Financial Tip of the Week with Steve Sexton: Tax Update for 2011, Ways to Save
The San Diego Entertainer’s own financial expert, Steve Sexton, provides the Channel 6 San Diego Living Show with a financial tip every Tuesday. We are thankful to be able to share his financial expertise with our readers in the clip below.
This week, Steve Sexton talks about tax updates for 2011 and how to protect your income in regard to interest income, dividends and capital gains.
Steve shares that tax cuts have been extended and 56% of the United States do not pay taxes while the other 44% pay taxes on money they are not even spending!
Most people report all their income on their tax return and Steve says that with interest income from CD’s and short term capital gain from mutual funds, you can sell off your losing mutual funds to offset the winning mutual funds and even out your taxes. You can also use tax deferral to eliminate the interest income tax all together.
Steve encourages viewers to use the next 2 years to organize their dividends as we see a 15% taxation right now but in 2 years it will increase to 39.6%!
And regarding capital gains, Steve says, if you are in the 15% tax bracket, there is no tax right now and if you are over the 15% bracket, you pay 15% taxes but in 2 years it will increase to 15% for everyone up to the 15% bracket and increase to 20% for those above.
Be sure to watch Steve Sexton below as he gives further insight on how to keep your money from falling through the cracks this year!
Steve Sexton is a financial expert who personalizes each individual’s financial plan on their unique circumstances and goals. He has over 15 years experience in the financial services industry and holds multiple licenses and designations including being a Better Business Bureau member and a National Ethics Bureau Member.
If you would like to learn more about securing your financial wealth and freedom, planning for your retirement or to reserve a spot in one of Sexton’s free financial workshops you can visit www.sextonadvisorygroup.com. Or you can reach the Sexton Advisory Group by contacting Steve Sexton at firstname.lastname@example.org or by calling 951-695-8810.
Don’t forget to watch Steve Sexton on the Channel 6 San Diego Living Show every Tuesday for more financial tips!