Tag: Federal Tax

There’s one thing we can always count on at the start of each new year — new contributions and gifting limitations from the IRS. As you begin your planning for the year ahead, we’ve highlighted some of the key 2025 changes to be aware of for retirement accounts, health savings accounts, and gifting. Individual Retirement [...]

Introduction As the dust settles on the 2024 elections, one of the most pressing questions for many families is how the Republican Party’s return to unified control of the White House and Congress will shape the future of tax policy. With the Tax Cuts and Jobs Act (TCJA) set to expire at the end of [...]

Before we know it, kids will all be back at school, the leaves will start changing, and then the holidays will be in full swing. In other words, the year-end is approaching quickly. Ahead of this, there are a few tax planning items to look at before 2024 closes out. Review this list for tips [...]

When the hard part of filing your tax return is over, it often feels like cause for celebration, and a relief to put behind you until this time next year! But depending on your unique circumstances, you may have seen the result of your filing and found yourself wondering “How did I get here?”. Maybe [...]

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 [...]

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 [...]

Update as of 12.19.21 With the end of the year rapidly approaching, the Build Back Better Act still faces significant disagreements in the Senate that appear likely to stretch into 2022. It remains to be seen what effect this delay will ultimately have on the tax changes included in the bill, but the longer that [...]

SUMMARY President Joe Biden has proposed substantial changes to the tax code, mainly focused on individual income and investment taxes, and at least some of them stand to have a significant impact on high-net-worth investors.  The proposed changes create challenges, but also planning opportunities. This blog post focuses on what potential changes are ahead, who [...]