If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan, which pays you in the future for services currently performed and allows deferral of income tax. But NQDC plans must meet many requirements. One is that, if you wish to defer part of your 2019 compensation, […]
Author Archive | James B. Reynolds
Did you know that you may be able to enjoy two tax benefits if you donate long-term appreciated stock instead of cash? First, if you itemize, you can claim a charitable deduction equal to the stock’s fair market value. Second, you can avoid the capital gains tax you’d pay if you sold the stock. But […]
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]
Because of the high exemption under the TCJA, few Americans have to worry about facing federal gift and estate tax liability in the next several years. But no matter your current net worth, it’s still important to be tax-smart when making lifetime gifts.
When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?
With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate might be for short- and long-term capital gains, dividends (whether qualified or not) and the NIIT
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
For owners of vacation homes, now is a good time to review year-to-date rental vs. personal use of the home. Adjusting use between now and year end might be beneficial. Here’s why.
Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine if you need to make a payment.