News & INSIGHTS

Patrick’s Planning Post

If you can believe it, the end of the year is here. Although there have been ongoing rumblings of big tax changes for 2022, we have yet to see significant legislation pass. As such, many of the tried and true strategies for reducing one’s tax bill remain true in 2021. With markets near all-time highs, there are likely fewer tax-loss harvesting opportunities. Charitable giving remains one way to fulfill philanthropic goals while benefitting from an AGI deduction. If itemizing and giving to a public charity, which would include a donor-advised fund, individuals can deduct up to:

• 60% of AGI for cash donations
• 30% of AGI for property held with a long-term capital gain (like a stock); and carry forward any unused value (beyond the 30% deduction) to future years

Also, did you know: for cash donations in 2021, single filers can take an additional $300 deduction, and joint filers a $600 deduction, even if using the standard deduction, rather than itemizing. This rule is likely to go away in future years.

Donor-advised funds have become increasingly popular in recent years. Here are a few links to learn more about charitable giving:

Charitable Giving Basics

Donor-Advised Fund Information 

Liebman’s Library

For December, we chose a Bloomberg article about how the intersection of increased borrowing and inflation is creating challenges for the Federal Reserve.

Aaron’s Action Items

Did you Know? Amplius Client Portal Experience

Did you know? Amplius clients have access to world-class financial planning and organization tools through the Amplius Client Portal.

Have you ever wanted to truly aggregate all of your financial information from various institutions to one place, and can track your total portfolio allocation, performance, and tie that into your overall financial plan? How about projecting your current spending into future years for retirement and cash flow planning, without having to do the heavy lifting of going through bank accounts and statements?

Can your advisor oversee all of your accounts and spending details regardless of where they are held? The Amplius portal does all of that and more.