Home HomeNewsEducationHealthTechManufacturing & LogisticsLife SciencesAg INnovationINPower INnovatorsBigWigs & New GigsVideoPurchase Gerry DickGerry's ViewSpeaking Engagement RequestSubscribeNewslettersPODCASTAppRSSOn-AirTV & Radio Listings ContactAbout IIBMeet the TeamContact UsIntern with IIBFlagship Stations Tax Planning: Now’s the Time to Tackle It! Posted: Monday, October 15, 2018 9:43 AM EDTUpdated: Monday, October 15, 2018 9:43 AM EDTBy David Crossman, Senior Portfolio Manager, Bedel Financial Consulting [email protected] Year-end is still months away, but smart investors have already begun their tax planning. Spending time analyzing your capital-gain situation could benefit you come next April 15th, no matter what investment vehicles you use - individual securities, mutual funds, exchange traded funds, or others. Here's how…With last December's passage of the Tax Cuts and Jobs Act, your 2018 tax picture may have … [Read more...] about Tax Planning: Now’s the Time to Tackle It!
Charitable lead trust income tax deduction
WASHINGTON -- New Jersey's maneuver to help you bypass President Donald Trump's tax law and preserve your property tax break will now be scrutinized by his administration. Officials said Wednesday they will decide whether a New Jersey law designed to get around the $10,000 cap on state and local taxes will be allowed. The Internal Revenue Service and the Treasury Department said they would develop regulations addressing whether contributions to charitable funds in lieu of property taxes would be fully deductible. "Despite these state efforts to circumvent the new statutory limitation on state and local tax deductions, taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes," the IRS announcement said. If the administration says no to the New Jersey move, it will likely will wind up in the courts. "It's Jersey. We're ready for a fight," said Rep. Josh Gottheimer, D-5th … [Read more...] about N.J. move to save your property tax break could be killed by Trump administration
WASHINGTON – The Trump administration will likely oppose state efforts to soften the blow of a reduced federal deduction for state and local taxes, the chairman of the president's Council of Economic Advisers told reporters Thursday. "I would guess that if there is some clever thing the lawyers came up with that made it so that the (tax) code once again plays favorites, that we wouldn't support it," Kevin Hassett, the Trump economist, said. Hassett's comments came weeks after the New York State Legislature approved a budget that includes two provisions aimed at reducing the federal taxes of state residents who would otherwise see their levy go up under a tax overhaul approved last year by the Republican Congress. And while Hassett did not detail exactly what the Trump administration might do to stop moves such as those the State Legislature made, his comments are significant. That's because the IRS is expected to review New York's attempt to ease the burden caused by the new … [Read more...] about Trump economist blasts state efforts to limit federal taxes
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Q&A: Here's how New York is getting around the federal tax plan Gov. Andrew Cuomo and state lawmakers have a plan to get around new federal tax laws. Here's what you should know. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Jon Campbell, @JonCampbellGAN Published 4:47 p.m. ET April 13, 2018 | Updated 4:47 p.m. ET April 13, 2018 CLOSE Gov. Andrew Cuomo discusses changes to New York's tax code in the wake of the federal tax plan. His comments came on March 30, 2018. Governor's Office CONNECT TWEET LINKEDIN COMMENT … [Read more...] about Q&A: Here’s how New York is getting around the federal tax plan
(MoneyWatch) The money you get when coming into sudden wealth, whether through a lawsuit settlement, business sale, entertainment or sports contract, or stock options, can disappear in a hurry if you don't the manage federal and state income taxes correctly. For example, let's consider a $20 million lawsuit settlement. After 40 percent is paid to the attorney and up to 54 percent is paid in federal and state taxes, you may be left with closer to $5 million. While still a windfall, you may be able to keep more of the money using the following methods. 1. Create a pension. Don't be discouraged by the paltry IRA or 401(k) contribution limits. A defined-benefit pension can allow you to shield a large sum of money from taxes. A married 45-year-old may be able to shelter up to $320,000, while a married 55-year old may be able to protect up to $530,000. This technique works best when you can contribute funds over multiple years, so splitting your windfall over the course of two years is … [Read more...] about 6 ways to cut your income taxes after a windfall