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2017 Year-End Tax Planning

With the Senate and House passing the tax bill yesterday and President Trump expected to sign the bill soon, it is virtually certain that the Tax Cuts and Jobs Act of 2017 will become law.  Over the course of the next several months we intend to delve into some of the details of the new provisions in the law but with so little time left before year-end this Communiqué will focus on a summary of new or changed provisions that apply to individuals and most importantly, some year-end planning strategies that each of us should consider.  It has been our experience that if a document is over two pages most readers will quit reading so rather than review the new law and then explain year-end planning opportunities, we are doing this backwards – first, the year-end planning recommendations and then, the explanation of the pending new law provisions!  Unfortunately, the...
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Indiana School Scholarship Tax Credit Program

Indiana Code 20-51 and Indiana Code 6-3.1-30.5 create a School Scholarship and School Scholarship Tax Credit Program. Funding for scholarships come from private, charitable donations to qualified scholarship granting organizations (SGOs). Donors (individuals or corporations) are eligible to take advantage of a 50% tax credit. While there are no limits on the size of qualifying contributions to an SGO, the entire tax credit program has a limit of $12.5 million for FY2018. This permits up $25 million in donations and scholarships for FY2018.   Individuals may also deduct the entire contribution on one’s federal tax return. Consequently, if you are the 25% Federal tax bracket, a $1000 contribution saves you $250 on your Federal return and $500 on your Indiana return, for an out-of-pocket expense of $250. This school scholarship program is very heavy on tax benefits, so I urge you to consider contributing to this scholarship program.   You might ask who...
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Charitable Giving 101 – A 30,000 Foot Review of Giving

As we quickly close in on the end of another tax filing season, I thought it would be helpful to explain some of the basics of charitable giving as they relate to income tax.  Obviously, there are many different reasons people give to charitable institutions (i.e. a personal connection to a charity, religious beliefs, tax planning methods, etc.).  Whatever the reason you have to give, I hope this short discussion helps provide clarity and quality information as you plan ahead for taxes in 2017.   Giving Basics: One of the major tax planning tools that can be utilized is charitable giving.  When you give you to a qualifying charitable organization (501(c)3 organization), your contribution qualifies for a tax deduction that lands on Schedule A – Itemized Deductions.  You can give cash, real property, personal property, stocks, and many other different assets.  Most of your gifts (i.e. cash, most personal property, etc.)...
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Year-end Tax Planning Ideas

As we approach the end of the year, we thought we would put together some year-end tax planning ideas for you to consider.  This list is not intended to be exhaustive.  1.)    Mutual Fund Distributions: review the size of planned distributions at year-end. Treybourne Wealth Planners (TWP) is in the process of reviewing the distribution estimates for mutual funds that you may hold.  We are reviewing to see if it might be worthwhile to sell out of the fund before the distribution record date.  This would allow our clients to avoid the distribution and related tax where these funds are held in a taxable account.  We will also avoid purchasing new mutual funds where large distributions are anticipated.  2.)    Capital gains: reduce your liability through tax loss harvesting TWP is in the process of reviewing taxable accounts for holdings where an unrealized loss may exist.  We will analyze whether there is...
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Greenwood, Indiana 46142
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