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By Bob Barber, CWS®

Did you know that cash assets only represent a small portion of the United States? When most of us give, we only give out of our cash assets from our bank accounts. There’s a reason cash is the most common form of giving. 1) It’s easy; 2) Charities ask for donations in this way; and 3) It fits our model of giving. However, there is so much more to consider if you want to devise a smarter giving strategy.

These two pie charts via IRS Statistics are great examples of representing how assets are given and owned:

[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”11447″ img_size=”full” alignment=”center” onclick=”link_image”][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”11448″ img_size=”full” alignment=”center” onclick=”link_image”][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text]Most of our wealth is actually held in non-cash assets at almost ninety percent! Even though this is the case, the other chart shows that we are giving out of our minimal cash assets. Because of this, our donations are being taken out of a surprisingly small percentage of what we actually own. The result? We are wasting money on taxes and missing opportunities.

RECOGNIZE YOUR GIVING POTENTIAL

We have so much more charitable giving potential than what we recognize. Here at Christian Financial Advisors®, we want to help you pinpoint and utilize this potential by guiding you in creating a successful giving strategy to allow you to become a wise steward of your assets, while experiencing the true joy of giving. As Matthew 6:20-21 states, “Store up for yourselves treasures in heaven…for where your treasure is, your heart will be also.”

IN ADDITION TO CASH, CHRISTIAN FINANCIAL ADVISORS CAN HELP YOU GIVE:

– Publicly Traded Securities

– Intellectual Property

– Closely Held Businesses

– Life Insurance

– Real Estate

– Loan Notes

– Limited Partnerships

– Mineral Interests

– S-Corporation Stocks

– LLC Interests

Generous people may increase their giving potential by converting tax dollars into giving dollars when they give from non-cash assets.

WE ENCOURAGE YOU TO ASK THE FOLLOWING QUESTIONS:

What do I give?

What do I own?

Would a smarter giving strategy help?

Could I pay less in tax by giving more wisely?

Are you ready to discover your giving potential? Contact Christian Financial Advisors® by calling 830-609-6986 or emailing us at info@ciswealth.com. We would love to schedule a meeting by video chat or speak with you on the phone.

* This does not constitute nor does Christian Financial Advisors® provide legal or tax advice. You should consult professional advisors concerning the legal or tax consequences of your charitable activities.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]

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[vc_row top=”20px” bottom=”20px”][vc_column][vc_single_image image=”8874″ img_size=”Full” alignment=”center”][vc_row_inner][vc_column_inner][vc_column_text]The Tax Cuts and Jobs Act of 2017 ushered in a broad range of changes impacting virtually all American taxpayers. Along with rate adjustments across seven tax brackets, one of the biggest changes is the elimination of the personal exemption and the increase in the standard deduction, which has nearly doubled to $12,000 for single filers, $18,000 for heads of household, and $24,000 for married taxpayers filing jointly. The increase in the standard deduction also affects charitable tax deductions this year.

In addition, many deductions for taxpayers who itemize have been capped, such as the state and local tax (SALT) deduction; or eliminated altogether, such as miscellaneous itemized deductions subject to 2% of adjusted gross income (AGI) and the home equity loan interest deduction.

There’s no question that changes to the tax code can make tax and investment planning complex and confusing for taxpayers. We’ve updated our “2018 Income Tax Strategies” report to reflect the recent changes. To download a copy CLICK HERE.

If you have a question about how to integrate these strategies, we encourage you to schedule a tax-planning meeting to discuss how the new tax laws may impact your financial and investment strategies and what you can do today to make sure you pay no more in taxes than absolutely necessary. Click here to schedule a meeting online or call (830) 609-6986.*

*This article is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]

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[vc_row top=”20px” bottom=”20px”][vc_column][vc_single_image image=”8881″ img_size=”Full” alignment=”center”][vc_row_inner][vc_column_inner][vc_column_text]As we approach tax season, below is important information regarding the documents related to investment accounts with our firm.

1099s:

For IRA and retirement account distributions done in the previous year, the 1099-R forms should be mailed out and available by January 31st each year.

Please be aware that most taxable account 1099s and consolidated tax forms for brokerage and managed accounts may not be mailed out by the end of January. These types of accounts, because of their complexity of reporting, take a couple of extra weeks to be mailed out. Typically, they are available by the middle of February.

Copies of tax documents may be found online for several of our investment partners if you have signed up for online access and/or paperless statements. You will need to register directly with these companies to access this information if you have not already done so.

Time Saving Tip: If you have an account with Schwab and use a tax program such as Turbo Tax, you may be able to download your tax information directly from Schwab. The User ID will be your account number, and the password will be the Document ID number located at the top of the consolidated tax statement you receive. This will save you time so you will not have to manually enter transactions and information.

