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Category: Tax Planning

Is Your Tax Plan Working for You?

By Lineweaver Financial Group
February 12, 2020 Category: General, Tax, Tax Planning, Tax Strategies

Its 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 youre 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

Foresight is 2020: Year-End Tax Planning and Beyond

By Lineweaver Financial Group
December 27, 2019 Category: Tax Planning, End Of Year Taxes, Taxes

It can be challenging to think through all the tax planning you need to do by the end of the year. Theres a lot to consider, and although it may seem early to think about taxes, now is the perfect time to make changes for tax filing after the new year. I always tell my clients, call me well before the new year, so we have time to plan ahead. After the new year, theres nothing you can do about last years taxes. One of the strategies our clients find most helpful are bunching deductions. Essentially, that means accelerating your write-offs into one year to try to get above the standard deduction. That was a challenge for many people last year since it was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, 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 youre single. And, by bunching charitable gifts, medical expenses, or even your state and local taxes into one year,

Four Ways to Take Care of a Charity - And Yourself

By Linweaver Financial Group
June 22, 2017 Category: Charity, Donor Advised Fund, Private Foundation Charitable Lead Trust, Charitable Remainder Trust, Tax Planning

Theres nothing that says you cant do good in the worldand do well for yourself. You may even be able to reduce your taxes, secure and income for yourself or your beneficiaries, and help a charity or - several charities - of your choosing. Although there are many ways to accomplish your philanthropic and financial goals, today we will focus on four smart strategies. The first strategy is that of a Donor Advised Fund or DAF. A DAF has several advantages, including: There is generally a low initial minimum to open an account (usually $5,000-$10,000) There are generally low ongoing maintenance and administrative expenses There are no annual distribution requirements There are no annual tax filing requirements Gifts can be made publicly or anonymously There are higher charitable deduction limits relative to private foundations which we will cover in just a moment! But, there are also some disadvantages. Specifically: Some donor advised funds do not allow the donor to name successors These

New Year’s Resolutions for High Income Earners

By Lineweaver Financial Group
January 17, 2017 Category: High Income, Tax Planning, Financial Strategies

Happy New Year! Its time to make your 2017 resolutions, and we believe that one of the smartest things that you can do in the new year is to resolve to learn more about all the ways you can be handling your finances. Thats an especially important task for high income-earners, and so, to help you keep those financial new years resolutions, we at Lineweaver Financial Group have some tips to help you this year. 1. Pay taxes now rather than later on retirement accounts: Many high-income earners, or those on their way, will likely be in the top tax bracket even after retirement when they consider any pensions, investment income or other income accumulated over time. That means any deferred income put into a traditional 401k may be taxed at the highest rates in the future. Consider using a Roth 401k if your company offers it. The Roth 401k has a few distinct advantages over a traditional 401k for those with high incomes: 1. There is no income limit to making Roth 401k contributions, unlike

Five Year End Strategies for the High Income Earner

By Lineweaver Financial Group
December 21, 2016 Category: High Income, Tax Planning, Financial Strategies

If your annual household income is $200,000 or more, you have some unique financial challenges. While in many ways, you have the same needs as other people saving for retirement, childrens college funds, and making sure that your family is insured for the various challenges that life can throw at you - you also have needs and strategies to consider that many people do not. Here are a few tips that we at the Lineweaver Financial Group suggest, and a few things to consider in your planning. 1. Concentrated Stock Positions Its relatively common for higher income earners to receive a significant part of their income concentrated in employer stock or options as a way to encourage employees to grow the company. While this is great as long as the stock keeps going up, there are often strict rules about selling, which can tie up your money and can over-expose your financial portfolio to the risks inherent to your industry. We usually recommend that you keep no more than 25% of your portfolio

2016 Tax Planning and Updates

By Lineweaver Financial Group
October 11, 2016 Category: Tax Planning, Newsletter, Q3, Lineweaver

There are some proven tax planning tips that can be applied each and every year. They are highly effective and proven to minimize your tax bill. Here is a brief highlight of the tax planning maneuvers you should be considering for 2016: 1)Defer Income: Income is taxed in the year it is received. Consider deferring year-end bonuses from employers to 2017 if that income will place you in a higher tax bracket in 2016. If you are self-employed, you may consider delaying billings until late December so that the payments are not received until 2017. Also consider accelerating income into 2016 if you will be in a lower tax bracket in the current tax year. 2)Charitable Deductions: You may wish to consider donating appreciated property (stocks or property) in lieu of cash. You achieve the double tax benefit of deducting the contributed asset at Fair Market Value and avoiding paying the capital gains tax on the built-up appreciation. 3)HSA: Consider setting up and contributing to a Health Savings

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