Good Financial Reads: Let's Talk Taxes (Part 2)

Lets Talk Taxes (Part 2)

The Tax Benefits of Investing in Opportunity Zones

by Sahil Vakil, MYRA Wealth

The new Tax Cuts and Jobs Act created a new opportunity for investors who can receive special tax incentives for investing in distressed areas. This program is called Opportunity Zones.

The purpose of this program is to “spur development and job creation in economically distressed areas.”

How can you invest in an Opportunity Zone? What is required and what kinds of incentives exist?

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Do You Qualify for the 199A QBI Deduction?

by Sahil Vakil, MYRA Wealth

The Tax Cuts and Jobs Act introduced the 199A deduction in 2018. Taxpayers earning domestic income from a trade or business operating as sole proprietorships, partnerships, S corporations, or LLCs may be eligible for this deduction. This 20% deduction against qualified business income will be effective until the end of 2025 unless extended by Congress. While it is attractive, 199A has complex requirements. Here’s an overview of this new tax provision and how it may benefit you.  

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Can I Deduct Student Loan Interest On My Taxes If The Loan Was From A Non-US Bank?

by Sahil Vakil, MYRA Wealth

If you file taxes in the US, you may be able to deduct student loan interest from your taxable income. But what if the interest payments are made on a student loan from a non-US bank?

The quick answer is yes, you might be eligible for the student loan interest deduction. However, you’ll still need to meet other requirements for the interest payments to be deductible. 

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Minimizing Taxes on Stock Sales

by Britton Gregory, Seaborn Financial, LLC

You've got shares of an individual stock worth a hefty chunk of change, held in a standard taxable account that's gone up in value -- maybe an inheritance, maybe a gift, maybe employer stock. Huzzah! But if you sell, you'll have to pay taxes on the sale. Booooooo. And while "a tax deferred is a tax avoided", you'd kind of like to actually spend your wealth. So: what do you do?

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Honey, Where's the Cost Basis?

by Craig Joncas, Penobscot Financial Advisors

We’re getting down to ‘crunch time’… just a few weeks to go before April 15 (or for those of us in the states that recognize Patriots’ Day as a holiday, April 16.)  It’s around this time that advisors across America start to get a steady stream of calls that go a bit like this:

“Hi-  it’s Claire (or Claire’s accountant).  There’s a stock being reported on our tax form as sold, but they’re calling it a ‘Non-Covered holding’ and showing it as a ‘zero’ cost basis.  It’s resulting in my owing a bunch of taxes.  How can we fix that?”

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For more on taxes, be sure to check out Part 1 of this series Good Financial Reads: Let's Talk Taxes (Part 1).


Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

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