2023 Updates to Gift Tax and Other Estate Limitations
Our tax system has two critical components that impact the transfer of wealth from one generation to the next: gift tax and estate tax.
Cut Your Tax Bill: How to Navigate the Cap on SALT Deductions
The Tax Cuts and Jobs Act of 2017 brought significant changes to the US tax code, including a cap on state and local tax (SALT) deductions. This cap, also known as the SALT deduction limitation, has left many taxpayers looking for ways to reduce their tax bills.
2023 Tax Updates and Deadlines You Need to Know
Tracking tax deadlines is essential to healthy financial management.
Section 1202: How Business Owners Can Save Millions of Dollars in Taxes
Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.
The SECURE 2.0 Act: What These Changes Mean for Taxpayers
On December 23, 2022, we received a gift from Congress. A 4,000 page bill called the Consolidated Appropriations Act of 2023. Inside this bill is what is now being called the “SECURE 2.0 Act” (SECURE 2.0). In 2019, the SECURE Act, also known as the Setting Every Community Up for Retirement Enhancement, made significant changes to IRAs and retirement plans.
5 Steps to Support Sophisticated Wealth Management
Sophisticated wealth management is a term used to describe financial planning and investment strategies that are tailored to the unique needs and objectives of high net worth individuals. This type of wealth management typically involves a holistic approach that considers the client's entire financial picture, including their investments, taxes, estate planning, and other financial matters.