Exposure Strategies & Plans
Limit tax exposure and establish plans to get the most from your income and assets.
Legislative Update: The CARES Act of 2020
The CARES Act is the most substantial federal legislation to pass in response to the coronavirus pandemic. It contains several notable changes that impact individual financial plans, which are outlined here.
Legislative Update: The SECURE Act and Elimination of the Stretch IRA
Just when we thought that we were going to finish out the year 2019 without any major tax law changes, some significant retirement savings reform legislation was signed by the President on December 20, 2019.
Top 10 Year-End Tax Planning Ideas for Individuals
Year-end tax planning for 2019 takes place against the backdrop of legislative changes that occurred in late 2017 that fundamentally altered the tax rules for individuals and businesses. The Tax Cuts and Jobs Act (TCJA) was the largest tax law change in 30 years, and 2018 was the first year that TCJA changes were in effect. It seems as if some taxpayers are still just filing their 2018 tax returns that were on extension and digesting the impact that the TCJA had on their situation, and now we are planning for the 2019 year-end already.
Top 10 Tax Planning Ideas for Businesses and Business Owners
Year-end tax planning for 2019 takes place against the backdrop of legislative changes that occurred in late 2017 that fundamentally altered the tax rules for individuals and businesses. The Tax Cuts and Jobs Act (TCJA) was the largest tax law change in 30 years, and 2018 was the first year that TCJA changes were in effect. For businesses, the TCJA cut the corporate tax rate to 21%; the corporate AMT is now gone; there are new limits on business interest deductions; and the law significantly liberalized expensing and depreciation rules.
Filer Beware: The Top 12 Scams Leading Into the 2019 Tax Season
Beware of criminals who continue to use devious tactics to steal money and personal information from unsuspecting victims. As we enter the 2019 tax filing season, this is a time when many of the common tax scams that taxpayers encounter increase as individuals prepare to file their returns by April.
New Kiddie Tax Rules Could Result in Big Changes
The 2017 Tax Cuts and Jobs Act (2017 TCJA), modified the Kiddie Tax to effectively apply the estates' and trusts' ordinary and capital gains rates to the net unearned income of a child.
Making Florida Your Domicile
Sunshine, beaches, attractive housing options—it is no wonder that Florida is one of the most popular places to live in the U.S.
Home Acquisition Interest and Home Equity Interest Changes
The Tax Cuts and Jobs Act (TCJA)’s influence on home acquisition and equity interest is significant for high-net-worth individuals who will consider buying, building, or improving their residence after 2017.
Planning for the New Qualified Business Income (Pass-Through) Deduction
The new qualified business income deduction provision in the Tax Cuts and Jobs Act (TCJA) gives a 20% deduction for qualified business income.
Where Have All the Deductions Gone?
You don’t need to remember Pete Seeger’s iconic folk song about flowers and war to realize many former income tax deductions are now pushing daisies in the graveyard created by the Tax Cuts and Jobs Act (TCJA) of 2017.
The Implications for Estate Planning
Under the recently enacted Tax Cuts and Jobs Act (TCJA), many people will find that they’re not subject to federal estate taxes, because their estates are worth less than the new exemption equivalent amount.
Six Smart Strategies to Defer Taxes (and Boost Retirement Savings)
Looking to trim your tax bill? Contributing the maximum amount to your 401(k) can help lessen your taxable income.