Tax Tips

Tax Tips

“Nothing is certain but death and taxes,” says our friend, Ben Franklin, and this year the deadline is April 18, 2017.  Why the 18th?  April 15 falls on a Saturday and the Washington D.C. Emancipation Day holiday being observed on April 17 instead of April 16, 2017.  Therefore, Tax Day is on the following Tuesday, April 18.

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There is still time to accomplish some last-minute details before the deadline.

~ Fund your Individual Retirement Account or Roth (IRA).   If you are under 50 years of age you may stow away up to $5,500 annually to a traditional IRA or Roth IRA.    If you are older than 50, there is a catch-up incentive maxing out at $6500 for your annual contribution. There are income limitations that apply to a Roth IRA just as there are limitations to a traditional IRA depending on how much you are already contributing to your employer-sponsored plan.

~If you are contributing to your child’s college education in a 529 plan or Edvest plan, not only are you saving in a tax-deferred account but an added bonus is the state tax deduction, which varies by state.  Of course, you may contribute more than the deducted amount to the account itself.  There are many other tax benefits to 529 plans and details are state specific.

~Charitable contributions are required to follow specific stipulations outlined by the Internal Revenue Service (IRS) one of which requires the taxpayer to be donating to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates.

Visit the IRS website for more details.. https://www.irs.gov/uac/eight-tips-for-deducting-charitable-contribution.

 

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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