Blog

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 free. On the other hand, this can also be complicated, so it would be best to consult with a professional.


The last strategy we recommend is called a Qualified Charitable Deduction, or QCD. A QCD is a distribution directly from your IRA account to a charity or charities of your choice, up to $100,000. In addition to the tax benefit of a charitable gift, a QCD also excludes the amount donated from your taxable income. Keeping your taxable income lower may help you to reduce certain tax credits and deductions, including Social Security and Medicare.  


It’s never too early to start on this year’s taxes, or to do tax planning for future years. If you have questions about your taxes, we offer a no-obligation consultation to members of the PSE Credit Union. You can schedule yours today by calling us at 216.521.1711, or visiting us at Lineweaver.net.


Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered by Lineweaver Wealth Advisors, LLC. Lineweaver Wealth Advisors, LLC, is not affiliated with Triad Advisors. Information contained herein is not tax advice and should not be considered as such.  Each individual’s tax situation is unique and different. For advice related to your specific tax situation, please contact your personal tax professional. Not FDIC Insured. Not Bank Guaranteed. May Lose Value. 


 

Most Recent

The Black Swan and Your Portfolio

By Lineweaver Financial Group
March 12, 2020 Category: Black Swan, Portfolio,

Earlier in the year, we talked about the backdrop being favorable as we entered 2020. However, we noted that 2020 would be like every other year in that it would include unpredictable or surprise events. It didnt take long for that to materialize. The Coronavirus is the black swan event for 2020. You hear the term black swan often on the news, or when the pundits talk about the financial markets, but what, exactly, do people mean when they talk about a black swan? A Black Swan Event is one that is completely unexpected and cannot be predicted. It also has significant consequences. A black swan event can have a tremendous effect, positive or negative, on societies, economies, financial markets and of course on investment portfolios. The term Black Swan originates from the belief that all swans were white because these were the only ones ever seen or accounted for. However, around 1700, black swans were discovered in Australia. So, this unexpected, unpredictable event in (scientific) history

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

Market Outlook 2020

By Lineweaver Financial Group
January 07, 2020 Category: General

What a difference a year makes! A year ago, at this time the market was coming off a 20% correction in the fourth quarter reflecting prevailing headwinds of rising interest rate, escalating global trade tensions between the US and China, uncertainty on Brexit, and growing concerns of slowing global growth. Today conditions have calmed. Central banks around the world are dovish, including in the US, where the Fed moved to make mid-cycle adjustments in the midst of uncertainty and raised chances of extending the cycle. Likewise, around the world central banks seem accommodative with negative interest rates prevailing in several key countries around the globe. The US and China have apparently reached a Phase I trade deal and while the situation is tenuous and large structural hurdles remain in the areas of intellectual property, leaders of both countries seem to be more motivated to move toward more substantial agreements into 2020. With this backdrop, conditions appear favorable for economic

Categories
Newsletter (27)
General (16)
Retirement Planning (14)
Retirement (13)
Economic Commentary (13)
Letter From The President (12)
Financial Planning (11)
Tax (11)
Healthwatch (10)
Lineweaver (10)
Market Commentary (8)
Taxes (7)
Q3 (6)
Education Programs (6)
Tax Planning (6)
Market (5)
Social Security (4)
Bonds (4)
Estate Planning (4)
IRA (4)
LFG (4)
Trump (3)
Finance (3)
Tax Law (3)
Insurance (3)
Market Review (3)
(3)
Portfolio (3)
Diversification (3)
2017 (3)
Client Spotlight (2)
Annuity (2)
Rising Interest Rates (2)
Coordination (2)
Stocks (2)
Charity (2)
Financial (2)
2019 (2)
Tax Scams (2)
Investing (2)
Tax Cuts And Jobs Act (2)
Investments (2)
Q2 Newsletter (2)
Market Update (2)
Annuities (2)
Financial Strategies (2)
High Income (2)
Brexit Update (2)
Interest Rates (2)
2016 (2)
Social Security Benefits (2)
Sell (1)
Screens (1)
Trusts (1)
Bloodline Trust (1)
Marital Trust (1)
Vacation From Investments (1)
2018 (1)
Eye Strain (1)
Charitable (1)
Financial Quarterback (1)
Quarterly Newsletter (1)
Power Of Attorney (1)
James Lineweaver (1)
Exercising (1)
Inheritance (1)
Donations (1)
POA (1)
Drink Water (1)
New Website (1)
Bruce Motko (1)
Travel Tips (1)
Travel (1)
Tax Strategies (1)
Markets (1)
Market Volatility (1)
In Laws (1)
Cryptocurrency (1)
Investment (1)
Bitcoin (1)
End Of Year Taxes (1)
Advice (1)
Summer (1)
Q3 Newsletter (1)
Vacation Home (1)
Financial Goals (1)
Market Outlook (1)
Chad Roope (1)
Legal (1)
Wills (1)
Charitable Giving (1)
Pse (1)
Credit Unions (1)
Review (1)
Roth Ira (1)
Big Banks (1)
Roth Conversion (1)
Traditional Ira (1)
Health (1)
Congress (1)
Sell In May And Go Away (1)
Stock (1)
Buy (1)
Q2 2019 (1)
Keeping Your Mind Sharp (1)
Elder Law (1)
Cooking (1)
Dementia (1)
Healthcare (1)
Jim Lineweaver (1)
New Years Resolutions (1)
Longterm Care (1)
Healthy (1)
Tips (1)
Savings (1)
Q1 (1)
Pro Football Hall Of Fame (1)
Anne Graffice (1)
Banking (1)
David Baker (1)
Checking (1)
Sring Cleaning Your Finances (1)
Q2 (1)
Statements (1)
529 Plans (1)
Business Owners (1)
Q1 2017 Newsletter (1)
Retire (1)
Retire Early (1)
Legacy (1)
Retiring (1)
Self Employed (1)
Annuity Alternatives (1)
2016 Market (1)
Life Insurance (1)
Dividend (1)
Bonds Ladder (1)
Policy (1)
Roth (1)
Donor Advised Fund (1)
Private Foundation Charitable Lead Trust (1)
Winter 2017 (1)
1st Quarter (1)
Growing Your Wealth (1)
Harvest For Hunger (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Service Day (1)
Gifting (1)
Holiday Gifts (1)
Election (1)
Candidates (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Stockpile (1)
Charitable Remainder Trust (1)
Real Estate (1)
New Tax Law (1)
Defer Tax (1)
Jobs (1)
Lose Weight (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Top Financial Strategies Of The Wealthy (1)
Grand Kids (1)
Market Pullback (1)
Reallocation (1)
RMD (1)
Distribution (1)
Tariffs (1)
NAFTA (1)
Trading (1)
Tax Cuts (1)
Kids (1)
REITs (1)
Costs (1)
Risk Management (1)
Protection (1)
North Korea (1)
Conflict (1)
Lineweaver Wealth Advisors (1)
Mutual Funds (1)
Expense (1)
401(k) (1)
Introducing (1)
Equifax (1)
Mark Sipos (1)
2017 Q4 (1)
Fraud (1)
Identity Theft (1)
Third Quarter (1)
Tax Cuts And Job Act (1)
Black Swan (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom