Common tax forms and associated issue deadlines: With the start of a new year, we have the start of a new tax season. When preparing to file your taxes, you’ll need several important forms that...
What are a few financial steps to take before the end of the year?
Financial steps to consider taking before the end of the year: REVIEW YOUR ESTATE PLAN Regularly reviewing your estate plan is crucial to ensuring that it continues to reflect your wishes. Changes...
What are some year-end 2024 tax planning tips?
Last Minute Tax Planning Tips for 2024 As we approach the end of 2024, we wanted to share some helpful tips that could potentially reduce your 2024 income tax liability. Please discuss these tips...
Update: If I inherited an IRA, do I have to cash it out or take RMDs? What is the “10-Year Rule?”
Some of you may remember this question from our October 2022 newsletter. At that time, we were waiting for the IRS’ proposed regulations to be signed into law. On July 18, 2024, the IRS issued the...
What tax planning strategies should I consider before the TCJA expires?
The Tax Cuts and Jobs Act (TCJA) contains many provisions that have significantly changed the income tax landscape for our clients and is set to sunset, or expire, at the end of 2025. This means...
Can I make a tax-deductible traditional IRA contribution?
A Traditional IRA serves as a valuable tool for individuals seeking to save for retirement while deferring taxes. Nevertheless, several factors come into play when assessing eligibility for...
How are my capital gains taxed?
Tax returns are complicated. To add to their complexity, investment income generated by stocks, bonds, and other investment assets may be taxed differently than your other sources of income....
What is a donor-advised fund and how can I use one while bunching charitable contributions?
In our Q&A last month, we discussed bunching charitable contributions as a potential strategic option to lower your tax bill. Bunching contributions involves making multiple years’ worth of...
Wealth Management Q&As
Wealth Management is more than investment management. It considers the larger picture. While your investments are critical to your success throughout retirement, it is also important to understand how your taxes, finanical plan, estate, and insurance can affect both your overall situation. Do you know when you should begin collecting social security to maximize its benefit? Have you followed the necessary steps to help your assets pass efficiently to your heirs, avoiding probate? If 529 plans are applicable to you, have you considered 529 plan superfunding or how to maximize 529 plan tax advantages? Our wealth management Q&As consist of popular topics among our clients and are not limited to investment management.