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Taxes

Key Numbers 2016

January 5, 2016
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2015 Year-End Tax Planning Basics

January 4, 2016
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The window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect your bottom line for the 2015 tax year. Timing is everything Consider any opportunities you have to defer income to 2016. For example, you may be able to…

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Charitable Giving

December 22, 2015
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Charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die. There are many ways to give to…

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2016 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)

December 21, 2015
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  The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices…

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Student Loan Interest Deduction

December 17, 2015
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What is it? Definition The student loan interest deduction allows you to deduct from your gross income a portion of the interest you pay on student loans. The maximum deduction is $2,500. Eligibility requirements To take the deduction, you must meet several requirements: The interest must be paid on a qualified education loan that was…

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Key Numbers Projected for 2016

September 30, 2015
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Exemptions 2015 Projected for 2016 Personal and dependency $4,000 $4,050 Phaseout threshold (applies to itemized deductions as well) Married filing jointly $309,900 $311,300 Head of household $284,050 $285,350 Single $258,250 $259,400 Married filing separately $154,950 $155,650 Standard deduction 2015 Projected for 2016 Married filing jointly $12,600 $12,600 Head of household $9,250 $9,300 Single $6,300 $6,300…

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Tax Planning for the Self-Employed

July 29, 2015
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What is it? According to the IRS, you are self-employed if you carry on a trade or business as a sole proprietor, as an independent contractor, as a member of a partnership, or if you are otherwise in business for yourself. You can be a full-time employee and still have self-employment income from a side…

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Income In Respect of a Decedent

June 26, 2015

Taxpayers are generally required to recognize income for federal income tax purposes in the year in which it is received. If, however, someone dies before receiving income to which he or she is entitled, that income is not included on his or her final income tax return. Instead, such income, referred to as “income in…

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The Benefits of Tax-Advantaged Savings Vehicles

June 24, 2015
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Taxes can take a big bite out of your total investment returns, so it’s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn’t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of…

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Tax Planning for the Self-Employed

May 6, 2015
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  Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed, you’ll need to pay your own FICA taxes and take charge of your own retirement plan, among other things. Here are some planning tips.…

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