Charitable donations.

Donations to non-profit organizations are tax-deductible. In fact, The Tax Cuts and Jobs Act of 2018 increased the allowable deduction from 50 percent to 60 percent of an individual’s adjusted gross income (AGI).

Real estate purchases.

Some real estate holdings may qualify for specialized tax deductions. For example, if you own an undeveloped plot of land, you may be able to work with land conservation trusts to create a conservation easement on the property (for protection of wildlife habitats or bird migration areas). The value of the easement can be claimed as a charitable deduction.

Defined-benefit plans.

Tax laws permit business owners to reduce their adjusted gross income by contributing to a 401(k), traditional IRA, or other retirement plan. If you are running a successful business, you may be able to set aside a substantial amount of tax-deferred money into your personal pension, reducing tax liability while investing in your retirement.

Return preparation.

Itemizing your deductions can allow you to discover (and take advantage of) any applicable tax credits that may be missed under a standard deduction. We work with trusted tax professionals to provide income tax planning and return preparation customized to our clients’ individual needs. A free consultation with them may be arranged by us, upon your request.

The earlier you start income tax planning, the more options you will have available to you. Our lawyers and counsel associates have a wide network of professional advisers to ensure that you are maximizing your assets that you can enjoy during your lifetime and then leave to your beneficiaries.

Our experienced legal team stays ahead of the curve on providing clients with advanced-level planning strategies, creating a comprehensive and customized plan that will give your family peace of mind. Contact us today to get started!

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.