Tax Planning For The Tax Cuts and Jobs Act (TCJA) Sunset

The law known as the Tax Cuts and Jobs Act (TCJA) of 2017, P.L. 115-97, included some major changes to the Code, but not all of them are here to stay. A number of significant provisions are set to expire after 2025. Although Congress may act to extend some or all of them, it is important to know which provisions are expiring so taxpayers…

4 Mistakes to Avoid During Tax Season

From: www.morningstar.com

IRA specialist Ed Slott discusses ‘gotchas’ to watch out for when filing your tax return.

Key Takeaways

You can do QCDs, qualified charitable distributions, before RMDs begin. So you have a little gap there to start knocking your IRA balance down. You do a transfer from your IRA to the charity. Why are there mistakes on that? Because there is no code. When you…

2024 Tax Reference Guide

From: Pimco

This Tax Reference Guide provides highlights of the current tax law for financial professionals and investors to be aware of throughout the year. Together with a tax professional, financial advisors and investors should closely monitor the overall tax burden and look for planning opportunities to reduce or minimize the impact of taxes annually. Federal tax schedules and tables are included for the various income and asset categories.

What is tax-loss harvesting? It’s a way to create a tax asset

From: Rob Kuharic

Executive summary:

• Investment gains in a portfolio create value. But you can also create value by creating taxassets that help minimize the amount of taxes paid
• Tax-loss harvesting is an essential tax-management strategy that can benefit a broad rangeof taxable investors – even those who many not think they have to worry about investmenttaxes

3 Charitable Investment Strategies That Deliver Higher Tax Benefits

From: www.morningstar.com

These maneuvers may even improve your portfolio.

Morningstar’s resident tax guru Sheryl Rowling describes the conventional method of making charitable contributions as “kind of a breakeven” from a tax standpoint. If an individual writes a check to charity, she can deduct the contribution on her taxes, but she’s contributing dollars that have already been taxed.

Of course, contributing to a charity and…

Realized capital gains are a key source of tax drag

From: Russell Investments

Tax-loss harvesting opportunities always exist and no volatility is too little.

That’s why Russell Investments places a special emphasis on minimizing the capital gains distributions of each of our tax-managed mutual funds, through the use of tax-loss harvesting and other tax management strategies. With a full-year focus on managing taxes, our tax-managed funds have effectively mitigated tax impact and…

New IRS Life Expectancy Tables Creates “Arbitrage” Opportunity

From: Sterling Foundation Management

Recent IRS actions may create an opportunity to receive a premium price for your charitable remainder trust interests.

On June 1, 2023, the IRS finally adopted “new” mortality tables. We place the word “new” in quotation marks because the tables in question are based on 2010 data.

The world has changed drastically since 2010, and so the IRS’s new tables are…

Charitable Contributions

From: www.fidelitycharitable.org

Optimize your charitable planning for maximum tax savings

Understanding the tax strategies related to charitable contributions can help you decide how much to give, what asset to give and when to give, so you can provide the maximum amount to charity—and receive the maximum tax advantages for yourself.

Why charitable contributions can help you receive maximum tax advantages

According to the report Giving USA , U.S. families and individuals give…

Charitable Giving and Tax Strategies to Consider

From: www.nerdwallet.com

Giving to charity not only makes a positive philanthropic impact but can also positively affect your tax burden.

Everyone loves a win-win situation. And that’s the case with charitable giving and its tax benefits — you can do good for others while also doing good for yourself.

When giving to charity, you can lock in tax deductions and save money for your heirs. Consider…