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Hamptons.com
December 20, 2016

Tax Strategies To Consider Before Year-End

Rocco A. Carrieroby Rocco A. Carriero
in Real Estate
Home Real Estate

This may be the most important time of year when it comes to managing your tax liability. Most financial decisions designed to reduce your tax bill next April have to occur by December 31st. Here are five strategies to consider that might help you keep more of your money:

Avoid bracket creep

If you have the ability to manage your income, you may want to check to see if your income level this year could move you into a higher tax bracket. If your income is approaching a threshold, it may make sense to collect some of your income in 2017, rather than before year-end.

For example, a married couple filing a joint return in 2016 with taxable income above $75,300 (after deductions and personal exemptions) would be in the 25 percent federal tax bracket. That doesn’t mean all income is subject to a 25 percent tax rate, as income is taxed in steps (everything under $75,300 would be taxed at a 15 percent federal tax rate or less). But by reaching the 25 percent tax bracket, any net long-term capital gains would be subject to a 15 percent tax at the federal level. By keeping income (including any capital gains) below $75,300, a married couple remains in the 15 percent tax bracket, qualifying them for a zero percent long-term capital gains tax rate.

Remember your favorite charities

Not surprisingly, this is the season when charitable contributions reach their peak. Your donations to qualified charities (properly documented with receipts or confirmations from the charity) could potentially be deducted on your tax return if you itemize deductions. Making certain that contributions occur in 2016 may help limit your tax liability this year.

Along with gifts of cash or tangible items to a charity, another way to reduce taxable income is to give stock to charity. This is especially effective with appreciated stock that would otherwise incur a long-term capital gain when it is sold. Gifting not only negates the tax consequences of the gain, but you are allowed to deduct the full market value of the stock on the day the gift is made. One important note – don’t wait until the final days of the year to begin this process as the transaction may take time. Make sure it can be completed before the year is out to claim a deduction in 2016.

Accelerate itemized deductions if it makes sense

Take a look at what you plan to file this year for taxes. Are you leaving any opportunities – or deductions – on the table? One way to check is to review the total amount of deductions you could take and compare it to the standard deduction ($6,300 for a single person, $12,600 for married couples in 2016). If your deduction total is near the threshold of the standard amount, you may want to claim additional deductions so you can potentially lower your tax bill.

However, be sure you know how various tax moves may impact your financial situation before making each decision. Consider meeting with a tax professional who can help you sort out what makes sense for you.

Boost retirement plan savings

Reduce taxable income by making contributions to retirement savings plans. Pre-tax contributions to your workplace plan are deferred from current income. You can set aside up to $18,000 of income into a workplace plan if you are under age 50, or up to $24,000 if you are 50 or older. If you are covered by an employer-sponsored plan, you can make fully deductible contributions if you meet certain income requirements.

Those not covered by a retirement plan at work can make tax-deductible contributions to an individual retirement account (IRA). The IRA contribution limit for 2016 is 100 percent of compensation up to $5,500 for those under age 50 and $6,500 for those ages 50 and older.

Lock in losses on disappointing investments

You may be able to salvage something positive from an investment that has performed poorly if you sell it at a loss. Consider selling investments that have lost ground in a taxable account by year end. Those capital losses first wipe out other capital gains, and then up to $3,000 of other forms of income. If your 2016 capital losses exceed what you can use to offset gains and then other income, they can be carried forward to help reduce your tax liability in future years.

Before selling assets, make sure the move is consistent with your long-term investment strategy. Remember that one of the biggest tax benefits is maintaining unrealized capital gains – growth in an investment that you continue to hold. Gains are taxable when you sell an investment.

Keep in mind that the ideas included in this article are for general information and are not intended to be the primary basis for investment decisions. This information should not be construed as advice designed to meet the needs of an individual investor. Please seek the advice of a financial advisor regarding financial matters and consult your tax advisor or attorney regarding specific tax issues and strategies.

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October 30 @ 05:00 PM - October 30 @ 08:00 PM
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A Season in Sound: A Look at the Year to Come

October 30 @ 06:00 PM - October 30 @ 07:00 PM
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Wine & Cheese Class at Wölffer

October 30 @ 06:00 PM - October 30 @ 07:30 PM
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Hamptons Church Nominated For State And National Registers Of Historic Places

