Preparing for the Sunset of the 2017 Tax Reform Act
Wealth Management
JUNE 21, 2024
Some strategic actions and best practices in the wake of the sunsetting of the 2017 Tax Reform and Jobs Act in 2025.
Personal Income increased 0.6% in October; Spending increased 0.4%
Calculated Risk
NOVEMBER 27, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $144.1 The following graph shows real Personal Consumption Expenditures (PCE) through October 2024 (2017 dollars). The BEA released the Personal Income and Outlays, October 2024 report for October: Personal income increased $147.4 billion (0.6
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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments
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For Madame or Mister President, Taxes Are High on ’25 Agenda
Wealth Management
OCTOBER 28, 2024
The Tax Cuts and Jobs Act of 2017 is on the cusp of expiration. What that could could mean for you.
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Ten Economic Questions for 2025
Calculated Risk
DECEMBER 22, 2024
There were many promises made during the campaign that obviously will not happen (deport 20 million people, no taxes on tips, overtime or Social Security benefits, 200% tariffs, and on and on). We can assume the 2017 Tax Cuts and Jobs Act (TCJA) will be extended.
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2025 Tax Brackets, Social Security Benefits Increase, and Other Inflation Adjustments
MainStreet Financial Planning
NOVEMBER 25, 2024
The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $176,100 from $168,600. The individual tax brackets for ordinary income have been adjusted by inflation. On average, tax parameters that are adjusted for inflation will increase about 2.80%.
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Planning For Changes In Client Marginal Tax Rates After TCJA’s Sunset
Nerd's Eye View
JULY 10, 2024
The Tax Cuts and Jobs Act (TCJA), passed in 2017, was one of the most extensive pieces of tax legislation to be passed in the last 30 years, touching many aspects of individual, corporate, and estate tax.
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Strategies to Help Finish the Tax Season Strong
Carson Wealth
FEBRUARY 27, 2025
Like gardening or working out, tax planning is one of those activities where you get out what you put in. Tax planning is similar in the sense that you can put work in on the front end that youll reap benefits from later. Tax planning is similar in the sense that you can put work in on the front end that youll reap benefits from later.
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Alternative Minimum Tax (AMT) Planning After TCJA Sunset: Preparing Clients To (Re)Encounter AMT After 2025
Nerd's Eye View
OCTOBER 16, 2024
Since the Tax Cuts & Jobs Act (TJCA) was passed in 2017, few households have been subject to the Alternative Minimum Tax (AMT), which TCJA restructured so that it applied mainly to a select number of upper-income households.
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Pass-Through Entity Taxes: Mechanics, Considerations, And Planning Opportunities For Navigating SALT Cap Workarounds
Nerd's Eye View
MAY 31, 2023
The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. Another set of considerations involves owners of businesses that operate in multiple states, which can compound the complexity of electing a PTET.
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IRS Turns to Wealthy Non-Filers in Push to Get More Tax Dollars
Wealth Management
FEBRUARY 29, 2024
The agency this week is sending letters to target 125,000 cases of taxpayers with incomes of more than $400,000 who didn’t file returns between the years 2017 and 2021.
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Top clicks this week on Abnormal Returns
Abnormal Returns
JUNE 16, 2024
fortunesandfrictions.com) What happens if the 2017 tax cuts lapse. (apolloacademy.com) What really is the goal of portfolio diversification? rogersplanning.blogspot.com) Small advantages, consistently applied, compound over time. wsj.com) Nothing compares to the Nasdaq Internet bubble. mrzepczynski.blogspot.com)
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Personal Income increased 0.5% in March; Spending increased 0.8%
Calculated Risk
APRIL 26, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $104.0 The following graph shows real Personal Consumption Expenditures (PCE) through March 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for March: Personal income increased $122.0 billion (0.5 billion (0.5
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The Greatest Missed Opportunity of Our Lifetimes
The Big Picture
OCTOBER 23, 2023
Your grandchildren will blame the toxic combination of incompetency and ideology for the massively increased carrying costs of unfunded spending and tax cuts. Note that we undertook much of the work anyway (airports, electrical grid, roads, etc.), just decades later at a much greater cost. All simply unnecessary.
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Catastrophizing Debt
The Big Picture
AUGUST 12, 2024
Sorry, but “fake it till you make it” seems like a poor plan for thinking about the future… Previously : Time to Stop Believing Deficit B t (September 3, 2021) Stimulus, More Stimulus and Taxes (January 25, 2021) Cost of Financing US Deficits Falls (December 18, 2020) Can We Please Have an Honest Debate About Tax Policy?
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Mythbusting TikTok Tax Advice
Harness Wealth
JANUARY 10, 2025
Tax advice is a common topic on social media platforms like TikTok. Influencers promise easy ways to secure tax deductions, simplifying complex ideas into bite-sized claims that gloss over important details in the process. Can Hiring Your Children Help You Save on Taxes? Can You Claim Your Pet as a Tax Write-Off?
