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.
About Parkside Advisors
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.
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.
Part 2: Time to Refi?
We want to briefly highlight that the average fixed rate on a 30-year mortgage has continued to reach new lows since at least 1971 according to the St. Louis Fed— recently 2.66%.
Tax Planning and the November Election
The November election is less than two months away. The Parkside team wants to briefly summarize the tax platforms of the two candidates and recommend actions for clients to consider depending on the election outcome.
Time to Refi?
As of July 16th, the average fixed rate on a 30-year mortgage stood at 2.98%, the lowest level going back to at least 1971 according to Freddie Mac and the St. Louis Fed. If you have not refinanced your mortgage recently, we recommend you consider if it could be advantageous and what refinancing options might be available to you.
Update: CARES Act - Changes to Required Minimum Distributions
On June 23rd, the IRS updated details of the CARES Act waiver related to required minimum distributions (RMDs) already taken in 2020. Read on for our summary of the key updates and considerations for redepositing RMDs taken earlier in the year.
CARES Act – Small Business Provisions
To help ease burdens associated with the Coronavirus (COVID-19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Read on to find a summary of major points of interest for small businesses, including the Paycheck Protection Program, forgivable loans, employee retention credits, and payroll tax deferrals.