Taxes Insights

IRS Extends 2020 Tax Filing Deadline to May 17th

On March 17th, the IRS announced they would be extending the 2020 tax filing deadline for individuals from April 15th to May 17th to accommodate the ongoing challenges presented by the COVID-19 pandemic.

How Joe Biden’s Tax Proposal Would Impact High Net Worth and High Income Individuals

As we enter the last month of the general election, we thought it would be important to review Joe Biden’s tax proposal and the impact it would have on many of our clients. While there are many parts to his tax proposal that have been laid out, this blog will focus on some of the most impactful areas to individuals.

HSAs: The Holy Grail of Tax and Retirement Planning?

Just as the Holy Grail has become a legend, so has this financial solution, which offers you compelling tax advantages. A Health Savings Account (HSA) offers just that. And if you meet the qualifications to contribute to one, you can also be a beneficiary of one of the most powerful retirement planning solutions out there.

The Best States For Retirees

While clients think about how much income tax they’ll have to pay in retirement, we have found that the calculation is much deeper. First, as clients retire, their income typically drops substantially and moving to Florida or some other state with a low-income tax rate may not be worth the effort of moving.

The Top Three Things We Have Learned About The New Tax Law

For the last two months, our Private Client Group has been focused on year-end tax planning.  Our team has performed dozens of tax projections and has found several items about the new tax law that don’t seem to be getting much attention.

The Unintended Consequences Of The Tax Law

With the passage of the Tax Cuts and Jobs Act, millions of Americans will see two broad themes. First, personal exemptions are eliminated and itemized deductions are being curbed with the reduction in the state and local tax deduction. Individuals are finding that their taxable income is going to be higher in 2018.

Five Things Your Financial Advisor Should Be Doing

There are a good number of articles on the internet about how to choose a financial advisor. I thought I would write one on what you should expect from your advisor if you already have one. We believe there are some key areas that all comprehensive advisors should be monitoring for their clients.

There Is No Such Thing As “Long-Term” In Tax Planning

I often read articles that talk about the virtues of long-term tax planning.  This could be in the form of Roth IRA conversions, charitable planning, or gifting strategies.  In general, most of these articles are correct in their reasoning, but they tend to under-emphasize one important item.