Taxes are always complicated, and doubly so now that Tax Reform has set in. Here are some smart tax moves for 2018:
1. Try to lower your property tax. This is easier and much more effective than most people realize, if you know how – which almost no one does. Summer is prime time to get on the bandwagon in many states, including Florida. You could save thousands or more. Contact Camarda’s affiliate TaxMaster for more details.
2. Revisit your estate plan to control estate taxes. The estate tax threshold has been doubled, meaning more wealth can pass tax free before the dread ed death tax kicks in. But this is for a limited time only, and the tax free amount will shrink again in just a few years, and maybe go down even more. If you think you may be exposed to estate taxes, talk to TaxMaster about smart estate tax moves.
3. Fear the Kiddie Tax! If you’re a parent or grand parent whose gifted assets to minors, after tax reform those kid’s tax brackets may be even much higher than yours! If this is you, talk to your tax preparer about potential exposures and counter measures.
4. Be wary of claiming Social Security while you are still working! Besides cutting your benefit, claiming too early can expose up to 85% of your Social Security to avoidable income taxes!
Taxes don’t get no respect, but they should, since they can be the single biggest factor controlling you wealth! As Ben Franklin should have said, “taxes saved is wealth earned!”
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