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Tax Planning Tips & Resources

Navigating the complexities of tax planning is crucial for preserving and growing your wealth. Our blog posts offer insightful guidance on optimizing tax strategies, from understanding capital gains distributions to exploring the implications of ongoing legislative changes.

January 01, 2024 The Powerful Tax Savings of "Qualified Small Business Stock"

Section 1202 provides an exclusion from taxation to a qualified investor of up to $10 million of capital gain or 10 times the stockholder’s adjusted cost basis, whichever is greater, upon the sale of Qualified Small Business Stock (QSBS).

December 29, 2023 Qualified Business Income (QBI): Deduction May Create New Planning Strategies for Some Business Owners

The Tax Cuts and Jobs Act of 2017 introduced a 20% tax deduction focused on pass-through businesses. While the deduction has been around for a few years now, many business owners are still wondering whether they will qualify and how to optimize the deduction. While everyone’s circumstances are different, and we encourage consultation with a tax advisor, the Act created an opening for several planning opportunities to potentially reduce tax bills for owners of such businesses. First, a little ba

October 11, 2022 5 Planning Steps to Consider Before Year-End 2022

As summer ends and we look toward the Fall, you should aim to maximize your opportunities to transfer wealth to your children or grandchildren, accomplish your charitable goals, and engage in smart income tax planning. With that in mind, here is a checklist of five action items to consider before year-end. See an update on year end planning tips here. 1. Make Annual Exclusion gifts: The IRS gives you a gift tax annual exclusion each year, and in 2022, the annual exclusion is $16,000 per donee.