President Joe Biden is proposing higher taxes on the top 1% to help pay for the $1.8 trillion American Families Plan. But the “marriage penalty” may hit couples earning more than $500,000. Financial experts say tax planning strategies may lessen the sting.
President Biden’s proposal to eliminate the step-up in basis for calculating inheritance taxes is getting the cold shoulder from both Democrats and Republicans, Schwab’s top Washington D.C. lobbyist told advisors today…….
Several significant tax and savings deadlines are fast approaching. Before you flip your calendar to December, consider making some of these smart money moves.
President Trump recently signed the tax reform bill into law, and it makes major revisions to the U.S. tax code for both individuals and corporations. In fact, the bill represents the most significant tax changes in the United States in more than 30 years.
…..It's almost April 1. That means it's required minimum distribution (RMD) time for senior Americans. Those who turned 70 1/2 last year face the deadline for taking RMDs from their qualified retirement plans. Their older cohorts should be considering their RMD strategies for the year…
On February 1, 2018, the Internal Revenue Service issued a warning to taxpayers to watch out for fake emails or websites impersonating the IRS and trying to steal your personal information as well as aggressive phone scammers demanding immediate payment.
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts the corporate tax rate from 35 percent to 21 percent beginning 2018. The top individual tax rate will drop to 37 percent. It cuts income tax rates, doubles the standard deduction, and eliminates personal exemptions. The corporate cuts are permanent, while the individual changes expire at the end of 2025.
