From her early teens, Christy Purser was handling all her mother’s business bookkeeping and taxes. She has loved strategic financial planning ever since. Founder of Venice’s The Purser Group, Christy’s goal is to truly know her clients.
“I need to know my clients’ entire financial picture in order to best advise them. From their complete tax situation, to social security, to retirement and estate planning goals, all of it is essential in creating a successful strategy.”
A "one-stop shop" for any individual or business, The Purser Group advises on tax preparation, accounting, payroll services and financial planning. “My clients become family,” Christy says.
This article is for informational purposes only. Christy Purser, The Purser Group and Venice Lifestyle are not responsible for any use of the information.
Tip 1
Charitable giving can reduce your overall taxable income, but the new tax law can make it tricky. A married couple I advised could either take the $26,600 standard deduction or $28,300 in itemized deductions. I suggested they take the standard deduction in even years and lump two years’ worth of charitable donations, real estate taxes and new car purchases in odd years. This increased their odd year itemized deductions from $28,300 to $56,600. That reduced their taxable income substantially and also placed them in a lower tax bracket, saving them thousands.
Tip 2
A charitable option for individuals 70.5 years or older who are required to take a minimum distribution from their IRAs each year, is to gift part or all of the required minimum distribution directly to a qualified 501(c)(3) charity. That reduces overall taxable income without the need to itemize.
Tip 3
In deciding where to make a charitable gift, I ask clients, "What charities do you have a heart for? What charities inspire you? Where do you feel there is a real need?" Those are the charities to focus on. Just remember, only 501(c)(3) charities are tax-deductible. Make sure to confirm it’s a qualified charity prior to donating.
Tip 4
Time of year can be important when making a charitable gift. For example, if the gift is an important part of an individual’s strategy to reduce taxes, it’s best to wait until the end of the year. I always suggest clients consider tax planning at the end of the year to see what options they have to lower their tax brackets, thereby reducing their overall tax liability.
The Purser Group
425 Commercial Court, Suite A, Venice
941.486.9400
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