In addition to time off and connecting with family and friends, the end of the year brings important tax planning opportunities. In context of the new tax law, we explain a few strategies and give an update about what’s happening at the IRS.
This major tax reform will benefit corporations and the mega-wealthy beginning in 2018. For many individuals, the new law will add complexity. Many of the new provisions expire after December 31, 2025, at which time tax rules revert back to 2017 law. We’ve compiled a list of the provisions that will likely affect our individual clients. Stay tuned for new tax strategies that will emerge from these rules.
Clients came to me for advice about saving for their children’s college education. They didn’t know why their prior advisor recommended they set up an UTMA account and a Section 529 college savings plan for each child. During our discovery process, the clients explained