Tag: IRS

7 Smart Ways High-Earners Can Prep For A Smoother Tax Season

When you have a complex tax situation, there’s likely so much on your mind heading into tax season. Here are a few tips to keep in mind before filing your 2021 tax return. 1. Prep For An AMT Tax Bill Alternative Minimum Tax (or AMT) is a parallel tax filing system designed to ensure that […]

Here’s What High-Earners Need To Know About Roth Conversions

Roth conversions are here to stay (for now), so here’s what they are, how they work, and how high-earners can consider leveraging them throughout their careers. What Is A Roth Conversion? A Roth conversion is a strategy that allows you to convert all (or a portion) of your pre-tax retirement accounts (IRA, 401k, etc.) into […]

The SECURE Act and Retirement Plan Beneficiaries

In a companion post, we discussed four major changes resulting from the passage of the SECURE Act and strategies to manage them (Top 4 SECURE Act Changes That May Impact You and How To Plan For Them). In this post, we will discuss the new class of retirement plan beneficiaries called Eligible Designated Beneficiaries (EDBs) […]

Popular Social Security Claiming Strategies Are Being Eliminated

Popular Social Security Claiming Strategies are being eliminated The Bipartisan Budget Act of 2015 included a section titled “Closure of Unintended Loopholes,” which has eliminated the popular Social Security maximization strategies of filing and then immediately suspending social security benefits and filing a restricted application for spousal benefits only. Why would Congress close the loophole?  […]