December 22, 2017 | Financial Life Planning
We have been hard at work digesting the new tax reform that will most likely be signed by the President and become law next year. We have been formulating new strategies to help our clients take advantage of the upcoming changes to the tax code. While much of the impact will be realized in the years to come, we want to inform you about an immediate opportunity that is available only through December 31. The concept is to receive a higher charitable deduction on your 2017 tax return than you would in 2018 by making future year donations before the end of the year. Here is how it could work.
Mr. and Mrs. Smith normally itemize their deductions. They do not anticipate having more than $24,000 in deductions for next year. The Smiths decide to do their 2018 giving before the end of the year. Their pre-giving amount is $10,000. They are in the 15% marginal tax bracket. They could save $1,500 in taxes! If they happened to be in the 25% marginal tax bracket, then they could decrease their tax liability by $2,500!
Mr. and Mrs. Jones do not normally itemize their deductions. They decide to do $6,000 of their 2018 giving before the end of 2017. They have other deductions of $10,000 (and will have the same for 2018). The Jones are in the 15% marginal tax bracket. They could save $495 in taxes.
Your specific situation will be different. You will need to act quickly to take advantage of this strategy. Your additional donations will have to be charged (if giving by debit/credit card) or mailed (if giving by check) by December 31st. Please contact our office if you would like to discuss how beneficial pre-giving could be for you. Wouldn’t it be nice for “Uncle Sam” to pay for your Christmas presents this year?
You have important questions, and we want to get you answers. We offer everyone a complimentary, no-strings-attached Exploration Meeting where we get to know each other, understand what you’re looking for, and answer all of the questions you have. In preparation for our conversation, we ask everyone to first complete a short five-minute, online Intro Questionnaire.
Once we receive your submission, we’ll reach out to schedule your complimentary Exploration Meeting. Type in your name, email, and preferred phone number below to get started!
The topic of long-term healthcare can be complex, time consuming, and, quite frankly, not a lot of fun. We’re here to help.
We are Dave Ramsey ELPs for long-term care, as well as SmartVestor Pros. We offer all of Dave’s fans a complimentary, no-strings-attached LTC Exploration Meeting where we will take the time to know you, answer your questions about LTC, and provide quotes and recommendations tailored specifically for you.
To prepare quotes for you, we ask that you complete a short three-minute online LTC Questionnaire.
One we receive your questionnaire, we will shop your case to multiple insurance companies, prepare quotes, and reach out to schedule your LTC Exploration Meeting. Type in your name, email, and preferred phone number below to get started!
You’ve come to the right place! Our Managing Partner, Doug Denlinger, is a SmartVestor Pro as well as a Dave Ramsey Endorsed Local Provider (ELP) for long-term care insurance.
Like Dave, we believe that financial peace is a critical component to leading your most impactful, fulfilled life—the life you are called to live. And we want to help you get there. Which is why we offer all Dave Ramsey fans a complimentary, no-strings-attached Exploration Meeting where we answer your questions and get to know each other.
In preparation for our conversation, we ask everyone to first complete a short five-minute, online Intro Questionnaire. Once we receive your submission, we’ll reach out to schedule your complimentary Exploration Meeting. Type in your name, email, and preferred phone number below to get started!