Resources

Tax Planning for Owning a Second Home

Do you own a second home/vacation property? It may be time to convert it to an investment property. As of January 1, 2018, there is now a limit to three major itemized deductions for those who own second homes:

$10,000 (maximum) combined property tax limitation
Cap on Mortgage Interest deduction for up to $750,000 of mortgage debt incurred to buy or improve a first or second residence
Home Equity Loan and Line of Credit Interest is No Longer Deductible

If appropriately structured and the second home is converted to an investment property and rented out (there are limitations), you may be able to deduct all or a portion of these expenses….

Read More

Are you claiming a home office deduction?

Home office deductions have long been “red flags” to the IRS. Considering you are deducting the home office expenses, do you know whether you are depreciating the asset? If so, you may be subject to the “recapture” of deprecation on the percentage of your primary residence that you have allocated to the “home office.” If you plan to move, make sure you take into account the potential capital gain liability you may have.

Read More

New Tax On Lawsuit Settlements — Legal Fees Can’t Be Deducted

Fusce dapibus, tellus ac cursus commodo, tortor mauris condimentum nibh, ut fermentum massa justo sit amet risus. Donec sed odio dui. Fusce dapibus, tellus ac cursus commodo, tortor mauris condimentum nibh, ut fermentum massa justo sit amet risus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce dapibus, tellus ac Read More

Is your tax plan optimized for 2018?

Did you claim any of the following deductions in 2017? If so, now is the time to plan to re-evaluate and restructure your tax plan as they are no longer deductible in 2018. Atlantic Wealth Partners can help. Call 561.632.0566 or reach Steve Olson directly at steve@atlanticwealthpartners.com….

Appraisal fees for a casualty loss or charitable contribution.
Casualty and theft losses from property used in performing services as an employee.
Clerical help and office rent in caring for investments.

Read More

Financial Wellbeing Demands Specialized Wealth Care

Almost undoubtedly, you’ve entrusted a team of specialists to administer your professional and personal wealth care. Their jobs are wealth protection and advancement. At the very least these specialists should do you no harm. Read More

Should a Parent Serve as Trustee of a Special Needs Trust?

By SpecialNeedsAnswers 

It is common for a parent to want to be named as trustee of a special needs trust benefitting her child, especially when the parent is the one creating or funding the trust. There are many reasons why this makes sense. It positions the parent to have complete control over trust distributions. It is also very unlikely that anyone else can match the loyalty and dedication that comes from the strong filial bond between a parent and child….

Read More

Pay a Fee for Life Insurance Consulting? Why Would I Do That?

By Bill Boersma

In the financial services world we are clearly used to paying fees; money management, mortgage transactions, banking, you name it. Life insurance… hold it! Why would I pay a fee for life insurance advice? That’s what I have an agent for.

In the life insurance world, the idea of fee-based consulting, though it is slowly gaining traction, is a bit novel. Though tremendous benefit may be attained by way of a sophisticated, methodical, nuanced consulting and management process, it is still met with industry and market skepticism as it’s “not the way we’ve always done it”….

Read More

Florida Homestead Protection from Creditors

By Morris Law Group

One of the key protectionary measures provided to Florida residents is the Homestead Creditor Protection as provided in Article X Section 4 of the Florida Constitution. As a brief background, Florida’s Homestead Protection provides that your “homestead” property is exempt from levy and execution by judgment creditors. Simply stated, a creditor cannot force the sale of your homestead to satisfy a judgment.

Your homestead is defined as your primary place of residence (assuming you are a permanent resident of Florida)….

Read More

Public Service Announcement: Tax-Reform Critical Information

“An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”

 

The good news: Tax reform is good for you.

The bad news: How good, ultimately depends largely on you.

Leveraging the tax reform for your ultimate benefit is a nuanced and layered undertaking. Financial, legal and business finance professionals must coordinate a unified strategy to maximize all the wealth preservation and enhancement opportunities….

Read More

Reduce Tax Liability on RMDs

Consider Making Charitable Donations Using a Qualified Charitable Distribution

Qualified Charitable Distributions or QCDs are a direct transfer of monies from your IRA custodian as funds payable to a qualified charity. QCDs may be tallied toward meeting your annual required minimum distributions (“RMD”), provided certain stipulations are met.

This is a win-win for almost all charitably minded investors. First, by donating to a charity you do good with your money. Equally important if not as altruistic, a QCD excludes the amount donated from your taxable income….

Read More