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As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end taxplanning can lead to significant savings and set you up for financial success in the new year.
. ~~~ About this week’s guest: Christine Benz is Director of Personal Finance & Retirement Planning at Morningstar; her new book is “ How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. ” She joins Barry Ritholtz to discuss what you need to know about planning for retirement. Really, really interesting.
Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.
As December unfolds, it’s easy to overlook year-end taxplanning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.
The IRA and Roth IRA contribution limits are unchanged but income eligibility for tax-deductible IRA contributions and Roth IRA contributions have changed. Also updated: health savings accounts, flexible spending accounts, estate and gifting limits, qualified charitable distributions and other cost-of-living adjustments.
Traditional Investment Strategies The Role of Income Tiers and Priority Levels Case Studies Key Considerations Conclusion Introduction Waterfall Wealth Management is a financial strategy designed for high-net-worth individuals seeking a structured, prioritized approach to wealth distribution.
Estate planning is one of the most important steps in securing your financial legacy, but its also among the most complex. Understanding how assets will be distributed, navigating tax implications, and aligning these decisions with your personal goals can feel overwhelming.
These contributions not only provide immediate tax relief but help secure longer-term financial stability during retirement. 401(k) Plans: Contribute the maximum allowable amount for 2024 : $23,000 if youre under 50, or $30,500 if youre 50 or older. Available to taxpayers aged 70.5
No required minimum distributions (RMDs) for the original account owner Unlike IRAs and qualified retirement plans, a Roth IRA is unique in that required minimum distributions are not required during the original account owners lifetime. A spouse may also elect to defer RMDs if they inherit the account.
For high-net-worth individuals, continuously refining your strategy over time is what keeps your plan efficient and aligned with evolving goals. At Zoe Financial, we’ve seen firsthand how proactive planning with a fiduciary advisor helps individuals protect and grow their wealth across generations.
We also get you up to speed on the tax benefits of using a DAF. If you've heard of a DAF and are curious about incorporating it into your giving and taxplanning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made.
Donor-advised funds (DAFs) have emerged as powerful tools that deliver this exact combination, providing immediate tax advantages while offering flexibility to recommend grants to qualified organizations over time. DAFs also introduce welcome simplification at tax time by consolidating multiple charitable activities under a single receipt.
This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on taxplanning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments.
Backdoor Roth 401(k) $23,000 ($30,500 if 50+) Allows conversion of 401(k) funds to Roth, increasing tax diversification Required Minimum Distributions apply. It also requires an individuals 401(k) plan to allow after-tax contributions and in-service withdrawals. Complex setup process.
In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations. In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations.
Taxplanning might not top everyone’s list of leisure activities, but in the middle of tax season, theres a hidden opportunity. In this episode, we talk about five strategies you can use during tax season to create opportunities to help you reach your financial goals.
Instead, partners (investors) are taxed directly on their share of the fund’s income, gains, losses, and deductions, regardless of whether those amounts are actually distributed. Each partner receives a Schedule K-1, which reports their share of the fund’s tax items. FIRPTA planning using a U.S.
Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. LPs are governed by a partnership agreement that outlines the roles, responsibilities, profit distribution, and other operational details.
Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. The stakes became higher after the Tax Cuts and Jobs Act of 2017 eliminated recharacterizationthe ability to reverse conversions that did not work as planned.
Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.
Start planning early. Yet far too many professionals delay the planning process. Even if you don’t plan to retire unusually early, starting your retirement planning now can dramatically improve your options later. A bridge plan for health insurance (since Medicare only begins at 65). And the best way to do that?
These alternative investments can offer distinct advantages in the shape of portfolio diversification and the potential for higher returns, but they can come with equally distinct tax complications that need to be carefully planned for. With a larger carried interest percentage, a smaller share of the gains is distributed to investors.
But you might consider increasing your impact by setting up a structured , long-term philanthropic plan such as an endowment. Donations to endowment funds are tax-deductible, giving them a place in your overall financial management and taxplan. What Is an Endowment?
There are income limits for contributions to a traditional IRA that qualify for a tax deduction. The deductibility phase-out is based on filing status, income (MAGI), and whether or not the individual(s) are eligible to participate in a retirement plan at work. To calculate the tax-free percentage: Your Total Basis (e.g.
