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Tax Planning

Start Off on the Right Foot for the 2023 Tax Year

Submitted by Desmond Wealth Management, Inc. on January 29th, 2023

Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year.

 

W-4 Updates

Tags:
  • 529 Plans
  • Business
  • Charitable Giving
  • Children
  • Family
  • Retirement
  • Tax Planning
  • tax return
  • Read more

Common Family Tax Mistakes

Submitted by Desmond Wealth Management, Inc. on December 27th, 2022

When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each.

 

Renting to a Relative

Tags:
  • Children
  • Estate Planning
  • Family
  • Financial
  • Gift Tax
  • Loans
  • Rentals
  • Tax Planning
  • tax return
  • Withholding
  • Read more

Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 4th, 2022

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

 

Tags:
  • 401(k)
  • Business
  • Charitable Giving
  • Children
  • Financial
  • investment
  • IRS Safe Harbor
  • Retirement
  • Roth IRA
  • Tax Deductions
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Six Financial Best Practices for Year-End 2022

Submitted by Desmond Wealth Management, Inc. on November 22nd, 2022

To say the least, there’s been plenty of political, financial, and economic activity this year — from rising interest rates to elevated inflation, to ongoing market turmoil.

Tags:
  • Financial
  • HSA (Healthcare Savings Account)
  • I Bonds
  • Inflation
  • Interest Rates
  • investment
  • Savings
  • Tax Planning
  • Tax Reductions
  • Tax-Loss Harvesting
  • Year-End
  • Read more

Managing Gains and Losses in a Turbulent Year   

Submitted by Desmond Wealth Management, Inc. on November 15th, 2022

It's been a rough Fall for the stock market - so much so that you should probably carefully review your portfolio and other capital transactions to minimize gains or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental.

Tags:
  • Financial
  • investment
  • Roth IRA
  • Tax Planning
  • Tax Reductions
  • Year-End
  • Read more

You May Need to File Estimated Tax Payments

Submitted by Desmond Wealth Management, Inc. on May 15th, 2022

Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties.

Tags:
  • Tax Planning
  • tax return
  • Read more

Tax Planning in Turbulent Times Part 3: Tax-Wise Financial Planning

Submitted by Desmond Wealth Management, Inc. on January 3rd, 2022

In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing.

However, tax planning isn’t just for your investments. Life happens. Often, we cannot predict its next moves, but we can weave each event into the tax-planning fabric of your financial life.

Tags:
  • Financial
  • Tax Planning
  • Read more

Six Financial Best Practices for Year-End 2021

Submitted by Desmond Wealth Management, Inc. on December 11th, 2021

Believe it or not, another year has rounded third base and is dashing toward home plate. That said, there’s still time to make a few good plays in 2021 while positioning yourself to score more in the year ahead. Here are six financial best practices for the record books. 

Tags:
  • Charitable Giving
  • Estate Planning
  • Retirement
  • Tax Deductions
  • Tax Gain Harvesting
  • Tax Planning
  • Year-End
  • Read more

2021 Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 5th, 2021

Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

Tags:
  • Business
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Tax Planning in Turbulent Times Part 2: Tax-Wise Investment Techniques

Submitted by Desmond Wealth Management, Inc. on November 15th, 2021

In our last piece, we introduced some of the tools of the tax-planning trade. These include tax-sheltered accounts for saving toward retirement, healthcare, and education, as well as tax-efficient tools for charitable giving, emergency spending, and estate planning.   

Tags:
  • investment
  • Tax Planning
  • Read more
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