Income Taxes - North Light Financial Services

Charitable Giving

You don’t need to be wealthy to make an impact and get a win-win. Do you have to make a multimillion-dollar gift to a charity to receive immediate or future financial benefits? No. If you’re not yet a millionaire or simply a “millionaire next door,” yet want to give, consider the following options which may bring you immediate or future tax deductions. Partnership gifts. These gifts are made via long-term arrangements between donors and recipient charities or non-profits, usually with [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:30-04:00April 11th, 2013|Charitable Giving, Estate Planning, Income Taxes|Comments Off

The Fiscal Cliff Deal & Your Taxes

THE FISCAL CLIFF DEAL & YOUR TAXES What will change (and won’t change) as a result of the new legislation. Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result. Here are the major details in the bill, which will bring significant tax hikes to some households in an effort to increase federal revenues by $600 [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:31-04:00January 11th, 2013|Business/Economic News, Income Taxes, Personal Finance|Comments Off

The Big Tax Questions of 2013

THE BIG TAX QUESTIONS OF 2013 How will Congress resolve these issues? Decisions must be made. In the next couple of months, Congress will address several major tax matters. Here are the big questions looming. The Bush-era income tax cuts. Will the current 10%-15%-25%-28%-33%-35% federal tax rate structure give way to 15%-28%-31%-36%-39.6% tax brackets in 2013? After the election, some analysts feel a compromise will be struck to maintain some of the Bush-era cuts for another year. In 2013, you may [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:32-04:00November 15th, 2012|Business/Economic News, Income Taxes|Comments Off

Tips for Minimizing Taxes in 2012 & Beyond

TIPS FOR MINIMIZING YOUR TAXES IN 2012 & BEYOND You may want to exploit these strategic opportunities. Will the Bush-era tax cuts expire next year? We may not have an answer to that question for several months. After the November elections, you could see them extended once again. Nothing is certain: with the daunting financing challenges the federal government faces, they may finally expire in 2013. If your goal is tax minimization, here are the “to-dos” you might want to [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:32-04:00August 30th, 2012|Income Taxes, Personal Finance|Comments Off

Can We Avert the “Fiscal Cliff”?

CAN WE AVERT THE “FISCAL CLIFF”? 2013 isn’t far off, yet both sides of Congress could end up far apart. Recently, you may have heard about the “looming fiscal cliff”, the “coming fiscal cliff” and so forth. What exactly is it? Briefly stated, the “fiscal cliff” is a potential $7 trillion dilemma facing Congress this fall – a Congress not known for ready cooperation. If America goes over it, our economy could stumble.1 Will Congress act before 2013? Federal Reserve [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:33-04:00August 9th, 2012|Business/Economic News, Income Taxes|Comments Off