5 Big Changes to Roth Accounts in Secure Act 2.0
The Secure Act 2.0 was signed into law December 29th, 2022, bringing more major changes to tax law. Among the most notable changes include a
Category: Tax planning
Tax planning and wealth building strategies from Kristin McKenna, CFP®. Tax-conscious wealth planning is critical for any high-income taxpayer: asset location and tax-efficient investing, stock option and equity compensation exercise and sale strategies, qualified small business stock, retirement income tax planning and bucketing strategies, deferred compensation, employer plans for business owners, charitable tax planning and donor-advised funds, reducing taxable income, changes in tax law.
Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events
Taxachusetts is back. In November 2022, proponents of the Massachusetts ‘millionaires’ tax won their bid to nearly double the income tax rate on individuals with
The Best Way to Take Required Minimum Distributions (RMDs)
Updated for 2023. Planning can help optimize annual required minimum distributions depending on your goals and cash flow needs. After the passing of Secure Act
When to Exercise Stock Options
When should you exercise stock options? With stock options, employees have the right (not obligation) to buy the shares (called exercising). Vesting is often the
Expecting a Windfall from Stock Options or Selling a Business? New Tax Proposals May Cost You.
Tax planning for a sudden liquidity event just got more complicated. If you’re expecting a big windfall from selling a business or employee stock options
How to Donate Stock to Charity: Donor-Advised Funds
Giving appreciated stocks can be a great way to maximize your gift to charity and your tax benefits. When you donate cash, you’re giving after-tax
Avoid the Double Tax Trap When Making Non-Deductible IRA Contributions
Updated for 2024. Anyone with earned income can make a non-deductible (after tax) contribution to an IRA and benefit from tax-deferred growth. But it may
Explaining the Backdoor Roth and Mega Backdoor Roth IRA
Updated for 2024. Many individuals have heard of the backdoor Roth before, but the mega backdoor Roth is getting a lot of attention recently. Here
Will Tax Hikes Hurt Stocks? Impact of Tax Rates on the S&P 500
Between the Biden tax plans and other bills already before Congress, it’s likely that some level of tax legislation will make its way into law
What You Need to Know About Capital Gains Tax (2024)
Updated for 2024. What is a capital gains tax? When you sell an asset like a stock or a home, your gain could be taxable.