In This Issue

Review Gains & Losses Now to See if Action by Dec.31 Can Save 2014 Taxes

Affordable Care Act EReview Your 529 Plan Before Year-Endxemptions

Corporate Inversions Can Affect Your Taxes

What to do With Your Required Minimum Distribution

How Much Time is Left to Make Donations You Can Deduct on Your 2014 Return?

GilbertFIT Solves Problems...A Case Study

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Money Market Funds: Gains and Losses

If you stash some of your savings in money market funds, you probably take for granted that the share price is always $1. Keeping the value stable even though the price of the fund's underlying investments varies makes these accounts "feel" like a regular bank account.

However, with the exception of a period in 2008 and 2009, money market funds are not insured by the federal government the way regular bank accounts are. That ... (Read More)

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- Gilbert Client

"I've had the opportunity to work with numerous CPA firms over the last 20+ years.Gilbert Associates is the most responsive and knowledgeable I have ever worked with."

- Steven Kuhn & Carol VanBruggen

DECEMBER 2014

As we wrap up 2014, there is a lot to review financially before the clock strikes midnight on December 31st . If you are going to make a sizable charitable donation, we give you some last minute tips to make sure your donation gets counted as a 2014 tax deduction.

Did you turn 70 1/2+ in 2014? If you did, are you aware that tax law requires individuals with retirement accounts to take annual withdrawals based on the size of the account? If you don't take the required minimum distribution (RMD) you could be penalized. We have included some suggestions on what you can do with the distribution if you don't need the money for living expenses.

End of year wrap-up can be overwhelming, if you have any questions on any topic regarding your finances and tax law please give us a call; we're here to help so that you can relax.

Review Gains & Losses Now to See if Action by Dec.31 Can Save 2014 Taxes

Appreciating investments that don't generate current income aren't taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax...(Read More)

Review Your 529 Plan Before Year-End

December is not generally the time of year that brings school to mind. But adding a review of your 529 education savings account to your year-end planning list could save you tax dollars. Here are three ideas to consider before December 31.

Review plan investments. You can change the investments in 529 accounts once a year, generally without federal income tax consequences...(Read More)

Corporate Inversions Can Affect Your Taxes

The decisions made by some publicly traded U.S. companies to reduce corporate taxes could impact your personal return. For example, certain mergers between U.S. and foreign companies can result in capital gains when you own stock in a U.S. company. That's because these transactions, which are sometimes called inversions, can be considered sales under current tax rules.

The inversion part - when a U.S. company becomes the subsidiary of the foreign company - means the U.S. company issues replacement shares. Typically, you receive new shares equal to your former holdings, but little or no cash...(Read More)

What to do With Your Required Minimum Distribution

Have you already withdrawn the annual "like-it-or-not, need-it-or-not" distribution from your traditional IRA? If you haven't, keep in mind you're required to take minimum withdrawals annually once you reach age 70�, and December 31 is the deadline for avoiding penalties.

What if you don't need the money for living expenses? You still have to take a required minimum distribution, or RMD, from your account, based on your age and the total prior year-ending balance in all your IRAs...(Read More)

How Much Time is Left to Make Donations You Can Deduct on Your 2014 Return?

To take a 2014 charitable donation deduction, the gift must be made by Dec. 31, 2014. According to the IRS, a donation generally is "made" at the time of its "unconditional delivery." But what does this mean? Is it the date you, for example, write a check or make an online gift via your credit card? Or is it the date the charity actually receives the funds - or perhaps the date of the charity's acknowledgment of ...(Read More)

GilbertFIT Solves Problems

A Case Study - Part Detective, Part Accountant

The Problem: One of our clients came to us solve and difficult and immediate problem. A key financial employee retired without having trained a replacement or documenting their accounting process. As is the case with many longstanding small and medium sized businesses, supporting documents and key data were trapped in old legacy software. The accounting system was also an extremely complicated web of interconnected spreadsheets. The Gilbert team combined their collective experience...(Read More)