Wayne Lippman’s Tax Tips 2015

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Presentation transcript:

Wayne Lippman’s Tax Tips 2015 Wayne Lippman | Lippman & Associates CPA’s Inc Check out the video version of Wayne Lippman’s tax tips here: https://www.youtube.com/watch?v=z1ml_O9wPZ0

Quick Tip: Do your Tax Planning as early as possible

1 Defer your income Employees with the ability to receive bonuses in the following calendar year can reduce taxes by deferring their income Individuals can wait to sell stocks with gains until the following calendar year Self employed individuals can defer invoicing or collection of revenues until the following calendar year

2 Accelerate Deductible Items Charitble deductions for taxpayers that itemize: write checks before end of calendar year. Charitble deductions can be in the form of cash, stocks or property. A technique often used is donating appreciated stock before the end of the year. The tax and the gain is not triggered by the individual donating the stock. The individual gets a tax deduction at fair market value of the stock.

2 Accelerate Deductible Items Charitble deductions for taxpayers that itemize: write checks before end of calendar year. Charitble deductions can be in the form of cash, stocks or property. A technique often used is donating appreciated stock before the end of the year. The tax and the gain is not triggered by the individual donating the stock. The individual gets a tax deduction at fair market value of the stock. Prepaying real estate taxes.

3 Accelerate Deductible Items Another way to accelerate deductible items is to prepay real estate taxes. Individuals can also prepay state income taxes for an accelerated deduction.

4 Capital Gains Offsets Year end harvesting of losses. If an individual has capital gains from selling stocks or other investment assests of a rental house or distributions from sale of a business, If an individual has losses in their portfolio that are unrealized losses, they take the losses by selling the stocks prior to year end. Those losses can then be taken against any capital gains from that calendar year.

5 Contributing Maximum Amount to Retirement Plan Individuals can contribute to retirement plans such as 401K and RIA’s This allows taxpayer to reduce their current taxes by the contribution to the retirement plans

More Questions? Contact Wayne Lippman @ Lippman & Associates CPA’s Inc. http://www.waynelippman.com www.linkedin.com/in/waynelippman http://waynelippman.blogspot.com https://www.facebook.com/lippman.associates.CPAs https://plus.google.com/u/0/118159954061832735774 https://twitter.com/waynelippman