wayne lippman tax tips 2015 2016 1. Wayne Lippman | Lippman...

wayne lippman tax tips 2015 2016 1. Wayne Lippman | Lippman & Associates CPA’s Inc Wayne Lippman’s Tax Tips 2015 Wayne Lippman CPA http:// waynelippman.com Check out the video version of Wayne Lippman’s tax tips here: https://www.youtube.com/watch?v=z1ml_O9wPZ0 2. Wayne Lippman CPA http: // waynelippman.com Quick Tip Do your Tax Planning as early as possible 3. Wayne Lippman CPA http: // waynelippman.com Accelerate Capital Gains Maximize Contributions Defer Income Defer Your Income Employees with the ability to receive bonuses in the following calendar year can reduce taxes by deferring their income. Individuals can wait to sell stocks with gains until the following calendar year. Self employed individuals can defer invoicing or collection of revenues until the following calendar year. 4. Wayne Lippman CPA http: // waynelippman.com Capital Gains Maximize Contributions Defer Income Accelerate Accelerate Deductible Items Charitable deductions for taxpayers that itemize: write checks before end of calendar year Charitable deductions can be in the form of cash, stocks or property A technique often used is donating appreciated stock before the end of the year. The tax and the gain is not triggered by the individual donating the stock. The individual gets a tax deduction at fair market value of the stock 5. Wayne Lippman CPA http: // waynelippman.com Accelerate Capital Gains Maximize Contributions Defer Income Accelerate Deductible Items Another way to accelerate deductible items is to prepay real estate taxes. Individuals can also prepay state income taxes for an accelerated deduction. 6. Wayne Lippman CPA http: // waynelippman.com Capital Gains Maximize Contributions Defer Income Accelerate Capital Gains Offsets Year end harvesting of losses. If an individual has capital gains from selling stocks or other investment assets of a rental house or distributions from sale of a business, If an individual has losses in their portfolio that are unrealized losses, they take the losses by selling the stocks prior to year end. Those losses can then be taken against any capital gains from that calendar year. 7. Wayne Lippman CPA http: // waynelippman.com Capital Gains Maximize Contributions Defer Income Accelerate Contributing Maximum Amount to Retirement Plan Individuals can contribute to retirement plans such as 401K and RIA’s. This allows taxpayer to reduce their current taxes by the contribution to the retirement plans. 8. Wayne Lippman CPA http: // waynelippman.com More Questions Contact Us http://ift.tt/1FfTPA2 Contact Wayne Lippman @ Lippman & Associates CPA’s Inc. http://ift.tt/1MO85Cp in http://ift.tt/1G3gx95 https://twitter.com/waynelippman B http://ift.tt/1FfTPzU by Wayne Lippman

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