Category: Tax Planning

Everyone loves a windfall! That is, until they see the tax bill. There are a number of circumstances that can result in a large amount of unexpected income in a single year, which may be great for your savings, but could have unforeseen consequences when it comes to your tax return. For anyone who has [...]

As wealth managers, we often help clients navigate strategies to maximize their retirement savings and tax advantages. One powerful tool in the arsenal is the Roth conversion, including the “Mega Backdoor Roth.” But what are Roth conversions, and how can they help you achieve your financial goals? What is a Roth Conversion? A Roth conversion [...]

Update April 7, 2025: FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and Persons On March 21, 2025, The U.S. Department of Treasury issued a press release announcing that its Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that eliminates the requirement for U.S. companies, U.S. persons, and domestic reporting companies [...]

It’s that time of year to begin collecting documents in order to prepare your tax return. The good news is that the process is becoming ever easier and more streamlined. You can download our one-page guide on accessing your tax documents here, or read on below for instructions on navigating the Fidelity and Schwab websites [...]

Your teenager may have had their first job working at the snack shack last summer, and their W2 just arrived in the mail.  Or perhaps you collectively decided to sell some of the gifted Microsoft stock from their custodial account so your teenager could purchase their first car.  Now you’ve received a 1099 and wonder [...]

The Beatles taught me my first lessons about taxes when I heard the song “Taxman” as a teenager. Years later, George Harrison’s lyrics about taxes frame a lot of my client conversations, as George was not joking when he wrote, “Let me tell you how it will be: there’s one for you, nineteen for me, [...]

Navigating tax laws in 2025 feels a bit like waiting for the next season of your favorite TV show — you know big changes are coming, but you’re not quite sure what the writers (or lawmakers in this instance) have in store. With potential twists like the sunset of the Tax Cuts and Jobs Act [...]

Backdoor Roth IRA contributions are a commonly used planning technique to help high-income earners contribute to a Roth IRA, even when their income is higher than the maximum set by the IRS. While the strategy is commonplace, the logistics are often misunderstood. This can lead to misconceptions and potential errors on tax return filings. In [...]

Sometimes the markets take us on quite a ride over the course of a year. If you find yourself nearing the end of the year facing portfolio losses, use it as an opportunity to take advantage of some effective tax planning strategies. If you are the kind of person who finds checklists helpful, we’ve compiled [...]