Taxes

7 Simple Tips for Filing Your 2018 Taxes

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Now that 2018 is coming to an end, here are a few money-saving tax tips you can implement soon that may put more money in your wallet later. Tip No. 1► Take Your Losses Take time to review your portfolio. If you have losses, consider selling them before year-end. Taking a loss offsets capital gains made in your other positions. You can write off or claim your net capital losses up to $3,000, or $1,500 if you’re married and filing separately. And according to IRS.gov, if your ... Continue Reading →
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How Do The New Tax Laws Affect Landlords?

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Many of my clients are concerned about how the new tax laws will affect their ability to have both write-off and a good return on their real estate investment(s). I will try to explain how the new tax laws will affect individual investors: New Pass-Through Tax Deduction For landlords, the most stunningly good provision of the new tax laws is a new tax deduction for owners of pass-through businesses. This includes most residential landlords who own their rental property as sole ... Continue Reading →
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Do You Need to Change Your Accountant?

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When meeting with my clients to review their retirement portfolios – on of the key questions I ask them is “When was the last time you met with your accountant to review your tax strategy and how it applies to their overall investments?”  What I usually get is a blank stare and the response “I didn’t know I needed to do that”.  My regular readers will know that I meet with my accountant every 90-days to discuss my current financial ... Continue Reading →
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How to Defer Capital Gains

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How do you defer Capital Gains when selling an asset like real estate or a business?

There is a little-known way to dispose of assets that allows you to maximize your long-term financial advantage…even helping you for retirement. Here is an example based upon clients of mine: John and Jane are ~10 years from retirement. Like many of us they neglected to save (liquid assets) enough to get them through retirement. But they had some assets that they could sale to “top off” ... Continue Reading →
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Myths About 401(k)s That You Should Not Believe

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A great many people wrongly use a 401(k) as their primary mechanism to fund their retirement. They are a convenient tool as contributions are taking from their pay-check, it shields a portion of their income from taxes, and quite possibly their employer is contributing. But there is a great deal of misguided information out there to confuse you into making some wrong financial decisions concerning your 401(k). Here are 5-common mistakes people make based on misinterpretation of the rules regarding 401(k)’s. #1 ... Continue Reading →
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It’s time to review your 2016 IRA contribution limits for 2016

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As I have mentioned several times before you should be meeting with and/or at minimum teleconferencing both your accountant and financial advisor prior to the end of each calendar year to strategize about your retirement to make sure that; 1) you are in the right retirement plan and 2) that you have fully funded it – primarily based upon your individual specifics, i.e. workplace retirement plan and AGI/MAGI (Adjusted Gross Income & Modified Gross Income) limits (to be explained later), ... Continue Reading →
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