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Passive vs. Active
The Big Picture
AUGUST 17, 2022
What’s obvious is that cheaper is better than more expensive; that there are inherent costs in managing an active portfolio that include more than just trading and taxes but research, analysis, PMs, etc. Previously : Don’t Blame Morningstar for Our Own Shortcomings (October 26, 2017). Russel Kinnel. Morningstar, August 9, 2010.
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Personal Income increased 0.2% in June; Spending increased 0.3%
Calculated Risk
JULY 26, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $37.7 The following graph shows real Personal Consumption Expenditures (PCE) through June 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for June: Personal income increased $50.4 billion (0.2 billion (0.2 billion (0.3
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Personal Income increased 1.0% in January; Spending increased 0.2%
Calculated Risk
FEBRUARY 29, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $67.6 The following graph shows real Personal Consumption Expenditures (PCE) through January 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for January: Personal income increased $233.7 billion (1.0 billion (0.3
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Personal Income increased 0.3% in December; Spending increased 0.7%
Calculated Risk
JANUARY 26, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $51.8 The following graph shows real Personal Consumption Expenditures (PCE) through December 2023 (2017 dollars). The BEA released the Personal Income and Outlays report for December: Personal income increased $60.0 billion (0.3 billion (0.3
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Personal Income increased 0.3% in February; Spending increased 0.8%
Calculated Risk
MARCH 29, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $50.3 The following graph shows real Personal Consumption Expenditures (PCE) through January 2024 (2017 dollars). From the BEA: Personal Income and Outlays for February: Personal income increased $66.5 billion (0.3 billion (0.2 billion (0.8
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Sunday links: playing your own game
Abnormal Returns
JUNE 9, 2024
wsj.com) Policy What happens if the 2017 tax cuts lapse. (humbledollar.com) Russia An increasing portion of Russia's budget is dedicated to fighting Ukraine. msn.com) How Russian propaganda spreads despite bans in place. nytimes.com) Russia's population has been shrinking for decades.
Major Tax Changes Are Coming in 2026. Are You Ready?
Darrow Wealth Management
JULY 1, 2024
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. At that point, many provisions will revert to 2017 levels, adjusted for inflation. For example, in 2017, the marginal tax brackets were 10%, 15%, 25%, 28%, 33%, 25%, and 39.6%.
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A Short History of Stocks
The Big Picture
APRIL 11, 2024
And even still, fund fees and taxes remained a major cost element. In 1978, Congress enacted Internal Revenue Code Section 401(k), which allowed tax-deferred savings through a company-administered plan. Lower trading costs, a rampaging bull market, and tax-deferred investing led to millions of new entrants into markets.
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Donor-Advised Funds: Optimize Your Charitable Giving and Save On Taxes
Cordant Wealth Partners
NOVEMBER 18, 2024
We also get you up to speed on the tax benefits of using a DAF. If you've heard of a DAF and are curious about incorporating it into your giving and tax planning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made.
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Weekend Reading For Financial Planners (Oct 1-2)
Nerd's Eye View
OCTOBER 1, 2022
A new bill would make many parts of the Tax Cuts and Jobs Act of 2017 permanent, including its changes to tax brackets, the higher standard deduction, and the cap on state and local tax deductions.
Build (Customized) Flexible Estate Planning Strategies In A Constantly Changing Political Landscape
Nerd's Eye View
APRIL 5, 2023
Given how frequently the tax code changes, advisors can add value for clients by ensuring their estate plans are aligned with current law to meet the clients’ objectives, and not with past rules that may no longer apply to them. However, the passage of TCJA resulted in the estate gift tax exemption nearly doubling (from $5.6M
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A Rising Tax Environment? What to Watch For.
Nationwide Financial
AUGUST 29, 2022
Key Takeaways: Even without new legislation, the prospect of higher taxes in the future is still looming. The impact of higher taxes on retirees could be substantial, so staying up to date on the current tax landscape is vital. But even without new legislation, the prospect of higher taxes in the future is still looming.
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Personal Income increased 0.3% in April; Spending increased 0.2%
Calculated Risk
MAY 31, 2024
Disposable personal income (DPI) —personal income less personal current taxes—increased $40.2 The following graph shows real Personal Consumption Expenditures (PCE) through April 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for April: Personal income increased $65.3 billion (0.3 percent in February 2022.
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Where is This Rally Going?
The Big Picture
NOVEMBER 2, 2023
If you are in a top tax bracket and have residency in a high-tax state with strong credit quality – think Ohio, New York, Massachusetts, California, Connecticut, etc. – Cash in No Longer Trash : TINA is officially over. you should be looking at Munis here. Depending on the specifics a 4.5-5%
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Extending the 2017 Tax Cuts Would Be Fiscally Reckless
Advisor Perspectives
JANUARY 31, 2025
For the new Congress, deciding the fate of the 2017 Tax Cuts and Jobs Act will present an immediate dilemma. Allowing the law’s provisions to expire as scheduled at the end of the year would effectively raise taxes on tens of millions of Americans.
