Tax Planning Doesn’t End in April
The 2017 tax season may have ended on Tuesday, April 17, for most people, but that doesn’t mean it’s time to stop thinking about taxes. Before you know it, the 2018 tax season will be in full swing, and with new tax regulations in play, you may need to pay even closer attention so you know what to expect before you file. The planning continues. What can you do to plan for next year’s taxes now? Here are a few ideas you can put to work this year to have an even better tax season next year: TAKE ADVANTAGE OF ‘GREEN’ TAX INCENTIVES If you are planning on installing certain green technologies in your home, such as solar panels and solar electricity systems, you can take advantage of a tax credit. According to Energy.gov, the solar energy generation credit is currently offered through 2021. Through 2019, this tax credit is equal to 30 percent of what you spend on technology and labor, and there is no cap. In 2020, the credit decreases to 26 percent. Then, in 2021, it falls again to 21 percent before expiring at the end of that year. STRATEGIZE COLLEGE PLANNING If you have kids or grandkids (or grandkids on the way), you can turn to a 529 college savings plan to give them a strong financial foundation before they enroll in college. This type of savings plan is tax-free, and
you maintain control over the account from day one. Even better, should the account beneficiary not attend college, you can easily swap beneficiaries or close the account and use the money at your discretion. Alternatively, you can utilize a Roth IRA to help save for college and as tax-deferred college-savings plan. CONTRIBUTE MORE TO YOUR RETIREMENT SAVINGS If you’re still working, one effective way to reduce your yearly tax burden is to shrink your taxable income. Essentially, you max out your total 401(k) contributions ($18,500 per year). If you are 50 or older, you can make catch-up contributions. For 2018, the limit is an additional $6,000, raising your maximum contribution level to $24,500 per year. –Tyler Frech, Client Relationship Manager Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. The withdrawal of earnings from a Roth IRA may subject to taxation when under the age of 59.5. Roth IRA withdrawals may reduce the eligibility of future needs based financial aid. Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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Sautéed Zucchini and Squash With Feta
RIGHT ON RETIREMENT DINNER SEMINAR (INVITE A FRIEND) Ruth's Chris - Tyson's Corner Thursday, May 31 or Tuesday, June 5 To register for any of the upcoming events, please email us at seminars@campbellwealth.com or call Carol at (571) 800-6373. Make sure to check out our website to see more upcoming events: www.campbellwealth.com/educational-resources/upcoming-events/
Ingredients • 1 zucchini • 1 summer squash • 1/2 medium red onion • 2 tablespoons extra-virgin olive oil
• 2 teaspoons fresh thyme • 1/4 cup crumbled feta cheese • Salt and pepper to taste
Directions 1. Cut zucchini into 1/4-inch-thick semicircles. Dice onion. 2. Heat a large skillet to medium high. Add olive oil, onion, and thyme. 3. Once onion is soft (about 2 minutes), add zucchini and squash. Season with salt and pepper; cook 4–5 minutes until squash barely begins to caramelize. 4. Place in serving bowl and top with feta.
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