Please contact us if you would like to register for online access to statements or need assistance.
Please be reminded that all 1099 forms MUST be reported on your taxes, even if the activity noted was not a taxable event or you did not withdraw funds.

K-1s:

K-1 forms for Limited Partnership investments such as oil & gas programs and equipment leasing programs are typically not sent out until mid-March or later. If you received a K-1 form for an investment in a retirement type account, the custodian will typically report this for you, if necessary.

Cost Basis:

Going forward, the majority of cost basis information will be reported on your 1099 consolidated tax statement. Additional cost basis reports or information for those that need them can be accessed online, or you can contact our office for assistance by calling (830) 609-6986 or by email at info@ciswealth.com.

Please be reminded that Christian Financial Advisors® does not give tax advice. Please consult with your CPA or Tax Advisor[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]

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[vc_row top=”20px” bottom=”0px”][vc_column][vc_column_text]Most high income earners lose the ability to take many tax deductions because the tax laws are tilted so unfairly toward them, contrary to popular opinion. The statement we’ve all been hearing from politicians and most media sources for years that the “wealthy don’t pay their fair share of taxes” can easily be disputed by simply looking at any IRS income tax table and doing the math.

It always amazes me how many high income earners I give advice to who are not using every available legal tax deduction to help offset the enormous tax burden our government puts on them. This is because many tax preparers seem to be reactive versus proactive when it comes to tax saving strategies.

For this reason, all year long I give away a tax saving report that I update annually with 27 tax saving tips. Many times I’ve seen the tax tips in this report save someone thousands of dollars in income taxes when they started using them.

Don’t worry, none of these tips are illegal or overly aggressive and should not cause any legal concerns. To get your free report call the office at 830-609-6986 and we can either email or mail you a copy.

Check out these other March/April Newsletter topics:

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[vc_row][vc_column][vc_column_text]Income Tax Strategies ReportWith the new year we all start thinking about income taxes and that dreaded April 15th deadline. For many, this is the time to make annual contributions to t IRAs for a tax deduction. Here are the limits and rules that apply.

The maximum annual contribution for an individual IRA is:

The tax deduction depends on the individual’s level of income, as well as eligibility and contributions to a company qualified plan such as a 401k, 403b, or TSP for government employees, which includes the military.

I am amazed how I often I find that many people are not maxing out their 401k, 403b or TSP plan. Unlike an IRA, the tax deductible contribution limits are much higher and many times the employer gives a match up to a percentage of employees’ income. Limits for 401k, 403b and TSP plans are based on an individual’s income and age, and can be as high as $53,000 including the employer’s match. This can result in great tax savings.

We understand all the rules of different retirement plans and can help you understand them. We also offer a complimentary report called “27 Income Tax Strategies” that we have just updated to the latest rules for 2016/2017. To get your complimentary report call our office at 830 609-6986 or email us at info@ciswealth.com.

 

* For tax advice, please consult your tax professional.[/vc_column_text][/vc_column][/vc_row][vc_row top=”30px” bottom=”0px”][vc_column][ess_grid alias=”winter-2017″][/vc_column][/vc_row]

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Check out other articles from our October/November Newsletter

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YEAR END TAX STRATEGIES

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BAPTIST ASSOCIATION MEETINGS

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WEALTH MANAGEMENT UNIVERSITY

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RITZ CARLTON TRAINING

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STAFF CHRISTMAS TRADITIONS

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TIPS FROM ATHENA

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All of the following strategies are not applicable to everyone, and none should be used without first seeking the advice of a Certified Public Accountant (CPA) as tax laws are constantly changing and vary depending on each individual situation. Some strategies are applicable only for business owners. These are noted with a double asterisk **.

Strategy # 1

Defined Contribution Plans

IRAs, 401(k)s, 403(b)s, SEP IRAs, and SIMPLE IRAs

A defined contribution plan is a plan that:

  1. An individual benefits from during retirement depending on the contributions made individually to the plan during their working years from earned income (example: an IRA) or
  2. A company plan (examples: a 401k, 403b, SIMPLE IRA or SEP IRA plan) that a person has where they work, and they make individual contributions to the plan, plus their company matches up to a certain percentage of their contribution.

The contributions and investment performance of the assets in the plan determine its value. Like a typical savings account, a defined-contribution account contains a specific balance at any given time, which is equal to the market value of the assets accumulated in the account.

Individual IRAs

The maximum contribution for an individual IRA per year is:

The tax deduction depends on the individual’s level of income, as well as eligibility and contributions to a company qualified plan (information below on company plans).

Note: The following company plans cannot be combined with each other.

Company sponsored 401(k)s

The maximum contribution per year is:

Company sponsored 401(k)s also may include additional employer match and contributions, up to $53,000 total, over one year depending on the individual’s income.

