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Bill chips away at SALT block but comes with drawbacks, advisors say
'I’d love to see the [full] SALT deduction come back but not if it means rates go up,' one advisor says.
Controlling the controllables
Veronica Karas, advisor at Captrust, explains why financial planning comes first.
House passes $78B bill with business, child tax breaks
Lackluster Republican support in the Senate threatens to sink the measure.
Social Security Administration weighs in on bill to repeal taxes on benefits
The program's chief actuary says the bill would improve the long-term solvency of Social Security.
Dimon says rich should pay more to fund low-income tax cuts
'There are so many tax breaks out there that shouldn’t be there,' JPMorgan CEO says.
Advisors see Trump focusing on expiring tax cuts if he wins back White House
'If Trump wins the general [election], then it’s likely that the House and Senate go Republican as well, and the 2017 tax cuts get extended,' an advisor says.
Could limiting tax breaks for 401(k)s rescue Social Security?
As Social Security inches closer to insolvency, the tax breaks provided to 401(k)s, defined-benefit plans and IRAs could be revamped to fix the system, according to a recent paper.
Advisors run through tax season checklist
Rushing to file early can lead to having to amend tax forms later on, advisors say.
Bill to extend small-business tax breaks faces tough path, even with bipartisan backing
A separate long-shot bill to eliminate the estate tax could help set the stage for tax reform in 2025, when individual rate cuts expire.
AssetMark launches solution to help advisors unlock tax efficiencies for clients
Firm announces new comprehensive addition to its wealth management platform.
Proposed tax deal in Congress could give economy a boost
Congressional negotiators are locked in talks over renewing expired business tax breaks and boosting the child tax credit.
Planning for the largest IRA balances ever in 2024
Here are tactics to use this year given the opportunities for record stock values at the end of 2023.
Smartleaf Asset Management announces strategic partnership with Clearstead Advisors
The collaboration will enable greater tax optimization for Clearstead clients.
Advisors expect record federal debt to result in higher taxes
'As an advisor, the national debt is a very concerning issue, especially with younger clients that have a longer time horizon, because the bill is eventually going to come due,' an advisor says.
Wrong birthday info led to $130K in RMD penalties, plaintiffs say
A Wells Fargo client who was born in 1939 had his birthdate incorrectly recorded as 2001, according to a lawsuit.
Tax-focused advisor says ‘most’ broker-dealers ‘don’t understand’ his business
$100M California-based team switches to Avantax from Crown Capital Securities.
Certainty of taxes matched by certainty of tax policy for now
Legislative lull means it's easier to carry out multiyear planning, says advisor.
Holiday gift tax planning for IRAs
The big tax benefits come in the way gifts can be used in conjunction with retirement accounts.
Billionaire wealth tax plan could be shattered by $14K court case
President Biden's budget request may all come down to a Trump era legal dispute.
Senate Democrats take aim at ‘buy, borrow, die’ with latest billionaires tax
'The loophole they’re talking about isn’t only used by billionaires,' advisor warns.
