Month: December 2019
Foresight is 2020: Year-End Tax Planning and Beyond
It can be challenging to think through all the tax planning you need to do by the end of the year. There’s a lot to consider, and although it may seem early to think about taxes, now is the perfect time to make changes for tax filing after the new year. I always tell my clients, call me well before the new year, so we have time to plan ahead. After the new year, there’s nothing you can do about last year’s taxes. One of the strategies our clients find most helpful are bunching deductions. Essentially, that means accelerating your write-offs into one year to try to get above the standard deduction. That was a challenge for many people last year since it was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, but this year the only change is a slightly increased standard deduction over last year - $24,400 for Married Filing Jointly, and $12,200 if you’re single. And, by bunching charitable gifts, medical expenses, or even your state and local taxes into one year, you may be able to realize significant savings. Just keep in mind real estate and state and local taxes are still capped at $10,000. Another useful strategy is what’s call the Backdoor Roth. Essentially, this is a way for people with high incomes to sidestep the Roth’s income limits. Basically, you fund a traditional IRA and then convert it. That’s good news because it then allows your money to grow tax-free. But, it can be complicat
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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