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Tax Planning

UPDATED Timing Social Security Benefits By Lee F. Hediger

Posted March 26, 2024

If you turned 62 this year, congratulations! You may be eligible to begin collecting Social Security benefits. However, the longer you wait to start claiming benefits, the higher the monthly payout you will receive. For example, by waiting until you reach your full retirement age (FRA), as defined by the Social Security Administration (SSA) based […]

Changes to the Electric Vehicle Tax Credit in 2024 By Scott Montgomery

Posted March 12, 2024

Individuals will find it easier and faster to claim tax credits of as much as $7,500 for new electric vehicle purchases in 2024. However, fewer cars qualify for the credit this year due to more stringent requirements concerning the manufacturing and assembly of batteries and other vehicle components. The clean vehicle tax credit, introduced by […]

What is Private Placement Life Insurance, and How Can it Help High-Net-Worth Investors Maximize Tax Efficiency? By Eric P. Zeitlin

Posted January 24, 2024

The more wealth a family acquires, the more tools they need to preserve those assets for future generations and protect them from the long arms of tax agencies in the U.S. and abroad. One such tool earning the attention of family offices and ultra-high-net-worth individuals worldwide is private placement life insurance (PPLI). In the simplest […]

IRS Sets Inflation-Adjusted Individual Tax Rates for 2024 By Kathleen Marteney, CRPC®

Posted January 3, 2024

The IRS recently released the 2024 cost-of-living adjustments to various provisions of the tax code, which you will use to file your federal income tax return in 2025. Marginal Income Tax Rates The following rates apply to individuals’ income in 2024. 37 percent for individual, single taxpayers with incomes greater than $609,350 ($731,200 for married […]

What is Tax-Loss Harvesting? By Todd A. Moll, CFP®, CFA

Posted December 19, 2023

While investors welcome market gains, they should not overlook the substantial tax liabilities their positive-performing investments may incur when it comes time to sell. Generally, investors are subject to capital gains tax as high as 37 percent when they sell non-retirement investments, real estate or other appreciating assets. However, it is possible for investors to […]

Financial Advisors May Help Investors Achieve Tax Alpha By Joseph Karl, CFA

Posted October 17, 2023

It is no secret that taxes can take a big bite out of investment returns. Consequently, it is essential to thoroughly analyze the short- and long-term tax implications of your investment decisions with an eye toward achieving tax alpha, or the added value that comes from implementing strategies that effectively reduce tax burdens on portfolio […]

Streamlined Annual Reporting Available to More Employee Benefit Plan Sponsors for 2023 Plan Year By Sean Deviney, CFP®*

Posted August 24, 2023

Earlier this year, the IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) issued final changes to the annual reporting requirements of employee benefit plan sponsors for their 2023 filings of IRS Forms 5500 and 5500-SF. The revisions were introduced as part of the Setting Every Community Up for Retirement Enhancement Act of […]

Income, Estate and Retirement Planning with Taxes in Mind by Eric P. Zeitlin

Posted August 15, 2023

Engaging in estate and financial planning without paying attention to taxes can be a fool’s errand. Tax awareness can be tantamount to all aspects of saving, investing and spending. Failure to consider the tax implications of any estate or financial plan component may negatively affect expected returns and result in significant tax liabilities. Tax Terms […]

Donor-Advised Funds Gain Popularity as a Means of Charitable Giving By Eric P. Zeitlin

Posted August 1, 2023

According to the Giving Institute’s 2023 Annual Report on Philanthropy, charitable giving in the U.S. decreased more than 10 percent in 2022 from a record high the prior year. However, one area of giving that appears to be growing is the use of donor-advised funds (DAFs), which saw contributions and grants to philanthropic organizations increase […]

What is a Spousal Lifetime Access Trust? By Lee F. Hediger

Posted July 27, 2023

One of the basic principles behind proper estate planning is to help ensure that decedents’ hard-earned wealth passes to their heirs in the most tax-efficient manner, which often means minimizing exposure to federal estate and gift taxes. While there are a variety of trust vehicles and other strategies individuals may use to achieve this goal, […]

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