Tag Archives: Property Tax

Year End Tax Tips – Clumping or Pushing Property Taxes

From now until near the end of the year we will be highlighting very special tax tips to help maximize your tax savings. Property Tax

Here is the first in a special tax savings series heading into year-end.

Clumping Your Property Taxes

If you have limited deductions, review your property taxes and see if it makes sense to clump two years into one

If you have been using standard deductions (not itemizing) see if clumping two property tax payments into one year will get you over the standard deduction – if it does, any extra dollars over your standard deduction will be a tax savings you otherwise would not have received.

Pushing Your Property Taxes Out a Year

If you have had a super year and may face a phase out in deductions due to a high income this year (at certain income levels you lose your deductions) you may want to consider pushing your property taxes into another year. If your deductions are partially or completely phased out, you may receive minimal tax benefit with ANY deductions.

There are a lot of moving parts in these situations, if you have a question give us a call — these are certainly not a recommendation to do either without further review.

Have a Great Tax Savings Wednesday!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225


 

 

 

November 2014 Super Cool “Tax Saving” End of the Year Financial Planning Tip, Capital Market and Economic Review (Video)

Welcome to our monthly Economic, Capital Market, and Financial Planning tip of the month.

This months Financial Planning Tip of the month, like last months, may save you valuable tax dollars!

Once again a special thanks to all of  YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.

For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.

Ok…let’s go!

VIDEO

You Tube Direct Link   or   Vimeo Direct Link

 

Another special Tax saving Financial Planning Tip: consider clumping of those property taxes

Pull out your tax return from last year, and the prior if you have it.Uncle Sam $

If you are not itemizing (or just barely over the standard deduction) you MAY be a candidate for clumping your property taxes.

Now pull out your tax bill that you most likely just received. If multiplying it times two throws you well over your standard deduction, consider clumping two of our tax payments into one year i.e. Pay January and December of the same year and then skip the next year, especially if you are not itemizing or just barely over the standard itemized amount.

IRS Standard deductions for 2014:

  • *Married filing jointly or surviving spouse $12,400
  • *Head of household $9,100
  • *Unmarried $6,200
  • *Married filing separately $6,200

 

Confused? Give us a call, we will explain!

cO-aNCHOR Sirius sATELlITE RADIO SHOW

Early this month (Nov 4) I had the honor to be asked to co-chair a financial planning Sirius radio show, presented by Wharton Business School and a finance professor at the university.Sirius Logo

After the intro and background of myself and our firm, the phones immediately rang from across the United States with multiple single individuals, many of them women, matching much of our client base.

After a full hour of spontaneous questions and answers, the show was on to the next segment. What a fun experience and a super way to give back.

Have a Great dash to the end of the year!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225