Hamptons Church Nominated For State And National Registers Of Historic Places

  • Dust off your favorite witch’s hat and opt for a paddleboard instead of a broom for Paddle Diva & Wych’s Bloom’s inaugural Witches Paddle on Wednesday, October 29, from 4–6 p.m. at Paddle Diva (10 Boat Yard Rd., East Hampton, NY). A portion of the proceeds will go to the Surfrider Foundation’s Eastern Long Island Chapter and its efforts to protect the world’s oceans, waves, and beaches through dedicated activism. ⁠
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We’ve all seen Witches Paddles grace our social media feeds, and now you can partake in the spooky fun! This tradition combines Halloween vibes with the healing power of nature as you glide and take in the beautiful Three Mile Harbor views.⁠
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Gina Bradley excitedly shared, “I am thrilled to be hosting this at Paddle Diva’s permanent location inside Swan’s Marina (formerly Vanderveer’s). This kind of paddle has been on my mind for many years, as I’ve seen them in all parts of the world, and it looks so cool seeing all the witches gracefully gliding along the water. This is particularly exciting because we’ve joined forces with Wych’s Bloom, a local herbal apothecary brand, and Surfrider to raise money and awareness for ocean and clean bay initiatives that are crucial for our waters on the East End of Long Island.”⁠
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“As an herbalist, Samhain, or Halloween, offers a special occasion for me to celebrate the healers who came before us to teach the wisdom of the plants in our region. I had seen people gathering for Witches Paddles all over the country, and as a surfer, I connected instantly with these events. When I texted Gina the idea, she was immediately in. That’s what I love about the women on the East End—they’re always up for an adventure,” shared Wych’s Bloom owner and Surfrider Foundation board member Christina Winters.⁠
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Join us in taking part in this one-of-a-kind event! Craft a witch’s outfit and set sail at the inaugural Witches Paddle for a great cause.⁠
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@paddlediva @wychs_bloom⁠
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#witch #witchespaddle #paddlediva #hamptons #halloween #easthampton⁠
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  • Check out the top Hamptons events this weekend!⁠
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🍎 Wölffer’s Cider Fest⁠
📅 Sat, Oct 25 | ⏰ 2–5PM⁠
📍 The Wine Stand, Sagaponack⁠
Sip cider, enjoy live music, games, and lobster rolls!⁠
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🍦 Buddhaberry’s Spooktacular Costume Party⁠
📅 Sat, Oct 25 | ⏰ 2–4PM⁠
📍 Buddhaberry, Southampton⁠
Bingo, trivia & costume prizes galore!⁠
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👻 Haunted Village⁠
📅 Sat, Oct 25 | ⏰ 11AM–4PM⁠
📍 Southampton History Museum⁠
Ghost stories, pumpkin carving & trick-or-treating!⁠
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🧙‍♀️ CMEE’s Halloween Bash⁠
📅 Fri, Oct 24 | ⏰ 4–6PM⁠
📍 CMEE, Bridgehampton⁠
Spooky crafts, games & costume contest!⁠
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🎬 The Horror Show at Sunset Theater⁠
📅 Oct 24–30⁠
📍 Westhampton Beach⁠
7 nights of scary movies 🍿⁠
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🎧 Halloween Silent Disco Dance Party⁠
📅 Sat, Oct 25 | ⏰ 7–10PM⁠
📍 Guild Hall, East Hampton⁠
3 channels, endless grooves—disco, funk & more!⁠
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🐾 Canines in Costume at LongHouse Reserve⁠
📅 Sat, Oct 25 | ⏰ 10:30AM–12:30PM⁠
📍 East Hampton⁠
Dress up your pup + enjoy treats & fun!⁠
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🎃 Bridgehampton Halloween Parade⁠
📅 Sat, Oct 25 | ⏰ 10–11AM⁠
📍 Hampton Library, Bridgehampton⁠
Trick-or-treat parade down Main Street!⁠
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🎸 The Cherry Bombs at The Stephen Talkhouse⁠
📅 Fri, Oct 24 | ⏰ 8PM⁠
📍 Amagansett⁠
Rock out all night! 🤘⁠
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🌲 Enchanted Forest Trail⁠
📅 Oct 25–26 | ⏰ 12–1:30PM⁠
📍 Quogue Wildlife Refuge⁠
Costume walk + crafts + games!⁠
⁠
🥁 Annual Ragamuffin Parade⁠
📅 Sun, Oct 26 | ⏰ 1PM⁠
📍 Sag Harbor⁠
Parade fun for all ages + pets!⁠
⁠
🐶 Little Lucy’s Annual Pet Parade⁠
📅 Sat, Oct 25 | ⏰ 1–4PM⁠
📍 Agawam Park, Southampton⁠
Prizes, live music & celebrity judges!⁠
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🕸️ Solé East’s Halloween Party⁠
📅 Sat, Oct 25 | ⏰ 8PM⁠
📍 Montauk⁠
Win a free weekend stay for best costume!⁠
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🍁 Centro’s Fall Festival⁠
📅 Sun, Oct 26 | ⏰ 12–5PM⁠
📍 Hampton Bays⁠
Pumpkin decorating, drinks & local vendors!⁠
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🔗 Click link in bio for more events at Hamptons.com⁠
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#hamptons #halloween #pumpkins #scarymovies #southampton #sagharbor #easthampton #costumes
  • East Hampton’s streets came alive with wagging tails and smiling faces for ARF’s 32nd Annual Stroll to the Sea Dog Walk. Families, friends, and their dogs gathered at the historic Mulford Farm, where the morning kicked off with vendors, photo ops, custom merchandise, contests, and prizes.

