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Tax Planning Archives | Page 2 of 4 | Wealthspire Advisors

Jan 22 2019
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tax season

Tax Season: It’s Getting to Be That Time of the Year!

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A Recap of Impending Tax Law Changes I know, it’s not April 15th yet, and I’m not necessarily in any hurry to get there.  But with some substantial changes to the tax law made effective in 2018, I figured it’s not too early to remind everyone what is in store for them from an individual tax perspective heading into filing season 2019: Forms 1040A and 1040EZ have been eliminated, so everyone will be using the standard Form 1040. The Form 1040 has been redesigned and is supplemented by new Schedules 1 through 6: Schedule 1 reports various types of income,…
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Jan 04 2019
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tax law changes

The Continuing Impact of the 2017 Tax Cuts and Jobs Act

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A recap of tax law changes with updates for 2019 taxes On December 22, 2017, the “Tax Cuts and Jobs Act” was passed into law, signifying the most sweeping change to the U.S. tax code in decades. Months of analysis and discussion followed, and frankly, are still occurring today. Because of the many changes taxpayers needed to consider, it doesn’t need to be tax season to remind everyone what is in store for future tax filing years: Forms 1040A and 1040EZ were eliminated, so everyone must the standard Form 1040. The Form 1040 was redesigned and is supplemented by new…
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Jan 04 2019
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tax cheat sheet

Federal Estate, Gift and GST Tax Cheat Sheet (2019)

By Guides & Whitepapers
2019 Federal Estate, Gift and GST Tax Cheat Sheet Below is a summary of the current federal estate, gift and generation-skipping transfer tax provisions for 2019. Note that, under current law, the increases in exemption amounts that began in 2018 are set to expire in 2026, at which point they will revert back to the pre-2018 numbers (i.e., $5,490,000 per person, indexed for inflation). Gift and Estate Tax Exemptions Single: $11,400,000 Married: $22,800,000 Rate: 40% Gift Tax Exemption Single: $11,400,000 (unified with estate tax exemption) Married: $22,800,000 Rate: 40% Annual Exclusion Amount: $15,000 Exclusions for medical and educational expenses Generation-Skipping…
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Jan 04 2019
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tax

State Estate and Gift Tax Cheat Sheet – NY, CT, NJ and CA (2019)

By Guides & Whitepapers
2019 State Estate and Gift Tax Cheat Sheet States vary in whether and how they tax transfers of property.  A gift tax is imposed on property transferred while the donor is still alive.  Estate taxes are imposed on the transfers of property after the decedent’s death.  Below is a summary of certain estate and gift tax laws applicable to New York, Connecticut, New Jersey and California residents. New York Gift Tax: No. Estate Tax: Yes. Rate: Top rate is 16%. Exemption Amount: Currently $5,740,000. The gift and estate taxes are unified, but subject to "cliff" for taxable estates in excess…
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Nov 13 2018
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QCDs

Understanding Qualified Charitable Distributions (QCDs)

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Don’t make the loss of a tax deduction your reason for not giving Charitable giving stems from an intrinsic desire to express support for causes that are dear to one’s heart. The U.S. government recognizes the social benefit of charitable giving, as such, the tax code provides a tax deduction that ultimately reduces the givers’ taxable income. While most people don’t give solely to obtain a tax deduction, they may be inclined to give more because of the added incentive the tax deduction provides. The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction. The increased standard…
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Oct 25 2018
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year-end tax

2018 Year-End Tax Conversation with Howard Sontag & Nicole Hart

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During our annual year-end tax conversation, Howard Sontag, Chairman, and Nicole Hart, Senior Vice President of Trusts & Estates, answer a number of your most pressing questions including: Do I need to call you to take my year-end losses? How do I know if I took my RMD? Are my taxes going to be higher this year because of tax reform? I’m thinking about setting up a retirement plan for my business – what do I need to know? When do I need to make my charitable contributions by? Do I still need to gift to my kids if I’m…
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Oct 22 2018
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investments taxed

Do You Know How Your Investments are Taxed?

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Investors generally pay close attention to portfolio allocation, performance, strategy and even fees.  The impact of taxes, however, is often overlooked when evaluating an investment portfolio. This blog post will highlight various ways that investors are taxed, including the capital gains tax, capital gain distributions, net investment income tax, and what the difference is between qualified and non-qualified dividends. There are a few quiz questions along the way so pay attention! Capital Gains and Losses When you sell an asset for more than you paid to acquire it (i.e. your cost basis), the government shares in your appreciation. An asset…
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Sep 25 2018
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QBI

Qualified Business Income (QBI)

By , and Blog
Deduction May Create New Planning Strategies for Some Business Owners The Tax Cuts and Jobs Act of 2017 introduced a new 20% tax deduction focused on pass-through businesses. As tax accountants pore through the Internal Revenue Service’s recently released 184-plus pages of guidance on the so-called Section 199a deduction for “qualified business income” (QBI), many business owners are wondering whether they will qualify. 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 background. Qualified…
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Sep 07 2018
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charitable gifts

The Benefits of “Bunching” Charitable Gifts Under 2018 Tax Law

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Mr. and Mrs. Smith are charitably inclined.  They typically donate about $10,000 per year by way of a donor-advised fund.   Each year the Smiths select about $10,000 of appreciated securities (those with long-term capital gains) from within their investment portfolio, which are subsequently moved in-kind (without liquidation) into their Donor-Advised Fund.   They receive an immediate tax deduction equal to the full fair market value of these positions, and they pay no capital gains tax on the sale of those positions once in the donor-advised account.  The Smiths subsequently recommend that the charitable custodian issue about $8,000 worth of grants to…
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