What Are Qualified Charitable Distributions (QCDs)? For those over 70½, you might already be familiar with Qualified Charitable Distributions (QCDs). For years, QCDs have allowed people to donate directly from their IRAs without paying taxes on those distributions. Therefore, it ’ s important to plan accordingly.
This structure allows real estate investors to pay themselves a “reasonable salary” (subject to payroll taxes) and take remaining profits as non-self-employment-taxeddistributions, potentially reducing the overall tax burden. What are tax-efficient real estate exit strategies?
Tax laws change and there are many nuances to the tax code, many of which are outside the scope of this article. We encourage you to discuss your situation with a CPA or professional tax preparer. This article covers the following topics: What is a capital gains tax? The potential tax savings simply cannot be understated.
Unless Congress intervenes, the TCJAs sunset will usher in a swathe of tax increases in 2026, with analysts estimating that over $4 trillion worth of tax hikes could take effect. Additionally, there were temporary changes for individual income taxes, such as lower tax rates and a near doubling of the standard deduction.
Inheriting a Trust Fund: Distributions to Beneficiaries Do You Pay Tax on an Inheritance? This can get very tricky so it’s important to work with the estate planning attorney settling the estate. Explaining the double step-up Yes, depending on how your estate plan is structured. Yes and no.
Net Investment Income Tax (NIIT): Investors earning passive income from hedge funds may be subject to an additional 3.8% What Are the Tax Strategies for Alternative Investments? Tax-efficient investing in alternative assets requires proactive planning to minimize tax liabilities and maximize after-tax returns.
As a Christian, your estate plan should represent your dedication to financial stewardship according to Scripture. W hat important factors should Christians consider when estate planning? W hat important factors should Christians consider when estate planning? What Are the Biblical Principles of Estate Planning?
Know the Distribution Rules Distribution requirements depend on the type of IRA and your relationship to the deceased. Multiple beneficiaries: To avoid defaulting to the oldest beneficiarys distribution schedule, set up separate accounts by Sept. After-Tax Contributions: Track basis and conversions using IRS Forms 5498/8606.
What are the capital gains tax changes in 2025? What are the changes to 529 plans in 2025? Tax strategies for high-net-worth individuals in 2025 Stay tax-efficient with Harness What are the key tax changes in 2025? Below are the standard deductions and marginal tax rates for 2024 and 2025.
But for those interested in charitable giving, there may be a way to address the tax concerns associated with highly appreciated assets and give meaningfully over time. Receive income : During the term of the trust, youor other designated income beneficiariesmay receive an annual distribution from the trust.
The end of the year is an ideal time to start planning for the year ahead and make sure youre on target to achieve those goals. Good financial planning is all about asset and liability matching across time. A financial plan with an asset liability mismatch is likely to fail over time. Asset and Liability Matching.
The Single Life Table typically results in higher mandatory distributions. Note that if the deceased account holder had not yet taken their RMD for the year of death, that distribution must still be taken. This is due to how RMDs are calculated and prolonging tax deferred growth.
Retirement-related behavioral and financial changes raise many taxplanning questions and opportunities. A trusted tax professional can help you implement these and other strategies to help you minimize taxes in retirement, helping your money last longer and you realize your goals.
Key Takeaways: Net Unrealized Appreciation (NUA) is the difference between the cost basis of employer securities in a retirement plan and their market value at the time of distribution. NUA is not taxed as ordinary income at the time of distribution, which can offer significant tax advantages.
The second amendment to the revocable trust agreement directed the following distributions: • 2 million dollars to the trustee of the MCC Trust, to be held for Maria’s benefit. The MCC Trust agreement included terms about the distribution of trust assets: 3.2. Terms of Contributions. Administration of Trust Estate for Beneficiary.
Like gardening or working out, taxplanning is one of those activities where you get out what you put in. Taxplanning is similar in the sense that you can put work in on the front end that youll reap benefits from later. Many of us just do tax preparation, dropping off a shoebox of documents with a CPA for the weekend.
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B Lothes July 17, 2025 6 Min Read • Distributions of stock in a grantor retained annuity trust (GRAT) don’t trigger insider trading rules— In Nosirrah Management, LLC v. The court determined that one distribution qualified, while the other didn’t. Handler, Alison E.
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