Most of you have probably not heard the term "Financial Toxicity". It's a term used to describe the financial issues one can face related to medical care. However, it goes further as there are many costs associated with treatment such as meals out, parking, and even housing costs while away getting treatment.
With the new tax law, the standard deduction is basically doubling. This means that many taxpayers will lose the ability to deduct their charitable contributions.
Should you stop giving? No!
There are several ways to keep giving and also receive a tax deduction. But you’ll have to plan more carefully.
Anyone who has a trust probably knows that the federal tax rates that apply to trust income and capital gains are much higher and kick-in sooner than on income from earnings or other sources, e.g., ordinary income. As a result, taxes can take a significant bite out of trust assets. And your trust pays Massachusetts state income tax, too, but there is a way to avoid it.
Most of our blogs deal with topics related to finance. Since we really care about the overall well-being of our clients here at FPS, we sometimes veer off in a more health related direction. Hey, if you are financially secure that is great but if you are too stressed to enjoy life what good is that? This is one reason you will find our weekly newsletter unlike any other newsle