Who loves paying taxes? Comments we regularly hear in our office go something like,
For most people, there is no magic bullet to substantially impact taxes. Here are some ideas to consider and discuss with a tax professional.
A Donor-Advised Fund can simplify your giving and allow you to easily gift highly appreciated assets without ever having to pay capital gains tax. Eligible assets can include publicly-traded securities, privately-held-business interests, real estate and collectibles, among others. Selling a business soon? Consider gifting a portion.
QCDs allow individuals who are over age 70.5 to gift a portion of their annual required minimum distributions from retirement plans without having to pay tax. With the increase in the standard deduction, this becomes a useful strategy for many people.
As with anything tax-related, there are nuances to each of these strategies.
Take a deeper look at these and other tax-saving ideas with a financial planner and contact us.
TrustCore is one of the largest independent wealth management firms in the U.S. From its offices in Brentwood, a suburb of Nashville, TrustCore advises on client assets of $1.8 billion for clients in 34 states across the nation.
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