“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]
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2022 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
“2022 Last-Minute Year-EndTax Strategies forYour Stock Portfolio” To get my complete articlewith all the details… Sure, the market is down big time but that doesn’t mean you can’t take steps to lessen the damage... if you act by December 31. I’m talking about two strategies that can let you: Avoid the high taxes on short-term capital gains on ordinary … [Read more...]
Donor-Advised Funds: A Tax Planning Tool for Making Church and Charity Donations
Do you give money to your church or other charities? Do you get a tax benefit from those donations? Well, recent changes in the tax code have done a lot to destroy the tax benefits from giving to your church and other 501(c)(3) charities. But there is a strategy for you to donatethe way you want, and . . . Get an immediate charitable deduction. It’s called a … [Read more...]
2021 Last-Minute Section 199A Tax Reduction Strategies
If your taxable income is above $164,900 (or $329,800 on a joint return), then your type of business, wages paid, and property can reduce and/or eliminate your Section 199A tax deduction. The combinations can create confusion, but you can lessen the confusion by using the 2021 Section 199A calculator. Want to stay on the safe side? Read my new article titled 2021 … [Read more...]
2021 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
Here’s good news if you own a stock portfolio. (And if you’re a reader of the Tax Reduction Letter, I’ll bet you do.) If you know how to play the game, you can turn your stock portfolio into a year-end tax-reducing machine. The basics are really pretty straightforward. Avoid the high taxes (up to 40.8%) on short-term capital gains and ordinary income.Lower the taxes to … [Read more...]