Category: Tax Strategies
Tax Strategies to Get Ahead on Planning for Next Year
By Mark Sipos, LFG Tax Director Filing season may be over, and nobody wants to think about filing taxes again, but now is the time to get planning ideas into action. Getting an early start on tax planning for 2025 offers greater flexibility, the ability to budget more properly, and may allow you to take full advantage of some planning ideas versus waiting until the last minute. Here are a few things to consider: Personal Tax Filing Review: Analyze your previous year's tax return. Did you owe a lot? Get a large refund? This can indicate the need for adjustments to your withholdings or tax planning strategies. Did your tax preparer offer any insights to lower your tax bill that need to be executed? Adjust Tax Withholdings: If you had a large tax bill or refund, use the IRS Tax Withholding Estimator to calculate the appropriate withholding amount and update your Form W-4 with your employer. Tax withholdings on pension distributions can be adjusted using Form W-4P. Estimate Taxes (if applicable): If you have income not subject to withholding (self-employment, investments, etc.), estimate your tax liability and make quarterly estimated tax payments to avoid penalties and interest. We saw higher tax bills in 2024 due to higher earnings on savings and CDs, and large capital gain distributions. Optimize Deductions and Credits: Research and identify potential deductions and tax credits you might be eligible for, and plan how to maximize them. Consider Retirement Contr
Strategies to help your favorite charity and your bottom line
The end of the year is the time when people are looking to show gratitude by donating to their favorite charities or special causes that are important to them. But like any financial decision, you should take a moment to see if there are any tax benefits or strategies to consider that can maximize your giving efforts. The first strategy to consider is a Donor Advised Fund. These have two main tax advantages. First, you become eligible for an income tax deduction of the full fair market value of the asset, up to 30% of your adjusted gross income (AGI) for gifted securities, and 60% of your AGI for cash. It also eliminates capital gains taxes on long-term appreciated assets if they’ve been held for longer than a year. The second strategy that can help benefit a charity – as well as your own finances – is a Qualified Charitable Distribution or QCD. QCDs can be a great option for those 70 ½ or older and allows you to contribute money directly from your IRA to your preferred charity. You’re allowed to give up to $100,000/year. The advantage is that this reduces your AGI, which affects things like Medicare, Social Security, and various other tax credits and deductions. It may even help you reduce your income taxes. It can also help you offset any additional income you have if you’re over age 72. Another charitable deduction that’s available is the Ohio Scholarship tax credit. It’s a $750/person non-refundable credit you ca
Is Your Tax Plan Working for You?
It’s that time of year again - tax season is upon us, and we want to remind everyone of some strategies you may be able to take advantage of on your 2019 tax return. A strategy that many find helpful is bunching deductions, which is essentially accelerating your write offs into one year to try to get above the standard deduction. Last year was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, which doubled the standard the previous standard deduction from tax year 2016. But this year the only change is a slightly increased standard deduction over last year - $24,400 for Married Filing Jointly, and 12,200 if you’re single. By bunching charitable gifts, medical expenses, or even your state and local taxes into one year, you may be able to realize significant savings. However, just keep in mind real estate and state and local taxes are still capped at $10,000. Many people also take advantage of gifting appreciated securities. For example, even if you only paid $10,000 for a security, but it’s now valued at $20,000, you can write off the whole $20,000. This allows you to help both your favorite charity, and your bottom line. Another often overlooked strategy is what’s known as a Backdoor Roth. This is a way for people with high incomes to sidestep the Roth’s income limits. Basically, you fund a traditional IRA and then convert it. This can benefit you because it allows your money to grow tax
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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