Categories

Tax Planning

7 Things to Consider When Buying Life Insurance By Scott Montgomery

Posted June 1, 2023

Life insurance is a vital estate planning tool intended to help you protect your surviving family members from significant financial burden and other economic risks that can occur when you pass away. In the simplest terms, a life insurance policy passes outside of probate to your beneficiaries, providing them with immediate funds to pay required […]

Do I Qualify for an Electric Vehicle Tax Credit in 2023? By Scott Montgomery

Posted April 18, 2023

The Inflation Reduction Act (IRA) signed into law in August 2022 includes a potential $7,500 tax credit for individuals who purchase new, clean-energy vehicles in 2023 and a $4,000 tax credit for the purchase of used electric, hybrid and hydrogen-cell vehicles. However, according to recently proposed IRS guidance, qualifying for the credit is more challenging […]

2023 Federal Tax Information

Posted March 3, 2023

The professionals of Provenance Wealth Advisors provide a comprehensive approach to income, estate, financial and business planning. We take pride in helping clients navigate complex financial and risk environments. To learn more about Provenance Wealth Advisors financial planning services click here or contact us at info@provwealth.com

UPDATED Estate Tax Relief to Ultra-High-Net-Worth Families by Lee F. Hediger

Posted March 2, 2023

Effective for 2023, the federal estate tax exemption increases to $12.92 million, or $25.84 million for married couples filing joint tax returns. What this means is that individual taxpayers can transfer up to $12.92 million in assets to their heirs (or up to $25.84 million for married couples filing jointly) during life or at death […]

There is Still Time for Trusts to Reduce 2022 Tax Liabilities By Robert Mark Weiss, CFA

Posted January 24, 2023

Although 2023 is well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2022 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2023. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute […]

Do Foreign Persons Have U.S. Estate Tax Responsibilities? By Melvin Perez, CFP®

Posted January 12, 2023

It is no secret that the U.S. tax code is complicated. For foreign persons, compliance with U.S. tax laws is particularly onerous, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an individual’s immigration status. For income tax purposes, the U.S. presumes foreign persons to be nonresident […]

IRS Increases Retirement Plan Contribution, Eligibility Limits for 2023 By Olga Ismail

Posted December 28, 2022

The IRS released its annual cost-of-living adjustments for retirement savers in 2023, increasing the contribution limits and income eligibility requirements in the new year. One week previously, the Social Security Administration announced an 8.3 percent increase in Social Security and Supplement Security Income benefits, which it expects will help retirees weather higher consumer prices and […]

IRS Announces Inflation-Adjustments for 2023 Tax Rates By Scott Montgomery

Posted December 21, 2022

The inflation adjustments to various provisions of the tax code increase significantly in 2023 due partly to rising consumer prices and persistent inflation. It is important to consider these changes as you engage in estate planning and preparing for tax efficiency this year and in the years ahead. In some instances, you could find yourself […]

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