The SECURE 2.0 Act is now law and will impact our clients mainly through changes to retirement plan withdrawal rules, 50 and older catch-up contributions, and new ways to add to retirement assets. We highlight some of the changes in this note.
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Changes to 2023 Tax Rules Linked to Inflation
One of the few positives to come from recent inflation is the Internal Revenue Services’ inflation-adjusted changes to 2023 tax rules. These changes span many areas, from income tax brackets to social security to retirement plan contribution limits.
Five Financial Planning Considerations for College Students and Young Professionals
With children leaving for college and others having graduated and beginning careers, Parkside thought it an opportune time to share some financial planning tips for young adults. Please feel free to share this with the young adults in your life.
Proactive Steps to Reduce Financial Risk During Periods of Market Volatility
Waiting out a market correction period can be tough. We recently provided our clients with some long-term portfolio data around market declines similar to the current one, and we offered several proactive steps they could take now to address their financial well-being.
Addressing Ukraine and Stock Market Volatility with a Longer-Term View
We recently addressed volatility in global stock markets with our clients. Market volatility brought on by significant events such as war is always unsettling, but not uncommon historically. Notably, the US stock market has sold off between 10% to 30% several times in just the past few years— in some cases in much greater amounts than the market’s reaction so far to war in Ukraine.
Upcoming Changes to Tax Reporting Requirements for Payment Apps
PayPal, Venmo, Zelle, and similar 3rd party settlement companies will have expanded tax reporting requirements starting January 1, 2022 under the American Rescue Plan Act (ARPA). Taxpayers receiving payments for goods and services totaling $600 or more through third-party settlement companies in 2022 will now receive Form 1099-K to report the taxable income.
Update: Potential Changes to Estate Taxes
The Build Back Better Act is inching closer to a vote. While we anticipate the final version will have some compromises, the opportunities for tax planning are beginning to take shape. Here we review the current version of the proposed tax legislation and interpret what it means for you and your estate tax planning.
Potential Changes to Estate Taxes
The release of the Treasury’s “Green Book” on May 28th offers insight into the Biden administration’s proposals for changes to income and estate taxes. Here we focus on the estate tax proposals, as specified in the Green Book and referred to in other Administration communications.
A Terrific Way to Increase Retirement Savings: The After-Tax 401(k) Option
Would you like to save $58,000 instead of $19,500 in your work 401(k) each year? $64,500 if you’re over 50? Find out if your company offers an “After-Tax 401(k)” with immediate conversion to a Roth 401(k).
Tax Preparation for 2020 Redeposited Required Minimum Distributions (RMDs)
The CARES Act of 2020 allowed taxpayers who were subject to Required Minimum Distributions (“RMD”s) from their retirement accounts to waive those distributions for the 2020 tax year.
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