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Year-End Bonus for You and Uncle Sam

by Greg Hopkins

As the holidays come and go and with the New Year quickly approaching, individuals will hopefully be celebrating with a year-end annual bonus. Uncle Sam and the rest of the government will be celebrating your supplemental income right along with you. When bonuses are issued, they’re considered supplemental income by the Internal Revenue Service. Supplemental […]

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Why you should make annual exclusion gifts before year end

by Melissa Rager

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient. The gifted assets are removed from your taxable estate, which can be especially advantageous if […]

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How much time is left to make donations you can deduct on your 2014 return?

by Melissa Rager

To take a 2014 charitable donation deduction, the gift must be made by Dec. 31, 2014. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean? Is it the date you, for example, write a check or make an online gift via your credit […]

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Review gains and losses now to see if action by Dec. 31 can save 2014 taxes

by Melissa Rager

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability. For example, if you’ve cashed in some […]

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