|
|
Financial Tax Tips
Tax Saving Techniques
Some generally recognized financial planning tools that may help you reduce your tax bill.
Deducting Mortgage Interest
If you own a home, you can claim a deduction for the interest paid. To be deductible, the interest you pay must be on a loan secured by your main home or a second home. The loan can be a first or second mortgage, a home improvement loan, or a home equity loan.
Capital Gains and Losses
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property.
Coverdell Savings Accounts
A Coverdell Education Savings Account (ESA) is a savings account created as an incentive to help parents and students save for education expenses.
IRA Contributions
If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for last tax year, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date for filing your tax return for last year, not including extensions.
ROTH IRA Contributions
Confused about whether you can contribute to a Roth IRA. The IRS suggests checking these simple rules.
Contact Us so we can help you with your tax preperation and additional tips.
|
|
|
|
Securities offered through Cetera Financial Specialists LLC, Member
FINRA/SIPC.
Advisory services are offered through the Patriot Financial Group, an SEC registered investment
advisor. Cetera companies and Charles F Morgan CPA PC are not affiliated. Tax services provided by
Charles F. Morgan, CPA Firm. The content is developed from sources believed to be providing accurate
information. The information in this material is not intended as tax or legal advice. Please consult
legal or tax professionals for specific information regarding your individual situation. The opinions
expressed and material provided are for general information and should not be considered a solicitation
for the purchase or sale of any security.
This site is published for residents of the United States and is for informational purposes only and
does not constitute an offer to sell or a solicitation of an offer to buy any security or product that
may be referenced herein. Persons mentioned on this website may only offer services and transact
business and/or respond to inquiries in the states or jurisdictions in which they have been properly
registered or are exempt from registration. Not all products and services referenced on this site
are available in every state, jurisdiction or from every person listed.
Securities offered through Cetera Financial Specialists
LLC,, Member
FINRA/SIPC.
Advisory services are offered through the Patriot Financial Group, an SEC registered investment advisor.
Cetera is under separate ownership from any other named entity.
|
|