Tag Archives: Push

October 2015 Year End Tax and Financial Planning Tips, Capital Market Review (Video by John Kvale)

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

This months Special Tax Financial Planning Tip of the month is not one, but two tips that may save you tax dollars before year end !

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

YouTube Direct Link 

 

Clump or Push those property taxes

  • If you are just under the standard deduction for itemizing, consider clumping your property taxes
  • If you had a very big year of income and may have phase outs of deductions, consider pushing those property taxes into another yearProperty Tax

In our clumping or pushing post, here we discussed in great detail a neat technique to maximize your property tax itemization write offs. Now is a good time to pull out last year’s tax return and review your options — we will be glad to help if you have any questions!

Roth Conversion to Offset Active Losses

  1. Flatten your loss – not lose it
  2. Possibly freely convert your taxable IRA into a Roth
  3. Future appreciation in your Roth will be without taxes – tax-free withdrawals tooRoth Conversion

In our Roth Conversion post we discussed in great detail a possible flattening of your income and losses should you find yourself in this situation – this is a complicated, but rewarding technique – if applicable!

Give us a call if you have any confusion/questions! Do not try any of these techniques without first visiting with you professional advisor!

The Bounce back

Never go all in or all out !

This graph from our Monthly video last month:

9-30-15 Vanguard Total World Equity

Seemed silly to just watch our hard earned funds slip — and slip !

Fast forward to the end of October — The Great Bounce !

10-30-15 Total World Index

Just another reason to NOT watch this on a monthly or even quarterly time frame — decades is more appropriate!

Have a Great Day!

John A. Kvale CFA, CFP

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

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