3 episodes

MoneyBriefings.com explores ideas on the financial markets, the economy, and other issues that matter to investors.

MoneyBriefings.com Global Advisers

    • Business
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MoneyBriefings.com explores ideas on the financial markets, the economy, and other issues that matter to investors.

    Maximizing Retirement Savings with Last-Minute IRA Contributions

    Maximizing Retirement Savings with Last-Minute IRA Contributions

    Although there is still time before the 2023 deadline, many Americans should think about optimizing their financial strategies, so as to avoid overlooking a crucial opportunity of making last-minute Individual Retirement Account contributions. 
    Global Advisers does not provide tax or legal advice, and we strongly recommend speaking with a tax or legal professional before making any changes to your financial situation that may impact your tax or legal status.
    To learn more about our Wealth Management services, visit Global Advisers, or contact us at 1-844-GALLEON.

    • 2 min
    Tax-Loss Harvesting: A Strategic Approach to Reduce Tax Liabilities

    Tax-Loss Harvesting: A Strategic Approach to Reduce Tax Liabilities

    TOPICS:
    As we approach the end of 2022, it’s important to look at tax-loss harvesting, which stands out as a savvy strategy for investors seeking to minimize their tax liabilities.
    Global Advisers does not provide tax or legal advice, and we strongly recommend speaking with a tax or legal professional before making any changes to your financial situation that may impact your tax or legal status.
    To learn more about our Wealth Management services, visit Global Advisers, or contact us at 1-844-GALLEON.

    • 2 min
    Managed Philanthropy: Tax-Smart Charitable Giving Strategies

    Managed Philanthropy: Tax-Smart Charitable Giving Strategies

    This article reviews some of the ways in which you may optimize your charitable giving and get a head start on preparing your taxes for 2019 in light of the new tax legislation. Specifically, it reviews a facet of the Tax Cuts and Jobs Act of 2017 (TCJA) that hasn’t truly altered but has indirectly affected charitable donations and the implications of making contributions.
    How to handle contributions made to nonprofit organizations.
    According to the statistics, 96% of Americans donate either money, things (such as food and clothes), or time to charitable organizations. Although getting a reduction in taxes is one of the reasons individuals donate, most donors are more interested in utilizing the experience of donating to teach their children about the importance of philanthropy and to demonstrate how their family lives out its mission.
    Cash Donations Versus Gifts of Highly Appreciated Stock
    Making a donation to a charitable organization is simple. Donating appreciated securities directly to a charity rather than doing so via a donor-advised fund (DAF) or foundation is often the most effective course of action. Donating the stock that you’ve been hanging onto for more than a year could be a good strategic move for both yourself and the charity of your choice. The value of your gift is maximized because, in addition to receiving a tax deduction equal to the amount of your contribution, you are exempt from paying any capital gains tax on the appreciation of any stocks you donate. Doing so could prove valuable to all parties involved. Consider the case of a married couple, Harry and Meghan Evans, as an example. The Evans family would like to make a contribution of ten thousand dollars to the public charity of their choice. They have a starting investment fund of $2,000, but they have a total equity of $10,000. If they sell the fund and distribute the money, they would owe a capital gains tax payment of $2,000. (excluding Medicare surcharges and state taxes). However, if they make a gift to a charitable organization in the form of a good or service, they will avoid paying taxes on the capital gain and will be eligible for a deduction for their generosity.
    In this case, the charity receives the same amount, but you may potentially optimize your benefits via a tax deduction without paying state or federal income tax on the sale of stock. Therefore, if your holdings are highly concentrated, your portfolio has had considerable growth, or 2019 is expected to be a year with a large income tax bill owing to the sale of a firm, etc., you might consider donating to a charitable organization.

    Read the full article at: https://galleonwealth.com/managed-philanthropy-tax-smart-charitable-giving-strategies/
    Global Advisers does not provide tax or legal advice, and we strongly recommend speaking with a tax or legal professional before making any changes to your financial situation that may impact your tax or legal status.
    To learn more about our Wealth Management services, visit Global Advisers, or contact us at 1-844-GALLEON.

    • 7 min

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