Non profit sponsored 403(b)s (examples: schools, churches, etc.)

The maximum contribution per year is:

Non-profit sponsored 403(b)s may also include additional employer match and contributions, up to $53,000 total, over one year depending on that individual’s income.

Employer SEP IRAs

The maximum contribution per year is:

This contribution comes entirely from the employer, not the employee.

Employer SIMPLE IRAs

Individual contribution can be up to:

Plus, there can be up to a 3% match of salary from the employer.

Strategy # 2**

A Defined Benefit Plan

A defined benefit plan provides a fixed, pre-established benefit for employees at retirement. Employees often value the fixed benefit provided by this type of plan. On the employer’s side, businesses can generally contribute (and therefore deduct) more each year than in a defined contribution plan. However, defined benefit plans are often more complex, and thus, they can be more costly to establish and maintain than other types of plans.

The maximum that an employer can contribute to a defined benefit plan for the benefit of an employee is:

This figure depends on the age of the employee. The older an employee is, the more that can be contributed into a defined benefit plan by the employer.

Defined benefit plans are a great alternative for older, small employers with high incomes that wish to contribute large pre-tax amounts in addition to a defined contribution plan for retirement.

Example: an older small business owner with a $400,000 net income may be able to contribute up to $53,000 in a defined contribution plan, plus an additional $210,000 in a defined benefit plan for a total of $263,000.

In an effective tax bracket of 40%, the income tax savings from a combination of the two plans could be $100,000 or more.

Strategy # 3

Income Timing

Retirement Income

Timing of retirement income includes analyzing expenses and savings and determining if withdrawals from pre taxed retirement accounts can be deferred until the following year. This could lower the income tax burden on unneeded withdrawals and possibly avoid moving into a higher tax bracket.

Earned Income

Timing of employment income includes analyzing expenses and savings and determining if several weeks to several months of paychecks could go entirely into a defined contribution plan (Strategy #1) if the plan has not been maxed out for the year. This could lower the income tax burden and possibly avoid moving into a higher income tax bracket.

Strategy # 4**

Business Equipment Purchases

Instead of waiting until next year to replace or purchase new needed business equipment (computers, copiers, phone system, etc), purchase it before the end of the year so the expense can be deducted this year.

Strategy # 5

Real Estate Property Taxes

Paying this year’s property taxes, that are due in January or February, before the end of the year makes it deductible for this year. If you wait until January or February to pay this year’s property taxes, it is not deductible for this year but will count toward next year. In a high income year you could pay last year’s taxes in January and this year’s taxes in December.

Strategy #6**

Business Insurance Premiums
Pay business insurance premiums due in January before the end of the year to deduct the cost for this year.

Strategy # 7

A Donor Advised Fund

Open a donor advised fund (think of it like a giving bank account), and pre-fund your favorite charitable cause(s) before the end of the year for the tax deduction this year. Then, give from your donor advised fund to your favorite qualified non profit charity(s) whenever you feel is the best time. This is a great idea for anyone who has had a one time windfall of cash that puts them in a higher tax bracket for the year. Examples include a large oil and gas royalty check, large bonus check, etc. Up to 50% of adjusted gross income may be put into a donor advised fund for a tax deduction.

Strategy #8

Medical Expenses

If possible, try to lump all major health care expenses into one tax year in order to meet itemized deduction limits. In computing regular income taxes, medical expenses are deductible only to the extent that they exceed 10% of adjusted gross income, or 7.5% of adjusted gross income if age 65 or older.

Strategy # 9

Restructure Passive Income

Example 1: Use of a Real Estate Investment Trust (REIT)1 that uses cost segregation to rapidly depreciate real estate components with shorter lifespans than brick and mortar like heating and air systems, light fixtures, etc. to offset taxable income

Example 2: Use of sector based investments that can potentially generate ongoing tax efficient income

Example 3: Municipal bonds that generate tax free income (these may still be subject to alternative minimum tax)

1 Investing in Real Estate Investment Trusts (REIT) involves special risks such as potential illiquidity, as well as devaluation based on adverse economic and regulatory changes. As a result, the values of real estate may fluctuate resulting in the value at sale being more or less than the original price paid. Real estate is a long-term investment.

Strategy # 10

Donate Required Minimum Distributions (RMDs)

If congress extends this provision like they have the past several years, in December at the last minute you can donate Required Minimum Distributions (RMDs) from qualified plans if you are over age 70.5 to charity.

Strategy #11

Open a Charitable Gift Annuity

A charitable gift annuity is a way to make a gift to your favorite charity and still receive an income for yourself or others, now or later in the future. It is a contract under which a charity, in return for a transfer of cash or other property, agrees to pay a fixed sum of money for a period measured by one or two lives.

