Much has been written about the CARES Act and its effects on business owners. This article, part 1 of a 2-part overview, looks at the individual tax benefits under the CARES Act, including changes involving tax-advantaged health accounts and charitable deductions, a refundable tax credit, and suspension of required minimum distributions.
There are three types of income buckets – taxable, tax-deferred, and tax-free. What’s in your bucket?
Jeff Chadwick, a member of the Wealth Preservation Practice Group at Winstead PC, offers this broad overview of lifetime gifting strategies, focusing on the 99.8% of Americans without taxable estates. Advisors working with these clients should identify their non-tax objectives and focus their planning on minimizing income tax and reporting obligations.
No one can anticipate all the future changes in their family dynamics and personal finances, much less the applicable tax laws, but there is one tool you can implement that will incorporate flexibility into your estate plan – powers of appointment. Learn how the use of powers of appointment could position your beneficiaries to avoid unintended distribution of your estate and help you capitalize on tax law changes.
The Tax Cuts and Jobs Act provided significant estate planning and gifting opportunities, but the window to seize those opportunities will close at the end of 2025 if the sunset provision in the TCJA remains in place. Learn strategies to consider in order to negate or greatly reduce potential estate taxes, and why the time to start implementing these strategies is now.
Traditional IRAs and Roth IRAs can both provide tax breaks, but in different ways. Learn more about their differences in this interview with CPA Robert Keebler & The Nautilus Group’s Matt Pate, JD, LL.M.
CPA Robert Keebler and The Nautilus Group’s Matt Pate, JD, LL.M. recently discussed how a key provision of the Tax Cuts and Jobs Act signed into law in 2017 is helping business owners and individuals today.
How can business owners build wealth for their own retirement while trying to reduce their income taxes? Watch this video.