Joe Ramos, CEO & Sr. Wealth Advisor
Joe Ramos, CEO

Letter from the CEO

Tax Planning Update



The rising cost of health insurance is a great concern for individuals and business owners alike. However, the Federal government does provide some assistance in the form of tax breaks, including deductions for Health Savings Accounts (HSAs) and other health insurance costs. We detail the provisions for employees, employers, and the self-employed in Maximizing Health Insurance Tax Deductions.

Donating a used car or other vehicle to charity does more than just support the nonprofit of your choice. It also allows you to claim a deduction on your Federal income tax return. Because the rules governing vehicle donations have tightened in recent years, it is important to understand the donation process and the procedures for claiming the deduction. In Tax Benefits of Donating Used Vehicles to Charity, we provide more information.

Finally, if small, interest-free loans are a common practice in your family, be aware that there may be tax consequences on large transfers of money between adult family members. Properly structured intra-family loans can serve as a means of passing wealth to the next generation, while keeping interest payments within the family and minimizing taxes. We explain the details in Keeping Taxes Low When Making Loans to Family Members.

As always, we welcome your comments,

C. Joseph Ramos