	AllExperts > Tax Law (Questions About Taxes)
	Search

About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. Visit my website at www.johnstancilcpa.com. Also visit my blog, www.thetaxdocspot.com.

Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill College

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Severence Taxes

Tax Law (Questions About Taxes) - Severence Taxes

Expert: John Stancil, CPA - 11/3/2009

Question
I've just been offered a severance package that will push me into a higher tax bracket for 2009. I was thinking of selling stock to offset it but the limits only $3,000. Do you have any other suggestions how I might reduce my income prior to yearend. Thank you

Answer
Steve,

Thanks for your question.

Assuming you itemize your deductions, you can make some charitable contributions to lower your income. The problem with this approach to tax reduction, however, is that for every dollar you deduct, you only get a 10-35 cent reduction in your taxes.

You could also "speed up" deductions, paying for taxes and other deductible items before the end of the year.

If eligible, you could contribute to an IRA for yourself and spouse (assuming you are married).

That's about it. Hope this helps.

John Stancil, CPA

Ask a Question