CRUTs, CRATs, and CLATs: Blending Charitable Giving With Smart Planning
By Marcus Dickerson For many families, charitable giving is about much more than generosity. It’s also about leaving a legacy, aligning money with values, and doing so in a way that makes sense financially. The tax code provides several powerful tools that let you support the causes you care about while also creating income, reducing
Planning for an Exit? How to Minimize Capital Gains Taxes and Maximize What You Keep
If you’re preparing to sell a business, offload highly appreciated stock, or cash out of a long-held real estate or crypto position, you’re likely facing a significant capital gains tax bill. For many high-net-worth individuals, the tax liability on a successful exit can exceed 30%, and sometimes approaching 40% in high-tax states when federal, state,
2025 Tax Guide
This guide will explore how tax filing may look different this tax year and what you can do to prepare. Remember that this guide is for informational purposes only and is not a replacement for real-life advice, so consult your tax, legal, and accounting professionals before modifying your strategy.
The Tax Brackets
The tax brackets are 10, 12, 22, 24, 32, 35, and 37 percent. Here are the tax brackets and the corresponding income ranges:
What’s My 2024 Tax Bracket?
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The Top 5 Financial Scams You Should Know About
(and How to Protect Yourself)
In today’s rapidly evolving digital world, financial scams are more pervasive than ever. Scammers are getting more creative, employing a wide range of tactics to trick unsuspecting individuals out of their hard-earned money. Whether it’s through email, social media, phone calls, or even in person, their methods are becoming harder to detect and easier to
“Riding Out the Storm: How Staying Invested Through Market Downturns Pays Off”
For many of us, the memory of the 2008 market crash is fading, but the lessons it imparted remain crucial. Those who held onto their investments through the turbulent period and didn’t sell in panic likely came out ahead in the long term. Market downturns, as unsettling as they can be, are a normal part
Understanding the IRS’ New Rules on Retirement Accounts: What You Need to Know
If you have a retirement account or expect to inherit one, staying informed about the latest IRS regulations is crucial. In July 2024, the IRS released new Finalized Regulations on Required Minimum Distributions (RMDs), adding complexity to the management of inherited retirement accounts. These changes are particularly relevant if you are a non-spouse beneficiary, have
Countdown to Expiration: 10 Tax Changes to Watch as 2025 Approaches
The Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, represents the most significant overhaul of the federal tax code in more than three decades. However, many of its provisions for individual taxpayers are scheduled to expire after 2025. As this deadline approaches, it is crucial to understand the changes that will
Rebalancing Your Portfolio
Everyone loves a winner. If an investment is successful, most people naturally want to stick with it. But is that the best approach? It may sound counterintuitive, but it may be possible to have too much of a good thing. Over time, the performance of different investments can shift a portfolio’s intent – and its
How to Dramatically Reduce Your Tax Liability: Insights from My Conversation with TaxWise Partners Founder and CEO Mark Myers
As a financial advisor focused on helping clients keep more of their hard-earned money, I’m always on the lookout for innovative strategies to reduce tax liabilities. Recently, I had the pleasure of speaking with Mark Myers, the Founder and CEO of Taxwise Partners, and a self-proclaimed “Tax Savings Architect” who specializes in finding often-overlooked opportunities
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