@arfhamptons 

#arf #hamptons #community #mainbeach #adoptdontshop❤️
  • Last Saturday, Wölffer held its annual harvest party at its scenic vineyard in Sagaponack. The annual fest brought together friends, families, and wine lovers to toast the season and harvest behind every bottle of Wölffer wine.⁠
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📸: Cameron Burton⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#wolffer #hamptons #wolfferwine #harvestparty
  • From Hollywood red carpets to Milan exhibits and Hamptons fashion shoots, Filbert Kung has photographed the world—but it’s his quiet, unguarded, and attentive nature that reveals the artist behind the lens.⁠ @filbert_kung 
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I met Filbert Diego Kung at a Grey/Ven fashion event in Amagansett last summer. He’s one of those rare photographers who instantly puts you at ease—calm, composed, and naturally good at making anyone feel like they belong in front of his lens. Had I known then just how in-demand Filbert is in the fashion and photography world, I probably wouldn’t have asked him to snap a few shots of me goofing off on the red carpet. But maybe that makes me a model? Either way, it was my first glimpse of how effortlessly he captures people as they are. In my case, goofy-but-make-it-chic.⁠
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Since then, I’ve seen him popping up around the Hamptons, often between flights to LA, Miami, or wherever the next big editorial or campaign takes him. Originally from the Philippines, Filbert has spent over fifteen years building a career that bridges Hollywood red carpets, high-fashion editorials, and fine art portraiture. ⁠
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Read the interview at Hamptons.com (Link in Bio)⁠
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⁠#photographer #photography #hamptons
  • From fall festivals to concerts, a lot is happening in the Hamptons this weekend! ⁠
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Check out the top Hamptons events this weekend!⁠
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🎃 Fall Festival at Good Ground Park⁠
📍 Hampton Bays | 🗓️ Fri, Oct 17 | 🕓 4–6PM⁠
Bring your pre-carved pumpkin & compete for prizes! Games, food truck, costume parade & more!⁠
👉 Link in bio⁠
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🍷 Wölffer’s Candlelight Fridays⁠
📍 Sagaponack | 🗓️ Fri, Oct 17 | 🕓 4–7PM⁠
Live music, seasonal pairings & cozy vibes 🍁⁠
👉 Link in bio⁠
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🖼️ Like No One: Michael McDowell Exhibition⁠
📍 East Hampton | 🗓️ Oct 17–19⁠
🎉 Opening reception: Sat, Oct 18 | 4–8PM⁠
Fine art lovers, don’t miss this!⁠
👉 Link in bio⁠
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📚 BookHampton: Caroline Sutton in Conversation⁠
📍 East Hampton | 🗓️ Sat, Oct 18 | 🕕 6PM⁠
Nature meets literature in this insightful author talk.⁠
👉 Link in bio⁠
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👟 Shelter Island Fall 5K Run/Walk⁠
📍 Shelter Island | 🗓️ Sat, Oct 18 | 🕚 11AM–2PM⁠
Run/walk for a cause—supporting Breast Cancer Awareness 💗⁠
👉 Link in bio⁠
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🏛️ 32nd Annual Landmarks Luncheon⁠
📍 Maidstone Club | 🗓️ Sat, Oct 18 | 🕦 11:30AM–2:30PM⁠
Hosted by LVIS, spotlighting the history of East Hampton’s Freetown.⁠
👉 Link in bio⁠
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🍂 Amber Waves’ Oktoberfeast⁠
📍 Amagansett | 🗓️ Sat, Oct 18 | 🕑 2–5PM⁠
Seasonal dishes, live music, dancing & games 🎶⁠
👉 Link in bio⁠
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🎻 BCM Autumn: Brooklyn Rider⁠
📍 Bridgehampton | 🗓️ Sat, Oct 18 | 🕔 5–6:30PM⁠
A powerful string quartet performance you won’t want to miss.⁠
👉 Link in bio⁠
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🍷 Cab Franc Forward Winemaker’s Dinner⁠
📍 Shelter Island | 🗓️ Sun, Oct 19 | 🕔 5PM⁠
Multi-course dinner + Cab Franc pairings = 🍽️🍇 perfection⁠
👉 Link in bio⁠
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✨ So much happening this weekend — which event are you heading to first?⁠
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#hamptons #fall #fallfestival #shelterisland #5k #wine #winedinner #amberwaves #wolffer
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