by Hilary Craig | Nov 14, 2011 | Charitable Contributions
You can donate property as well as money to a charity. You can generally take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis. You may also be able to deduct charity-related travel...
by Hilary Craig | Nov 11, 2011 | Capital Gains
Minimize taxes on investments by judicious matching of gains and losses. Where appropriate, try to avoid short-term gains, which are usually taxed at a much higher tax rate (up to 35%) than long-term gains, which in 2011 and 2012 are taxed at rates of zero and 15...
by Hilary Craig | Nov 9, 2011 | Gifts
For many, sound estate planning begins with lifetime gifts to family members. in other words, gifts that reduce the donor’s assets subject to future estate tax. Such gifts are often made at year-end, during the holiday season, in ways that qualify for exemption...
by Hilary Craig | Nov 7, 2011 | Retirement
Maximize your retirement plan contributions. If you own an incorporated or unincorporated business, consider setting up a retirement plan if you don’t already have one. (It doesn’t need to actually be funded until you pay your taxes, but allowable...
by Hilary Craig | Nov 4, 2011 | Deductions
Consider setting up a health savings account (HSA). You can deduct contributions to the account, investment earnings are tax-deferred until withdrawn, and amounts you withdraw are tax-free when used to pay medical bills. In effect, medical expenses paid from the...
