The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2018 tax year. Timing is everything Consider any opportunities you have to defer income to 2019. For example, … [Read more...]
Windward Passages: 2018 Year-End Tax Planning Basics
Windward Tax Bulletin: Estate Planning and 529 Plans
When you contribute to a 529 plan, you'll not only help your child, grandchild, or other loved one pay for school, but you'll also remove money from your taxable estate. This will help you minimize your tax liability and preserve more of your estate for your loved ones after you die. So, if you're … [Read more...]
Windward Tax Bulletin: Navigating IRA Early Distribution Rules
Distributions from Traditional IRAs: Prior to Age 59½ In general A withdrawal from an IRA is generally referred to as a distribution. If you receive a distribution from your traditional IRA before you reach the age of 59½, the federal government considers this a premature distribution. Like … [Read more...]
Windward Tax Bulletin: Asset Protection in Estate Planning
You're beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit … [Read more...]
Windward Passages: Charitable Contributions from IRAs
The Pension Protection Act of 2006 first allowed taxpayers age 70½ and older to make tax-free charitable donations directly from their IRAs. By making a qualified charitable distribution (QCD) from an IRA directly to a qualified charitable organization, older IRA owners were allowed to exclude up to … [Read more...]