As we come off of tax season, I thought I’d share a few interesting (and sometimes overlooked) tax facts that might surprise you, plus a quick reminder about our music royalty fund and an easy way to watch the webinar replay.

10 Tax Facts You Might Not Know

1. Social Security benefits can be taxable – Depending on your income, up to 85% may be subject to federal tax.
2. You can deduct medical expenses but only above a threshold – 7.5% of your adjusted gross income.
3. Home office deductions aren’t just for the self-employed – Certain W-2 employees in specific roles may qualify too.
4. Gambling winnings are taxable – But losses can only be deducted up to the amount you won.
5. You can gift $17,000 per year, per person – Without triggering gift taxes, thanks to the annual exclusion.
6. You can carry forward unused charitable deductions – If your charitable deductions exceed annual limits, the excess can be carried forward for up to 5 years.
7. Capital loss carryovers don’t expire – You can use them to offset gains in future years.
8. Capital gains on inherited property are taxed on a “stepped-up basis” – The asset’s value resets to its market value at the time of the decedent’s death.
9. IRA contributions can be made up until Tax Day – You can still contribute for the prior year up until the tax filing deadline (April 15 in most years).
10. Roth IRAs don’t have required minimum distributions – Unlike traditional IRAs, they offer more flexibility in retirement.

Thanks as always for being part of the Eppler Capital Funds community.

Best,

Craig