Pennsylvania, BOB, Maryland discussed on WCBM Programming


Practice, and he's out of our Gettysburg Pennsylvania location bought thanks for comment. Oh, it's great to be here. Thank you. Yeah. So I thought maybe people might have some tax questions going into the end of the year, and it is already approaching the end of the year, November the seventh. Wow. So it's hard to believe. And so we thought tonight we'd open up the lines for people to ask questions, but I wanted to narrow the focus down to kind of year, end planning strategies and a lot of times it has to do with taxes. And so what better person to have in the studio with me than Bob to help in that area? And so if you want to call in and you have questions. And I'll give you some other ideas to think about, but it's four one zero nine two two six six eighty four one zero nine two two six six eighty and so the question is people started to call in and hopefully will otherwise it's going to be talking all night, Bob, some of the things that I think about going in the end of the year, and we can expound on this as people ask questions or just the list, I made of things that people to think about is. You know, one, you know, thinking about how you making sure you're getting your 4._0._1._K matching before the end of the year in maximizing what are people doing with their HSA? How are they contributing are they contributing payroll or contribution? Exactly. So they're doing it through their payroll or do they have separate accounts where the pros and cons of doing those kinds of things, and how old are they, you know. So people have to think I did a show earlier in the year about certain birthdates are important. You know, so in the HSA land fifty. Fives and important birthday. So we can talk about why that's important in the 4._0._1._K land in the retirement area. Fifty fifty is the big is the big year. So we want to think about that. I've got in the search for colleges with my fourth child at this point. We're college route and so five twenty nine plants, you know, a deadline. You've gotta get that contribution. And by twelve thirty one. So people may have questions about five twenty nine plans both in Maryland and Pennsylvania, our signal travels in different directions here. So if you're Pennsylvania, I've got Pennsylvania tax expert here. So we can talk Pennsylvania taxes as well. And then the changes in the tax law. Okay. We had the election last night. Right. It's over. Yeah. Everybody side a big relief today telephones will be quiet. Yeah. Exactly. So it's over, you know, that's the good news. Stop getting all those marketing calls or the election robocalls election calls, but you know, but from the standpoint is in the market took a breather today is that. Okay. Thank God it to we don't care who won more or less. We're just happy. It's over we're moving on. But the tax laws of major change for this year. Eighteen and their strategies that people still have time to implement before the is out, and we want to be able to help people think through those and get things enrolling because if you don't do some of the strategies by twelve thirty one you're out of luck. Right. Well, and because it's so late in the year. Some of the strategies are going to be limited because people have been for instance, donating all year. So we'll talk about bunching, right? But yeah. So that and that even came up at the end of last year, if you remember after President Trump had been elected, and he's trying to get the tax law through, and there's a lot of questions of what it was going to be. There was a lot of rush in December last year to do this concept called bunching. And there's different ways to do it. We've spent a lot of time a client this year, helping them to do bunching strategies most notably in the charitable giving side. There are some other opportunities in the medical area. Not so much the real. Estate depending on the state you live in. I did have we have a client. I worked with in Texas because she got her Bill in December that was due in January. We were able to do it for her. Last year and maximize that but you know, it Maryland is not an option Pennsylvania, not an option either. But there's something called donor advised funds. Happy to talk through that. Or if you're over seventy and a half qualified charitable distributions because you're probably getting that phone call or that letter in the mail from your custodian saying you need to take your money out before the end of the year. So if you haven't done that already there's opportunities to to maximize that. We also have as the market has done. Well, if you're in the US large cap market, you may have stocks that have appreciated over the last decade here as we came out of that great recession those are options to give away. Appreciate it security. That's the best just about the best option. Yeah. That's that's an Gerald. Contribution. So even sometimes, you know to get income shifted over to children, correct? And then to look at other options there, you said that your children have some tax wing come to take advantage of the American opportunity credit. Yeah. So if you've got kids that are going through college or maybe a way to shift some income around and take advantage of all those credits that are out there. So and then even under those areas is really looking at income threshold. Right points, different break points, and there's different for the different programs. If you will right. Yeah. The American opportunity credits got its breakpoints in Maryland. The state of Maryland the loss of exemptions. Well, that's different set of breakpoints the Medicare premium your Medicare premiums are based on your income and those are two different breakpoint. So depending on what strategy you're trying to take advantage of we may have to manage to different income levels current. So how do we manage those different income levels going into the end of the year? What options do we have? You know, we talked a little bit earlier the concept of tax lost harvesting. So and then there's there's a ton of stuff out there with small business owners, if your small business owner, maybe beyond the scope of what we can cover on the show tonight. But you know, if you wanna talk about things. Mentioned the the flow through the section one ninety nine a mentioned that a little. Yeah. Exactly. So that's another one that's out there. So Bob, it's fun talking to you. And we're already hitting that I break for traffic. So, but if anybody wants to call while we're on a traffic.

Coming up next