Category: Tax Planning

When Congress passed the SECURE Act four years ago, the rules for most beneficiaries of inherited IRAs underwent a major overhaul. Prior to the SECURE Act, most IRA beneficiaries were able to spread their required minimum distributions (RMDs) over their life expectancy. As part of the SECURE Act, Congress introduced the term eligible designated beneficiary, [...]

Rolling over a 401k to an IRA can be a wise decision, but it is important to weigh the pros and cons before doing so. While a 401k is a retirement plan sponsored by employers that allows employees to save and invest a portion of their paycheck on a tax-deferred basis, an IRA is a [...]

The 2021 Washington State Legislature passed ESSB 5096 (RCW 82.87) which creates a 7% tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets.  The tax is effective January 1, 2022, and the first payments for tax year 2022 are due on or [...]

This is a common question we receive from high-income executives looking for ways to reduce their tax burden. It seems like a no-brainer to defer paying taxes and keep those funds invested – right? While it’s true that tax-deferral can accelerate the growth of your investments over time, there are significant drawbacks to deferred comp [...]

Over the past several weeks, you probably noticed copies of your tax documents for the 2022 year arriving in your mailbox. We’ve put together this consolidated checklist as well as some questions and tips below to help sort and organize your tax records in preparation for your upcoming tax return. Taking time to ensure your [...]

As we were wrapping the last of the holiday presents, Congress had their hands full finalizing the SECURE Act 2.0, which included 100+ different changes to retirement accounts. Most of these changes impact either a very narrow group of people, or the related dollar amount is so small that it leaves us wondering if there [...]

The Washington Capital Gains Tax drama continues. Earlier this year the Douglas County Superior Court held the tax unconstitutional, and the State of WA appealed to the Supreme Court. While the Supreme Court will hear arguments next month, the State of WA asked for, and received, a stay on the Superior Court’s decision. So, until [...]

Market volatility can provide plenty of opportunities for portfolio rebalancing and this is especially true when markets enter “correction mode”. Market corrections are associated with price declines of 20% or more. As many of you know, we are actively monitoring investment portfolios for rebalancing opportunities to take advantage of market corrections. In addition to portfolio [...]

Whether you have a tax refund heading your way or you owe additional taxes with your return, you may be wondering “what can I do next year to reduce my taxes?” While the subject of taxes is fresh on your mind, this is a great time to review your income, deductions, and potential for savings [...]