taxes

Proposed Tax Changes in Congress

If passed, the $3.5 trillion Build Back Better Act would alter some federal tax rates.   Investors are watching the Build Back Better Act. This $3.5 trillion bill, refined through months-long negotiations, may be approaching a final vote in the House of Representatives. If the BBA becomes law, it would finance large-scale infrastructure projects, authorize a [...]

2021-10-28T12:18:52+00:00Categories: IRS|Tags: , , , , , , |

Are Capital Gains Taxes Changing?

Reach out if you have any concerns about capital gains taxes.   There are a lot of questions about President Biden’s Build Back Better plan and potential tax law changes, including an adjustment to capital gains taxes. One of the proposals Congress is considering sets the top rate for taxing capital gains at 25%, up [...]

The Expanded Child Tax Credit

The federal government has upgraded its Child Tax Credit. Thanks to the American Rescue Plan Act, there are four notable differences in effect for the 2021 tax year only.1   First, the Internal Revenue Service is paying many families who qualify for the CTC 50% of their credit before 2021 ends. Second, the credit has grown [...]

Qualified Charitable Distributions

A choice for I.R.A. owners who want to reduce taxes linked to I.R.A. distributions.   Do you have an I.R.A.? As you enter your 70s, you may start to look at that I.R.A. not only as an asset, but also as a problem. By law, you must take required minimum distributions (R.M.D.s) from a Traditional [...]

Tax Efficiency in Retirement

What role should taxes play in your investment decisions?   Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a [...]