A bunching strategy is when you time your donations to shift them into a single tax year. Because of the new higher standard deductions and limitation on state tax deductions, there will be more people without enough deductions to itemize. For example, if your filing status is married filing joint and you have $18,000 [...]
If you expect to have taxable capital gains in 2018, a good strategy to employ is “loss harvesting”. Loss harvesting is selling investments such as stocks and mutual funds that realize losses. These losses can be used to offset any taxable gains you have realized during the year, and any losses greater than your [...]
Did you know you can pay your kids on a W-2 up to $12,000 a year and they don't need to report that income? (Assuming they have no other income that is). If they are under 18, you don't need to pay FICA taxes on their wages, either. If your trade or business is [...]