Tax planning: wash sale rules and warnings

If you’ve already filed your 2017 tax return, you may already be thinking about your 2018 return and ways to reduce your tax liability. One well-known strategy you can file away for year-end is to sell assets at a loss to offset gains that have been realized during the year. The wash sale rule prevents you …

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2017 federal inflation adjustments released

If you are getting a head start on tax planning for the 2017 tax year, you may be interested to know that the 2017 federal inflation adjustments have been released: Standard Deduction Married Filing Jointly Taxpayers – $12,700 ($12,600 in 2016) Married Filing Separately & Single Taxpayers – $6,350 ($6,300 in 2016) Head of Household …

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Mid-Year Tax Planning Strategies

As summertime winds down and the kids head back to school, it’s the perfect time to take a few minutes to review you taxes and do some smart mid-year tax planning. People often wait until December to start thinking about their tax bill, but implementing changes now may have a greater effect on your overall …

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Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net investment income tax (NIIT). It only affects higher-income individuals, but that can include anyone who …

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