Tax Planning

This Month’s Recap

• Stocks dropped as bond yields rose
• Recession fears pushed investors to the sidelines
• New home sales climbed 28.8 percent; the second biggest increase on record

A STRATEGY FOR MONETARY GIFTS FOR FAMILY

Have you ever thought about giving financial gifts to your kids or grandkids? Many affluent retirees and pre-retirees do this, often with an eye toward furthering family wealth.

Q4 RECAP

Preparing for retirement just got a little more financial wiggle room. The Internal Revenue Service (IRS) announced new contribution limits for 2022.

Key Changes:

As the end of the year approaches, you may be considering a charitable contribution. Did you know that many charities accept transferred securities as a donation? This is just one opportunity that could result in a tax benefit to you and a larger gift to your charity.

Here are a Few Giving Opportunities:

The window to begin exempting yourself from Washington’s Long-Term Care Tax is quickly approaching. The Washington State Employment Security Department (ESD) will begin accepting applications for exemption on October 1, 2021. Please review the steps to apply for exemption below.

Less than one month ahead of the traditional date, the I.R.S. has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021.^1,2,3

The differences in tax policy between Presidential candidates Donald Trump and Joe Biden are pretty significant.  Current polls show the Democratic candidate with a substantial lead, which suggests we should prepare for the possibility of a different tax regime in 2021.  But what, specifically, should we evaluate as the elections approach?