Business & Finance

Point View's Toth Says: Don’t Wait for Congress - There are Ways to Cut Taxes Today

5b96ad6851c28694bf9e_06e8917dee3b76fa2132_2575763e9e57b10ee79e_65d05b83ee8032557a1b_Toth__Claire.jpg
Claire E. Toth, JD, MLT, CFP™
9db79c1beddffece9ba1_00860f8cb008c510a000_43f4ce4950c844253765_TAP__300x250_-_Updated.jpg
5b96ad6851c28694bf9e_06e8917dee3b76fa2132_2575763e9e57b10ee79e_65d05b83ee8032557a1b_Toth__Claire.jpg

SUMMIT, NJ —  Tax legislation may be unsettled, but there is still have time to reduce one's 2017 tax bill. So says Claire Toth, Vice President and C.O.O. at Summit-based Point View Wealth Management. She directs individuals to make a series of moves quickly, before the year end, including:

Contribute the Maximum to Employer Retirement Plans. Anything that is contributed to a traditional 401k, a Health Savings Account, or a Flexible Spending Account never comes into income. 401ks appear to be safe under whatever tax bill is enacted, but HSAs and FSAs may be at risk.

Prepay State and Local Taxes. Depending on whose version of the tax bill one is reading, their 2018 property tax deduction may be limited to $10,000, or it may go away altogether. As of this writing, individuals won’t be able to deduct state income taxes at all under either the House or the Senate version of the tax bill. That means to prepay what state taxes they are able: pay fourth quarter state estimated income taxes this month. If individuals typically find themselves owing state taxes in April, boost that prepayment. For those paying property taxes directly, make first quarter 2018 payments early. If their mortgage is held by a local bank, ask it to prepay those taxes. It likely will not, but those who don’t ask, it can’t get a 'yes'.

Sign Up for E-News

Give to Charity. Individuals at least 70-1/2 years of age and who have not yet taken their entire required minimum distribution from an IRA should consider giving some or all of it to charity -- that keeps the distribution off their tax return entirely. Not in that situation? Donate appreciated stock and avoid paying capital gains.

Generate Capital Losses. Investors can offset recognized capital gains dollar for dollar with capital losses. Better yet, they can use up to $3,000 of losses in excess of total gains against ordinary income. Aim to end the year with a net $3,000 capital loss. Any loss in excess of that can be used in future years. Bought some stocks in multiple lots? Under the Senate’s version of the tax bill, individuals won’t be able to choose which shares to sell in future years -- they’d have to sell in the same order purchased.  

Accelerate At-Risk Deductions. The House and Senate versions of the tax bill propose to eliminate a multitude of useful deductions, and it’s not clear which of them, if any, will ultimately survive. If one may currently be eligible for any of them, they should prepay what they can this year: the deduction for medical expenses to the extent they exceed 10 percent of adjusted gross income, the deduction for student loan interest (at least make January’s payment this year), the teachers’ deduction for out-of-pocket purchases of school supplies.  

Consider a Roth IRA Conversion. Under current law, those making a Roth IRA conversion from a traditional IRA have until the day they file their tax return to undo some or all of it. This can be useful if the investments they converted lost value or if the conversion puts you in a higher tax bracket than you anticipated. The tax legislation may eliminate their ability to undo that conversion -- take advantage of the flexibility while one can.

Finalize that divorce. The tax legislation may negatively affect the tax treatment of alimony. If so, it would only apply to divorces finalized after 2017. Wrapping up the divorce -- or at least getting the order entered -- this year gives the parties more wiggle room in dividing the financial pie.

For more information, call Toth at 908-598-1717 or contact ctoth@ptview.com with any questions or to discuss how this might impact one's financial situation.

Point View Wealth Management is located at 383 Springfield Avenue in Summit and has, by CNBC, been named one of the Top 100 fee-only wealth managers in America.

 

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Westfield

Buy a Vet ... Program Helps Formerly Homeless Veterans

May 21, 2018

UNION COUNTY, NJ — It started with a collection to help fund a Memorial Day barbecue at the Valley Brook Village veterans facility in Lyons, NJ. When the bucket collection raised $7,000 at John's Meat Market in downtown Scotch Plains, they decided to keep it going and had barbecues all summer. The program has grown ever since.

Steve Hackenberg, a Scotch Plains native, ...

Important Information from the Westfield Board of Health

May 21, 2018

To the Editor:

The Westfield Board of Health held a meeting on May 7, 2018.  

The Board discussed bicycle safety. As the weather improves and more people get outside we encourage all bicycle riders to wear properly fitted helmets. All riders under the age of 17 are required to wear a helmet under state law. Bicycle safety information for children can be found at ...

Upcoming Events

Carousel_image_09c0665ea9d03afcd34d_spb-4923_newsletter_may_22

Tue, May 22, 6:30 PM

TD Bank Ballpark, Bridgewater

Somerset Patriots vs. Sugar Land Skeeters ...

Arts & Entertainment Food & Drink Sports

Carousel_image_7b3032a93cc9b2430bb5_best_79fa8c672d731919f994_tap_building

Tue, May 22, 7:00 PM

Westfield Municipal Building, Westfield

Westfield Town Council Meeting

Government

Carousel_image_f8ced2bf05d8e7fbfbdd_2f020cb2f7df6c7c8da2_2a177e824adf6b74d203_3874c177a8150ea3a5d3_7a73b19e9d8232deefd8_af4060c99ecde13684c4_a939881d8eb75600f278_bccba5837a354ffbc745_img_4511

Tue, May 22, 7:30 PM

Westfield

Westfield Board of Education Meeting

Education

Westfield Police Blotter: Counterfeit $100 Bills, Man Arrested in Car Burglary & More

May 16, 2018

May 8, 2018 2:23 p.m.

