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DECEMBER 09 - DECEMBER 15, 2021 3
Relaxing at the San Diego
Take steps to save on 2021 income
Mission Bay Resort
taxes before the year runs out By Greg Aragon
As 2021 winds down, it’s a good time to assess whether there are opportunities to trim this year’s tax bill. Waiting until you begin to work on your tax return in early 2022 will be too late to save in most cases. So, if you’re interested in potentially saving on taxes, you should plan now before 2021 comes to an end. Consider if any of these actions make sense for you. Manage your deductions Wondering if you should itemize your deductions? For 2021, the standard deduction for a single person is $12,550, and for a married couple filing a joint return is $25,100. If your deductible expenses1 (such as mortgage interest, state and local income or sales taxes and property taxes) don’t exceed that amount, claiming the standard deduction may be best for you. For many people, this can be a close call – you might itemize one year and claim the standard deduction the next. To the extent possible, you may consider consolidating deductible expenses in one year to itemize and then claiming the standard deduction in the future. Make timely investment decisions Buying and selling investment decisions shouldn’t be based on tax considerations alone. If you own mutual funds in taxable accounts, you may receive a capital gain dividend before year’s end, which will be subject to tax. You may want to avoid buying into a mutual fund late in the year if it is on the verge of making a sizable capital gain payout. By doing so, you pick up a quick tax liability when the gain is paid, without benefiting from the previous performance that generated the gain.
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Jean D. Koehler. | Photo courtesy
While no one likes investment losses, you may be able to use them to generate a positive result: a lower tax bill for a given calendar year. The U.S. tax code requires that losses first offset gains of the same type. For example, short-term losses will first offset short-term gains. Because of the higher tax rate for short-term gains, focusing on short-term losses can have a more substantial effect on your tax savings than long-term losses – especially if you are in a higher federal tax bracket. If you didn’t have capital gains this year, you can use up to $3,000 in capital losses to reduce ordinary income. You can carry over any remaining net capital loss to future tax years until you use the loss. Maximize retirement plan contributions Boosting pre-tax contributions to your workplace retirement plan may reduce current taxable income while helping you build savings for the future. How much it may impact your current taxable income is based on your current tax rate and
your filing status. Take full advantage of charitable contributions In 2021 only, an individual who doesn’t itemize deductions for the tax year may deduct charitable contributions of up to $300 ($600 for a married couple filing a joint return). To be eligible, contributions must be made in cash to certain charitable organizations but not to donoradvised funds or certain private foundations. Seek guidance If you are seeking to implement these or other significant tax-saving strategies, be sure to check with your financial and tax advisors for confirmation that the measures you are implementing are the most appropriate for you. Jean D. Koehler, CLTC®, CRPC®, RICP®, CKA®, is a Financial Advisor with Ameriprise Financial Services, LLC. in Arcadia, Ca. She specializes in feebased financial planning and asset management strategies and has been in practice for 21 years. To contact her, please visit her website at https:// www.ameripriseadvisors.com/ jean.d.koehler/ or call her office at (626)254-0455. 55 East Huntington Drive Suite 340, Arcadia California 91006.
t was 42 steps across the grass from my suite at San Diego Mission Bay Resort to the sandy beach where ducks were playing in the water. I know because I took this memorable stroll dozens of times during my two nights at the luxurious, waterfront hotel. My recent getaway to San Diego Mission Bay Resort began when a friend and I checked into a beautiful King Waterview Studio overlooking the city’s iconic Mission Bay. Boasting 670-square-feet, the Southern Californian-styled room featured bright and festive hues and came with a huge flat screen TV, comfy king bed, small sleeper sofa, lounge chair and sophisticated, beach-chic furniture. The room also featured a large, spacious bathroom; microwave; small refrigerator; bar and sink; coffee maker; and super hi-speed Internet. But the suite’s best feature was its patio overlooking a large green lawn, a walking/ biking path, and Mission Bay a few steps beyond. From the patio we could scan the beautiful bay, watch kayakers, kite surfers and stand-up paddle boarders go by, ducks and seagulls play in the water with the sun set into the horizon. When not in our room, we spent much of our time at the outdoor, Mediterraneaninspired pool area. Here we relaxed in a shady cabana, laid in deck chairs to get some rays, and swam in the crystalclear water. The 4,000 squarefoot, family-friendly area offers a large adult pool and a small kiddie pool for toddlers. There is also a serene pond and waterfall where ducks like to hang out, and a giant lawn chair for taking fun pictures in. From the pool we explored more of the property. San Diego Mission Bay Resort officially reopened in July after completing a $32-million renovation of the expansive 18-acre property. Located in the heart of San Diego on the scenic Mission Bay Park waterfront, the lavish 357-room,
San Diego Mission Bay Resort is a destination paradise on the water. | Photo courtesy of Greg Aragon
year-round resort is ideal for guests seeking to explore the region’s vibrant culture and nearby attractions. “Our transformation captures the essence of everything this luxury coastal playground has to offer, and we are excited for guests to experience this iconic Southern California resort and to enjoy the true ‘soul’ of San Diego,” says Douglas Rucker, general manager of San Diego Mission Bay Resort. “We embody the genuine San Diego way of life, connecting the easy beach lifestyle to the surrounding cultural vibrancy through creative programming and thoughtful, regionalized design.” The reimagined resort also features a full-service spa and fitness center, five tennis courts, basketball courts, gift shop, restaurant and poolside grill. Additionally, the hotel provides over 16,000-sq-ft of interior meeting and function space, and 9,600-sq-ft of outdoor meeting space. After touring the property, we headed back to the room and relaxed on the patio. While here a friendly duck waddled near us and led us to the sand. She then hopped in the water and floated away with her friends. Since it was a hot afternoon we waded in the water, admiring Mission Bay. Mission Bay Park is the largest man-made aquatic park in the country. It is made up of two islands, lots of coves and numerous points jutting into the water. Sandy beaches are scattered about the shoreline and because of its geography, there is lots of protection from ocean waves, making it perfect for kayaking, paddle boarding and even swimming. Surrounding Mission Bay are beautiful family parks with
barbeques, benches, restrooms, playgrounds for kids, and swimming areas. A highlight of the park is a 12-mile-long paved path for runners, bikers, skaters and walkers. Next to the bay is SeaWorld San Diego and Belmont Park Amusement Park. For dinner we experienced Covewood, the resort’s signature restaurant. Inspired by Coastal California, the restaurant serves up woodfired pizzas, local beef, poultry and seafood -- all ready to be paired with fine wine or foodfriendly cocktails. Our meal began with crab cakes with roasted corn salsa and old bay remoulade. Tuna Tartar with avocado mousse, seaweed salad and chile vinaigrette came next, followed by salted caramel brussels sprouts with gorgonzola cheese. For the main course I devoured pan seared diver scallops with sunchoke puree, bok choy and smoked tomato vinaigrette. My companion enjoyed Achiote-grilled skirt steak with corn, purple potato hash and grilled scallions with chimichurri. After dinner we sat on the sand beside one of the resort’s fire pits and roasted s’mores for the perfect dessert as the sun fell behind the bay. The next morning, we rented bikes and rode the Mission Bay bike path. After a few miles, we found a shady tree by the shore and had a picnic. Besides bikes, guests at the resort can rent kayaks, paddle boards, peddle boats, sail boats and more. San Diego Mission Bay Resort is located at 1775 East Mission Bay Drive, San Diego, CA 92109 For more information on current specials and reservations, visit www.missionbayresort.com or call 619-677-1161.
