Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market.
Archived Posts: Estate Taxes
What Is the Net Investment Income Tax?
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know.
Saving for Education: Understanding 529 Plans
Many parents are looking for ways to save for their child's education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college (two and four-year programs) or vocational school. The SECURE Act expanded the 529 Plan to include fees, books, supplies, and equipment for apprenticeship programs and repayment of principal and...
Important Tax Changes for Individuals and Businesses
What You Need to Know About Changes to Your Taxes in 2021 Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income...