Looking for ways to minimize any income tax you may owe for 2013? Think charities. If you itemize deductions you can take a charitable deduction against your 2013 income for contributions made to qualified charitable organizations. The deduction is not a dollar for dollar one but it can be substantial. As long as it’s acceptable to the charitable organization, any type of asset can be contributed, be it cash, marketable securities, real estate, etc. ..
If your holiday plans include travel, you will want to make sure that your Will and Revocable Trust are in order. Has it been awhile since you looked at those documents? You’ll want to make sure that the person you’ve named as guardian for your children is still the appropriate person. Is the person who is named as Executor or Trustee still the person you want managing the assets that are distributable to your children? Now that the children are older you may want them to receive distributions later (or earlier) in life. It makes sense to review your Wills and Trusts to ensure that they work the way you want them to work. ..
Now that we’re firmly entrenched in the holiday season, most of us are focused on gift lists and holiday travel plans. However, don’t lose sight of year-end planning that can have advantageous tax consequences. ..
Internal Revenue Service regulations require that certain types of written advice include a disclaimer. To the extent the preceding message contains written advice relating to a Federal tax issue, the written advice is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer for the purposes of avoiding Federal tax penalties, and was not written to support the promotion or marketing of the transaction or matters discussed herein.