Tax Scams
As we head into a new year and with it, a new tax season, we wanted to draw attention to a number of scams and schemes to defraud unsuspecting taxpayers. We think it is important that our clients be aware of how these scams work, and what precautions you can take to protect yourself. How […]
Retirement Plan Contribution Limits & Other Tax Changes for 2022
Every year the IRS reviews a variety of retirement plan contribution limits and other important fiscal boundaries. Here’s a list of changes made effective January 1st, 2022. Item 2021 2022 401(k) Employee Max $19,500 $20,500 401(k) Catch Up $6,500 $6,500 401(k) Total Max $58,000 $61,000 HSA (Individual) $3,600 $3,650 SIMPLE IRA $13,500 $14,000 SIMPLE IRA […]
How to give to charity in the most tax-efficient manner
Whether it’s giving Tuesday or end-of-year outreach, many non-profits will be asking their supporters for donations as we head into holiday season & year-end. To our readers who are charitably inclined, first let us say thanks for your generosity helping those in need. We also want to make sure you are giving your money in […]
Inherited IRA Strategies Post-SECURE Act
Many people in the financial planning world referred to the SECURE Act as the “death of the stretch IRA” because of the new 10-year rule. The 10-year rule requires most non-spouse owners of inherited IRA’s to spend down the balance of their Inherited IRAs by the end of the 10th year. Beneficiaries may be forced […]
Build Back Better Act – Other Proposed Changes
Last week I wrote an article that dove into what the Build Back Better Act could mean for those currently using the Backdoor Roth IRA strategy. While that is a significant change that could be on the horizon, it is only one of many currently proposed in the several hundred-page plan. Shown below is a […]
Build Back Better Act – Backdoor Roths
The year-end process can be stressful for many investors and 2021 is no different in terms of having proposed changes to the federal tax code. The proposed Build Back Better Act is currently structured to limit those who can use the “Backdoor Roth” strategy and/or make Roth Conversions in general. We don’t know if this […]
NYS tax update: PTET
If you itemize deductions on your federal tax return, you’ll recall that the 2017 tax law changes imposed a $10,000 cap on the amount of state income and property taxes (SALT) that you could deduct on your federal return. For many New York State taxpayers, this greatly reduced their federal itemized deductions and potentially forced them to […]
Tax planning in turbulent times part 1: the tools of the tax-planning trade
Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome. No wonder people get nervous when there’s lots of talk about higher taxes, but little certainty on what may come of it, and who it might affect. How do we plan […]
The certain uncertainty of tax legislation
Tax planning is all about identifying opportunities that arise because of changes to a person’s tax situation from one year to the next. Many people think they do not need to consider tax planning because the information on their tax return does not change much year-to-year. Since the end of 2017, at least six new […]
More than just an investment firm
At Rockbridge, we believe that the role of an investment advisor is changing, and investors should be expecting more from their advisors than they have in the past. With options like Vanguard, robo advisors, and all the other investment-only solutions popping up each day, it’s clear that advisors who focus solely on investment management are […]