BFSG Blog

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2023 Year-End Tax Tips

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable...

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Tis the Season for Tax-Friendly Giving Strategies

You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax...

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Tax Planning Strategies to Reduce Your Tax Burden Now (2022 Update)

By:  Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...

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Take Advantage of These Charitable Giving Perks Before They Expire

By:  Michael Allbee, CFP®, Senior Portfolio Manager Did you miss out on #GivingTuesday? You still have time to take advantage of two temporary perks for cash gifts to charities before they expire at year-end. The first perk for those that itemize deductions, allows 100% of cash gifts (including by check, credit card or debit card) to be deductible in 2021 (this also applied for 2020)....

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