5 Year End Tax Tips

By: Susan Powers

Looking for tips to help you save money on your tax bill for 2018?  Smart tax planning starts now rather than waiting until next year when it’s often too late.  Here are 5 tips to help you take full advantage of tax reform.

1.  Review your investments, ‘harvest’ losses

Given recent market volatility, you may have losses in your taxable accounts.  You can lock in those losses for tax purposes, while still being invested for the long-term by buying something similar, but not identical.  You can use these tax losses to offset capital gains when you file your tax returns.  This is a concept known as tax-loss harvesting.   For example, if you sold one investment and realized a gain of $5,000 and then sold another at a loss of $4,000, you reduce your taxable gain to $1,000.  If your loss is larger than the gain, you can deduct up to $3,000 of the net loss against ordinary income.

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Unlocking the Mysteries of 529 Plans

By: Kate Hennessy

As a parent I appreciate the saying “they grow up so fast.”  When I was on maternity leave in 2010, I remember how excited I was to fund our daughter’s 529 plan and plan for her future.

Selecting the right 529 plan can be as intimidating as determining how much to contribute each year.  In working with my clients, I have identified several types of 529 plans and funding schedules to meet their needs.

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Small-Business Owners: 3 Retirement Plan Options For You

There are many rewards to running your own successful business.  The flexibility to customize a retirement plan tailored to your goals is just one of those rewards.  You need a plan that works well today - and in the future as your business grows.  Whether you’re a sole proprietor, LLC or S Corp, there’s an option for you.  

All of the options we lay out reduce your current taxes while your assets grow tax-deferred.  You’ll begin paying taxes when you take money out later in retirement, but only on the actual dollars withdrawn.  

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