Tag Archives: tax planning

After years of diligent saving, you probably built a significant nest egg to afford a comfortable retirement, but that doesn’t mean you’re ready to put your feet up and coast through your golden years. Preparing for retirement requires having a plan in place to address your spending habits, rising healthcare costs, changing tax laws and […]

Today’s federal estate tax exemption is so generous that only a handful of ultra-high-net-worth families are subject to tax at a rate as high as 40 percent. This is set to change in 2026 when the amount taxpayers may exclude from estate tax is scheduled to be cut in half and reduced to approximately $6 […]

The IRS released its 2024 cost-of-living adjustments for retirement savers. Among the highlights are higher annual contribution limits to qualifying plans and higher income limits for individuals to make deductible contributions to traditional Individual Retirement Arrangements (IRAs) or make a taxable contribution to a Roth IRA. Employer-Sponsored Retirement Plans For 2024, the maximum contribution employees […]

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 […]

Your income can come from various sources, including employment wages, business income, investment returns and even lottery winnings. As you receive money, it is important to recognize what you are required to report to the IRS and the amounts subject to federal taxes (and sometimes state and local taxes as well.) Understanding these concepts can […]

On March 28, the Biden administration unveiled its fiscal budget for 2023, indicating its plan to “cut costs for families, cut the deficit and expand the productive capacity of the economy.” Among the provisions included in the budget are higher tax rates for corporations and individuals, including a new minimum tax on billionaires. Whether these […]