Tax

SECURE Act Can Have Big Impact on your Estate Plan & Trusts

Authored by Logan Philipps, Esq. and Anne Zavaglia, CFP® When President Trump signed the SECURE Act at the end of 2019, it could easily have escaped your notice during the holiday season. While time will tell if this law aimed to encourage greater retirement savings achieves its aims, there’s no question it has a direct …

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Tax Documents Calendar

The following is a complete list of all tax documents used for reporting throughout the year, listed in order of when they will be released each year. DOCUMENT NAME INFORMATION REPORTED ONLINE AVAILABILITY DATE JANUARY 1099-QPayments from Qualified Education Programs (under Sections 529 and 530) Distributions from qualified tuition programs and Coverdell ESA January 17, …

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Charitable Giving for Retirees

Retirees age 70.5 and older must take required minimum distributions (RMDs) annually from their Traditional IRA accounts. The RMDs are counted as taxable income in the year distribution is taken. Combined with Social Security benefits and other income sources, RMDs often push many people into higher tax brackets.  Retirees that find themselves in these brackets …

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Estate Planning: Consider the Tax Basis of Gifted or Inherited Property

Tax basis can be important when deciding whether to make gifts now or transfer property at your death. This is because the tax basis of the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable gain subject to income tax when …

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Qualified Charitable Distributions: Using Your IRA to Give from the Heart

The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed that they no longer benefit …

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