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Personal Income increased 0.5% in May; Spending increased 0.2%
Calculated Risk
JUNE 28, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $94.0 The following graph shows real Personal Consumption Expenditures (PCE) through May 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for May: Personal income income increased $114.1 billion (0.5 billion (0.5
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9 Year-End Planning Tips from a Wealth Planner
Carson Wealth
DECEMBER 8, 2023
That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. One consideration this year is that we’re two years from the expiration of the Tax Cuts and Jobs Act of 2017 (TJCA). AGI impacts multiple other tax considerations.
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The Great Resignation Is Long Over
The Big Picture
JULY 27, 2022
Consider these columns going back to 2013 pointing out the foolishness of tax-payer subsidized corporate welfare queens (2013), and why median wages were rising ( 2016 , 2017 , 2018 , 2018 , 2019 ). Then came the pandemic, and a huge federal worker subsidy. Workers upskilled and launched new businesses.
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Market Timing vs. Time in the Market
Zoe Financial
JANUARY 28, 2025
Looking at the same 1950-2017 period, but looking through the lens of five-year investment horizons, returns for the S&P 500 ranged from down 3% to up 28%. Zoe Financial is not an accounting firm – clients and prospective clients should consult with their tax professional regarding their specific tax situation.
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Personal Income increased 0.3% in September; Spending increased 0.7%
Calculated Risk
OCTOBER 27, 2023
Disposable personal income (DPI), personal income less personal current taxes, increased $56.1 The following graph shows real Personal Consumption Expenditures (PCE) through September 2023 (2017 dollars). The BEA released the Personal Income and Outlays report for September: Personal income increased $77.8 billion (0.3 billion (0.3
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Personal Income increased 0.2% in August; Spending increased 0.2%
Calculated Risk
SEPTEMBER 27, 2024
Disposable personal income (DPI), personal income less personal current taxes, increased $34.2 The following graph shows real Personal Consumption Expenditures (PCE) through August 2024 (2017 dollars). The BEA released the Personal Income and Outlays report for August: Personal income increased $50.5 billion (0.2 billion (0.2
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2024 Tax Brackets, Social Security Benefits Increase, and Other Inflation Adjustments
MainStreet Financial Planning
JANUARY 3, 2024
The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $168,600 from $160,200. More Information If you would like to read more about the 2024 changes from the IRS here is the IRS Publication and summary at the Tax Foundation website.
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What if Dunning Kruger Explains Everything?
The Big Picture
FEBRUARY 27, 2023
This demographic cohort is simply not a seller due to retirement – the tax expenses would be too great. Estate taxes are why appreciated equity is transferred this way. I suspect most of us have a distorted viewpoint of the average investor versus the total capital in the market. appeared first on The Big Picture.
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A Guide to PTET for Small Business Owners
Harness Wealth
MARCH 27, 2025
Pass-Through Entity Tax (PTET) is a state-level tax mechanism designed to sidestep the federal State and Local Tax (SALT) deduction limit. Allowing a pass-through entity to pay state income taxes directly, PTET effectively shifts the tax burden from individual owners to the business itself.
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The “Art” of Market Timing
The Big Picture
NOVEMBER 27, 2023
This is before we get to the issue of capital gains taxes, which create a hurdle of (minimum) 20% on those pesky profits just to get to breakeven. Not only are the odds stacked against you, but very often systems that have successfully timed the market have been simply lucky, and do not succeed in out-of-sample tests.
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How Estate and Gift Taxes Can Impact Your Financial Plan
Carson Wealth
FEBRUARY 29, 2024
But when does gifting become a tax issue? Let’s take a closer look at estate and gift taxes and how you can approach them with a financial planning mindset. Taxes on Giving??? Why do you have to pay taxes on money you’re giving away? This continued until the federal government wised up and imposed a federal gift tax.
2017 Year-End Planning Letter
Brown Advisory
DECEMBER 4, 2017
2017 Year-End Planning Letter. Mon, 12/04/2017 - 13:10. presidential election, we have grappled with the lack of clarity regarding the details of new tax legislation. The outcome of the tax reform debate is likely to impact how we advise clients on tax planning, estate planning and a host of other topics.
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Health Savings Accounts – The Other Retirement Plan
The Chicago Financial Planner
OCTOBER 21, 2021
This is up from $285,000 in 2019, from $275,000 in 2017 and from $220,000 in 2014. The money goes into the account on a pre-tax basis much like a traditional 401(k) or IRA. This is a great opportunity for those who earn too much to make pre-tax contributions to a traditional IRA. The rising cost of healthcare in retirement .
What is an 83(i) Election and How Do You You File One?
Harness Wealth
DECEMBER 30, 2024
However, as appealing as these forms of compensation may be, they can result in sizable and unexpected tax bills. Along with the 83(b) election, there is a less well-known provisionthe 83(i) election that offers other tax advantages to certain types of employees. Table of Contents What is an 83(i) election?
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