TAX PLANNING | 08/29/2024 If you’re required to take required minimum distributions (RMDs) from a traditional IRA and also have charitable giving goals, a qualified charitable distribution (QCD) can be a powerful tax-saving strategy. By leveraging this approach, you can fulfill your philanthropic intentions while reducing your taxable income and potentially qualifying for additional tax …
TAX PLANNING | 08/24/2024 A 529 plan is a powerful, tax-advantaged savings tool designed to help families save for education expenses. Whether for college or eligible K-12 expenses, these plans offer potential tax-free earnings and other significant benefits when used strategically. Starting in 2024, unused 529 funds can even be rolled into a Roth IRA …
TAX PLANNING | 08/08/2024 With key provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire at the end of 2025, many business owners are reassessing their entity structures. The expiration of the qualified business income deduction (Section 199A) and the reversion of individual tax rates in 2026 raise questions about …
TAX PLANNING | 05/20/2024 Business owners can structure their companies in several different ways, depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Anyone starting a business should consult a qualified tax professional, such as an accountant or tax …
TAX PLANNING | 03/03/2024 Key insights Establishing a trust can be a crucial part of estate planning, but understanding how the trust’s income will be taxed is equally important. Changes such as those introduced by the American Taxpayer Relief Act of 2012 (ATRA), which increased income tax rates and introduced the Net Investment Income Tax …