WW 2015_12 Individual taxes

Your Form 1040 is your final chance to avoid taxes on your income. It’s the tire that touches the road. So you better use an experienced tax preparer. Many important tax planning moves require action in the next few days — Don’t throw your tax savings away! Get more out of charitable contributions with “donor-advised funds,” which can provide optimum deductions and income. Remember, if you anticipate higher taxes this year then you have merely a hand full of days left for year-end planning.

Have maximum impact with your charitable giving! For example, invest $10,000 or more in a “donor-advised fund.” Claim a substantial charitable deduction, and yet receive 5% for life after which the investment goes to a charity of your choice. You can choose investment options and charities. Donor-advised funds are much less expensive than charitable remainder trusts or private foundations. For more information, check out 2015 CHARITABLE PLANNING published by the Community Foundation of Greater Memphis.

YEP: You may be tired of hearing about year-end planning moves, so I will just remind you that you can reduce income this year by prepaying charitable contributions, college tuition, mortgage payments, and real estate taxes and so on. Don’t forget donations to the Goodwill and similar charities.

My Advice: Be sure that you understand the impact prepaying expenses will have on next year.

Call me at (901) 507-4274 for personal advice.

About Wis Laughlin

I help clients with tax preparation and IRS representation, estate planning, and complex contracts, including LLC's. As a former IRS tax attorney in their National Office. Law.com picked Wis in 2017 and several prior years as one of the Top Tax and Estate Lawyers in Tennessee. I am your advocate, not your accountant. I don't tell you what you can't do. I show you how to do it.
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