A business in the 200 block of East Broad Street reported receiving payment for services with a counterfeit $100 bill. The suspect made a small purchase with the counterfeit bill and received change, depriving the business of $94.24 change and $5.26 purchase. Suspect described as a black male 25-40 years of age, with facial hair wearing a black Nike wind breaker jacket ...

Video: Point View's Petrides Weighs In on Big Box Stocks

May 21, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, live at the NYSE discussing stocks of big box retailers:

ptview.com/medias/tv-radio

 

For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing customized portfolio management services and comprehensive financial ...

Ask Maria: How can I help my son? 

Q: My son's best friend's mom just passed away. I am concerned for my son and don't know what to do for him. He is distraught. How can I help my son? 

Response:

Grief is a normal and natural reaction to the death of a loved one. No two people grieve the same, even in the family. I am certain that your son’s friend and mom are like family to your son. Losing his ...

17 Homes Sold week of May 6 to May 13 2018 in Cranford, Westfield, Mountainiside, Fanwood and Scotch Plains

Seventeen homes sold week of May 6 to May 13, 2018, in Cranford, Scotch Plains, Westfield,  Mountainside and Fanwood:*

 

               ...

Dog Missing from Fanwood Home

UPDATE: Reunited with owner!

ORIGINAL POST: Lexi was seen north side of Fanwood Thursday. She's 25 lbs., tall and looks like a fox.

Lexi is friendly and was wearing a collar with a tag. Call 732-259-5570 if you spot her.

IRS Grants Relief for Taxpayers Affected by Reduction of Maximum Deductible HSA Contributions

The IRS recently announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA).

 

For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution.

 

The annual amount had been reduced to $6,850 for 2018 under the Tax Cuts and Jobs ...

TAPinto Featured Franchisee: Steve Lenox of TAPinto Paterson

This week's feature will focus on TAPinto Paterson's franchisee, Steve Lenox. Find out how the current owner of a public affairs firm went from a former State Director for Senator Frank Lautenberg to a proud TAPinto franchisee for New Jersey's third largest city.

 

Q. When did you join TAPinto.net?

I joined TAPinto.net in September, ...

Eight Westfield Student Vocalists Accepted into 2018-2019 All-State Choruses

Eight student vocalists from Westfield High School have been accepted into the 2018-2019 All-State Choruses.

Performing with the 2018 All-State Mixed Chorus in November will be Charlotte Geary, Zachary Lemberg, Joseph Maldonado, Vincent Mora, Nicole Player, and Matthew Siroty. The Mixed Chorus will perform at the New Jersey Education Association (NJEA) Convention in November and at the New ...

‘Chambers USA 2018’ Recognizes John Schmidt Among List of America’s Leading Lawyers for Business

Lindabury, McCormick, Estabrook & Cooper is pleased to announce that John H. Schmidt has once again been recognized by “Chambers USA” in their annual list of leading lawyers for business. Chambers and Partners, which produces “Chambers USA,” is a client referral organization that researches and subjectively ranks attorneys and law firm practice groups nationwide ...

'Turning Off the Morning News' brings comic twist

‘Turning Off the Morning News’ tackles today’s issues with a comic twist

By Liz Keill

PRINCETON, N J – Despite the late night comics, no one quite captures the insanity of the political/social status world like Christopher Durang.

His latest play, “Turning off the Morning News” hit the ground running.  John Pankow as Jimmy addresses the audience, ...

SURVIVING A STROKE: Quick Medical Response Gives Mom Her Life Back

Carotid artery dissection. It’s one of the most common causes of stroke in younger adults.

And while you might not associate the word “stroke” with younger patients, the condition – if not treated immediately – could lead to paralysis and even death.

Lindsey Singh can attest to the importance of immediacy. The 31-year-old mother of two from Flanders experienced ...

Capitalist or Communist?

Karl Marx may have been the pioneer, but many other Jews were also involved in the struggle for communism, particularly in the early days of the Russian revolution. Personally, I don’t think that we have any apologies to make for this phenomenon. Having suffered unbearably under successive oppressive regimes, many of those political activists genuinely thought communism would be better ...

Stocks Can Rise in a Rising Interest Rate Environment

Investors remain concerned about the potential impact of higher interest rates on stocks. In their most recently released minutes, the Federal Reserve Open Markets Committee indicated the US economy is on solid footing and the economic conditions warrant continued gradual increasing of interest rates. This set off a sale in the stock and bond markets as investors began pricing in a fourth ...

AtlantiCast

AtlantiCast: Episode 15

On this week’s AtlantiCast, learn some important tips for controlling and avoiding diabetes from an Atlantic Health System expert, see how Atlantic Health is advancing cutting-edge research, hear what’s being done to keep health care environmentally friendly and much more!

 

Obituaries

Donn A. Snyder, 88, died at home on May 8 in Southern Shores, NC, where he was a resident for ...
Read more

New Jersey State Motor Vehicle Commission Returns to South Plainfield

May 21, 2018

SOUTH PLAINFIELD, NJ – A new state Motor Vehicle Commission (MVC) opened its doors in South Plainfield on Monday, just one week shy of a year since the borough’s former agency closed its doors. The office, located at 5000 Hadley Road, will provide in-person services to residents of the borough and the surrounding communities six days a week. 

“I would like ...