Depends on whom you ask, but not for the people that were in the lower brackets already. Don’t get us wrong, this listing of facts is not a political article and won’t bash or elevate Trump. This is just a listing of the facts and with an action plan from our tax office for you to act on!
For those people with capital gains from sales of stock or from mutual fund distributions, many know that they can offset those gains with a loss, but few actually sit down and do the annual exercise. It is a good idea to meet with a Tax Planner to look at your losses or winnings. By selling those losing assets, you can offset your other investment gains and end up with an equivalent of no capital gains. Many people would rather not sell their under performing assets, because they believe they’re about to “come back” and wouldn’t dare wait the 31-day waiting period to repurchase the same asset as an allowable purchase but there are many legal “workarounds” to that rule. The Market has been and is forecasted to continue to be volatile, you should be meeting and discussing a plan that can be executed on a set number during a Dip or Peak.
Every year all around America almost every tax preparer asks the question, “Do you have charitable deductions like donations?” The answer is often, “Yes, $500 at Goodwill, Salvation Army and others.” That answer although widely accepted, is not defensible at audit. This is how you should think and act now around your charitable gifting.
Time flies is something you might parrot when you are young, and agree with when you’re middle aged, but you feel it when on the second half of your century. The only constant is a surprise…its change!