Depreciation and Bonus Depreciation Works
6) Depreciation recapture tax trap
7) Can you buy a Ferreri through the business and deduct it? (luxury cars)
8) Tax impact if you get into an accident and total the vehicle
Focusing On Buying Dividend Paying Stocks Is A Mistake
Picking the right stocks to invest in is not an easy process but all too often I see retail investors make the mistake of narrowing their investment research to just stocks that pay dividends. This is a common mistake that investors make and, in this article, we are going to cover the total return approach versus the dividend payor approach to investing.
