Archive - April 8, 2014

1
New Year- New Decisions to Make
2
Realize Some Capital Gains Each Year To Keep Taxes Low
3
Simplified Home-Office Deduction Available

New Year- New Decisions to Make

“I don’t really need wealth management services.”

We find that some people are uncertain what wealth management services actually encompass.  Some think of advisors as purely investment focused.  Others think advisors simply throw clients into cookie cutter asset allocations.  We focus on educating our clients and prospective clients on the benefits of integrating comprehensive financial planning with customized portfolio management in an all-encompassing service to seek to accomplish the long-term financial goals of high net worth individuals and their families, charitable foundations, and trusts.  We find the following questions help provide a better picture of what comprehensive financial planning encompasses.…

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Realize Some Capital Gains Each Year To Keep Taxes Low

Capital gains taxes became very confusing last year. There are at least four different rates which you might pay depending on how much income and how much gain you have in any particular year.

0% Capital Gains Tax Rate

This capital gains rate is available for those in the 10% or 15% federal tax brackets (2014 under $73,800 married filing jointly or $36,900 filing single).

If you are in these tax brackets, you should be realizing capital gains between your current AGI and the top of the 15% tax bracket each year. Whatever gain fits under the top of the …

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Simplified Home-Office Deduction Available

Beginning with your 2013 tax return you have a new option available for calculating the Home-Office deduction – based solely on the square footage of the dedicated space used for the home office.

Instead of having to maintain records that are directly and indirectly associated with your home office, you can use the simplified method, which applies a flat $5 rate per square foot to the home office space, up to a maximum of $1,500.

The record-keeping and tax preparation simplification is very beneficial: Form 8829 (the usual home-office deduction form) can cause a lot of headaches to prepare, especially …

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