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tax strategies for high new worth individuals Archives

Tax Deductible Year-End Contributions of Clothing and Household Goods

With only a few days remaining in calendar year 2019, for those packing up their cars full of used clothing and household items to take to the local charitable thrift store for a last minute, year-end, itemized charitable contribution tax deduction, a quick review of the charitable contribution deduction rules is in order: 

Are there still tax benefits for charitable donations?

Yes, the standardized deduction has changed. The Tax Cuts and Jobs Act (TCJA) has basically doubled the standard deduction — currently set at $12,000 for individuals and $24,000 for married couples filing a joint return. This increase makes it much more favorable for taxpayers to file their tax returns using the standardized deduction as opposed to itemized deductions.

IRS announces changes to retirement contribution limits in 2019

The Internal Revenue Service (IRS) taxes just about every financial transaction. There are some exceptions, often justified by the fact that encouraging taxpayers to partake in the excepted activity is in the country’s best interest. One example: saving for retirement.

Investing in a 529 plan in 2018? Avoid these 4 mistakes.

A 529 plan is a savings account that is set up to offer tax-advantages for those who invest in their children's higher educational expenses. These plans have evolved over the years, most recently with the passage of the Tax Cuts and Jobs Act (TCJA) at the close of 2017.

For Taxpayers Who Haven't Filed Their 2017 Income Tax Returns: Losses & the TCJA

Recent tax reform will impact businesses, large and small. This piece focuses on considerations regarding the impact of the change on business losses.

Should you adjust your income tax planning strategy?

The Tax Cuts and Jobs Act of 2017 has changed a number of income tax provisions. As a result, it may be wise to review your income tax planning strategy. Four specific changes to the tax code that may trigger an update to your plan include:

IRS to end offshore voluntary disclosure program: 3 FAQs

The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) is coming to a close. The program began in 2009 and modified versions have been used since its inception. It offers United States taxpayers the ability to voluntarily report foreign assets and come into compliance with applicable tax obligations.


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