Wayne Lippman | Lippman & Associates CPA’s Inc

Wayne Lippman’s Tax Tips 2015

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Check out the video version of Wayne Lippman’s tax tips here:https://www.youtube.com/watch?v=z1ml_O9wPZ0

Wayne Lippman CPA http: // waynelippman.com

Quick Tip

Do your Tax Planning as early as possible

Wayne Lippman CPA http: // waynelippman.com

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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.

Wayne Lippman CPA http: // waynelippman.com

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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

Wayne Lippman CPA http: // waynelippman.com

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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.

Wayne Lippman CPA http: // waynelippman.com

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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.

Wayne Lippman CPA http: // waynelippman.com

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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.

Wayne Lippman CPA http: // waynelippman.com

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