New York and New Jersey have a variety of differences in their state income taxes which can make calculating which state is optimal for tax purposes difficult to figure out. This article delves into some important differences that can help with determining that.
Donor-Advised Funds (DAFs) are charitable giving accounts that allow one to front-load their donations in a single taxable year while retaining the flexibility to grant to various charitable organizations over multiple years.
OBBBA extends many of the expiring TCJA 2017 provisions as well as implement new changes such as the increased $40,000 SALT cap, a temporary increased deductions for seniors, a new QOZ program for specific rural areas with increased tax benefits, and more.
Just like how the principal of Roth IRAs can be withdrawn tax-free & penalty-free, the same can be done with Backdoor Roth IRAs & Mega Backdoor Roth 401ks if certain rules are followed.
Freezing your credit across ALL 3 credit bureaus is one of the best ways to prevent people from opening fraudulent accounts in your name. In addition, if you’ve been the victim of identity theft, you can set up a fraud alert with the credit bureaus.
AMT, or Alternative Minimum Tax, is a secondary federal tax system parallel to the regular IRS tax system. Its purpose is to ensure taxpayers who receive too many deductions & tax breaks still pay a minimum amount of tax to the IRS.
Qualified ESPPs allow you to purchase stock at a discount from your company while offering favorable LTCG treatment if certain holding requirements are met.
This article discusses tax optimization techniques including asset location, potential adjustments for significant capital losses from tax loss harvesting and tax considerations for alternative investments.
Social Security benefits may be taxable depending on your income level in retirement, and if you decide to take SS early before your full retirement age, you may receive a reduction in benefits if you are still working.
An introduction to gift and estate taxes that also covers the relevant exemptions one should be aware of to avoid being taxed on their estate or gifts.
The sale of employer equity can result in double taxation if one is not careful with making the necessary cost basis adjustments.
Backdoor Roth strategies which allow high-income earners to still contribute to a Roth IRA and potentially super-contribute to their Roth 401k.