Save On 1962 Taxes Act Now For 1963 Cut
Leslie Gould lays out steps to reduce this year's tax bite with three weeks left. Postpone income, accelerate deductions, and consider prepaying expenses. avoid bulges by splitting income and deductions across this year and next. Medical deductions rise this year, retirement credits expand, and heads of household can gain by supporting dependents. Ending note urges leveraging the widow or widower income split if applicable.
MENTIONED IN THIS ARTICLE
Prentice-Hall
Tips on Tax Savings for 1962 and 1963 Planning
Tax advice on delaying income to 1963, accelerating 1962 payments, and claiming extra exemptions. It covers stock losses, dependent parent support, medical expenses, tax free gifts, retirement deductions, and 3 percent limitation rules. Indicates how to offset taxes, carryovers, and optimize itemized versus standard deductions.
Guide for Charitable Gifts Under Tax Rules and Timing
This excerpt explains how charitable gifts affect taxes across brackets, the impact of depreciation, and the benefits of timing gifts. It notes deductions up to 20 percent with a 10 percent extra for specific institutions, and describes handling of securities and pledges for optimal tax outcomes.
Time to Readjust Investments for Tax Losses
Readjust investments to reduce this year’s tax bill and switch from promising to underperforming assets. Review gains and losses, identify short and long term holdings, and consider using losses to offset gains or income. Learn about tax rules for forward losses and use of short sales puts and calls to manage timing.
MENTIONED IN THIS ARTICLE
American Stock Exchange
Republic Steel
Bethlehem
N.Y. Central
Pennsylvania Railroad
Prentice-Hall
Cain
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