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Year-end Tax Planning for 2023

One of our foremost goals is to help our clients try to optimize their tax situations. This report offers many suggestions and reviews of strategies that can be useful to achieve this goal. Everyone’s situation is unique, but it is wise for every taxpayer to begin their final year-end planning now!  Choosing the appropriate tactics will depend...

The SECURE ACT

Recently the House of Representative’s passed the SECURE Act which is now before the Senate for consideration. Further, the President has indicated he would sign the legislation if the Senate passes it. The SECURE Act will profoundly affect your ability to leave an IRA to a family member who is not your spouse. Under current law if you are a non- s...

Tell Your CPA What You Did with Your IRA Because Your 1099R Won't

  In a previous article I mention how you can reduce your taxes by making charitable gifts directly from your IRA. However when your IRA custodian sends you your 1099R at tax time it only shows the gross amount of distributions from your IRA. Unless you tell your CPA/tax preparer that you made a direct charitable gift they will likely include ...