Financial Advisor Magazine

White Oaks is pleased to announce that Laura Nickolay, CPA, CFP® is featured in Financial Advisor magazine. In the article, she shares insight into tax strategy and charitable giving. Through the course of the year, Laura recommends actively planning for charitable giving and the tax results of such giving. Most people wait until spring to do their tax preparation. However, Laura argues this is a mistake. Financial planning for high net worth individuals and families is more complex. Therefore, it requires continual attention. Performance bonuses, stock options and other fluctuations in income create a need for proactive planning.

The Tax Effect on Charitable Contributions

The focus of the article is the effect of charitable contributions. Within the IRS tax code, Americans are incentivized to itemize deductions such as charitable contributions if those deductions are greater than the standard deduction. The Tax Cut and Jobs Act of 2017 increased the standard deduction across all filing statuses. For example, the standard deduction for married filing jointly grew from $12,700 in 2017 to $24,000 in 2018. The higher standard deduction means far fewer Americans are itemizing. This change has caused those who are charitably inclined to strategize how to give to maximize benefits.

Spreading Knowledge

Laura supports an approach that is unique to each individual. She reminds readers that “we spend time educating our clients to understand that as income and net worth grows, so will your tax bill; and that’s not all bad.” In addition to changes in deductions, there are a number of additional changes within the law. White Oaks prioritizes knowledge of these changes to keep clients up to date. White Oaks hires and retains employees that have earned the highest credentials in the industry. Employees continue to educate clients on matters, such as tax strategies and charitable giving.

The foregoing content reflects the opinions of Wealth Oaks Wealth Advisors, Inc. and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct.

Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns.

All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.