The law known as the Tax Cuts and Jobs Act (TCJA) of 2017, P.L. 115-97, included some major changes to the Code, but not all of them are here to stay. A number of significant provisions are set to expire after 2025. Although Congress may act to extend some or all of them, it is important to know which provisions are expiring so taxpayers…
From: www.morningstar.com
IRA specialist Ed Slott discusses ‘gotchas’ to watch out for when filing your tax return.
You can do QCDs, qualified charitable distributions, before RMDs begin. So you have a little gap there to start knocking your IRA balance down. You do a transfer from your IRA to the charity. Why are there mistakes on that? Because there is no code. When you…
From: Pimco
This Tax Reference Guide provides highlights of the current tax law for financial professionals and investors to be aware of throughout the year. Together with a tax professional, financial advisors and investors should closely monitor the overall tax burden and look for planning opportunities to reduce or minimize the impact of taxes annually. Federal tax schedules and tables are included for the various income and asset categories.
From: Rob Kuharic
From: www.morningstar.com
These maneuvers may even improve your portfolio.
Morningstar’s resident tax guru Sheryl Rowling describes the conventional method of making charitable contributions as “kind of a breakeven” from a tax standpoint. If an individual writes a check to charity, she can deduct the contribution on her taxes, but she’s contributing dollars that have already been taxed.
Of course, contributing to a charity and…
From: Russell Investments
Tax-loss harvesting opportunities always exist and no volatility is too little.
That’s why Russell Investments places a special emphasis on minimizing the capital gains distributions of each of our tax-managed mutual funds, through the use of tax-loss harvesting and other tax management strategies. With a full-year focus on managing taxes, our tax-managed funds have effectively mitigated tax impact and…
From: www.aarp.org
Even if you escape the federal estate tax, these states (plus D.C.) may hit you
Note: Some states levy estate taxes on a person’s assets when they die. A few states tax inheritances. Maryland does both.
Most people don’t have to worry about the federal estate tax, which excludes up to $12.92 million for individuals and $25.84 million for married couples in 2023 (up…
From: Sterling Foundation Management
Recent IRS actions may create an opportunity to receive a premium price for your charitable remainder trust interests.
On June 1, 2023, the IRS finally adopted “new” mortality tables. We place the word “new” in quotation marks because the tables in question are based on 2010 data.
The world has changed drastically since 2010, and so the IRS’s new tables are…
From: www.fidelitycharitable.org
Optimize your charitable planning for maximum tax savings
Understanding the tax strategies related to charitable contributions can help you decide how much to give, what asset to give and when to give, so you can provide the maximum amount to charity—and receive the maximum tax advantages for yourself.
According to the report Giving USA , U.S. families and individuals give…
From: www.nerdwallet.com
Giving to charity not only makes a positive philanthropic impact but can also positively affect your tax burden.
Everyone loves a win-win situation. And that’s the case with charitable giving and its tax benefits — you can do good for others while also doing good for yourself.
When giving to charity, you can lock in tax deductions and save money for your heirs. Consider…
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