Taxpayers who itemize deductions can claim a charitable deduction for a portion of the original gift. This deduction can result in significant income tax savings. The deduction is equal to the amount of the contribution, less the present value of the payments that will be made to the donor and/or other beneficiary during a lifetime.

Strategy #12

A Charitable Remainder Trust

A charitable trust is great for large assets (typically above $1,000,000), with a small cost basis that would generate a large tax burden if sold. It is not good for small charitable gifts.

A charity serves as trustee of the charitable remainder trust and manages or invests the property so that it will produce income. The charity pays the individual (or someone that is named) a portion of the income generated by the trust property for a certain number of years, or for one’s whole life.

The payment period is specified by the associated individual in the trust document. At the time of death or the end of the time period that is set, the property goes to the charity.

In addition to helping out a favorite charity, several tax advantages are gained from this arrangement. One can take an income tax deduction, spread over five years, for the value of the gift to the charity.

Things begin to get tricky when determining the amount of the deduction. The value of the gift is not simply the value of the property; the IRS deducts from that value the amount of income that is likely to be received from the property.

For example, if $1,000,000 is donated, but the giver expects to receive $500,000 back in income (based on life expectancy, interest rates, and how the trust document is set up), the value of the gift is what is left.

Strategy #13

A Charitable Lead Trust

A Charitable Lead Trust is the opposite of a Charitable Remainder Trust in that it generates a potential income stream for a nonprofit organization(s) of choice from assets that are donated. After the income goes to a charity, or charities, for a number of years, the assets eventually are returned back to family members or other beneficiaries.

Strategy #14

Sales Taxes

If a Form 1040 is filed and one itemizes deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes (you cannot claim both). By saving receipts throughout the year, the total amount of sales taxes can be added up and claimed towards itemized deductions.

If all your receipts were not saved, one can still claim state and local sales taxes by filling out a worksheet under this topic on the IRS website.

If one is planning on buying a new car in January or February that has a large sales tax associated with it because of the size of the purchase, buy it before the end of the year to deduct the sales tax this year.

Strategy #15

Health Savings Account (HSA)

Only an eligible individual may contribute to an HSA. An HSA sponsored by an employer, the employee, or both, may contribute to an HSA. Family members may also make contributions to an HSA on behalf of another family member, as long as that family member is an eligible individual. The maximum contribution for 2015 is:

A $1,000 catch up provision is allowed for individuals age 55 and older not enrolled in Medicare.

Strategy #16

Tax Loss Harvesting

A widely used strategy for deferring capital gain recognition is tax loss harvesting. Recognizing losses before the end of the year, rather than waiting for a stock to turn around, can have three benefits:

Tax losses shelter current capital gains from other equities from tax, and it can effectively defer tax on those gains into the future.
Losses in excess of gains can be deducted currently up to $3,000 annually, sheltering ordinary income derived from salary, interest, and dividends from tax.

Losses in excess of gains and the $3,000 limit can be carried over and deducted in future years.

Strategy #17**

Create a Small Business

A small business is a tax favored investment because business losses are deductible in full against earned income. Many home based businesses are started by non-working spouses in order to generate losses against a working spouse’s earned income. Small businesses may employ children, and they can be used to shift income to kids without concern for the kiddie tax on unearned income of a child.

Other Tax Strategies

Do not forget about many other tax deductions that may not be considered year end tax strategies. These include but are not limited to:

and the list goes on.

As mentioned at the beginning of this report, none of these strategies should be used without first seeking the advice of a Certified Public Accountant (CPA) as tax laws are constantly changing and vary depending on your individual situation.

This report is for educational purposes only and is not intended to replace the advice of your personal financial advisor, accountant, CPA, or legal advisor.

For information on comprehensive wealth management that includes many of the tax strategies mentioned, call 830-609-6986 for a phone or office appointment during regular business hours.

THE DONOR ADVISED FUND

Last week I introduced a tool for leaving a financial legacy called a donor advised fund. I also shared three scenarios where a solution for leaving a financial legacy was needed. In all three of these scenarios, a donor advised fund may be used to more efficiently accomplish short and long term giving goals while creating a legacy of giving. Below, I are two examples that could work for the three scenarios I went over last week.

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Do you want to leave a financial inheritance or a financial legacy? For what do you want to be remembered? For the temporal material possessions a financial inheritance could buy for your children? OR, the eternal value a financial legacy could provide for God’s Kingdom as well as to your children, grandchildren and great-grandchildren?

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In parts one and two of this series, we discussed in detail why we should give. I encourage you to go back and read the previous posts in the series. Last week we started on how to give financially, thinking beyond just giving from what’s in your checking or savings account. I’ve included the chart on financial giving once again since most of us never think about the other 90% of our assets that we can give from.

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