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Tax Reductions

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

Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds

Submitted by Desmond Wealth Management, Inc. on September 21st, 2022

Inflation is seldom a good thing, but when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent interest — tax-deferred — with no downside risk, and with no state or local income taxes when you cash them in.

Tags:
  • I Bonds
  • Inflation
  • investment
  • Portfolio goals
  • Tax Reductions
  • Read more

What Does The Inflation Reduction Act Mean To You?

Submitted by Desmond Wealth Management, Inc. on August 28th, 2022

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act.

Tags:
  • Tax Credit
  • Tax Deductions
  • Tax Law
  • Tax Reductions
  • Read more

Claim Your 2020 and 2021 ERC Now (Yes, in 2022)

Submitted by Desmond Wealth Management, Inc. on August 17th, 2022

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic.

With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000.

Tags:
  • Business
  • Business Tax Law
  • COVID-19
  • Financial
  • Tax Credit
  • Tax Reductions
  • Read more

Sun Setting on Home Solar Power Tax Credits

Submitted by Desmond Wealth Management, Inc. on July 18th, 2022

 

If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023.

Tags:
  • Tax Credit
  • Tax Reductions
  • Read more

Summer Employment for Your Child

Submitted by Desmond Wealth Management, Inc. on May 11th, 2022

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.

Tags:
  • Business
  • Children
  • Retirement
  • Roth IRA
  • Tax Reductions
  • tax return
  • Traditional IRA
  • 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

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