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.
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.
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.
An explanation of the IRMAA surcharge for Medicare Part B & D, and how you can avoid or lessen the amount you owe.
An advanced tax strategy that enhances the potential for capital losses generated by direct indexing by adding one or more short positions.
Wylie explains how New York’s income tax system may cause you to pay more taxes at certain bend points than expected.
The SECURE 2.0 Act, signed into law on December 23, 2022, has an extensive list of changes relevant to retirement planning. The following is a brief overview of some of the changes:
Tax-loss harvesting can be useful in an array of situations, but understanding when to best utilize this strategy is key. Tax-loss harvesting is the practice of selling an investment for a loss.