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5 Things Taxpayers Get Wrong When Itemizing Deductions
Background Everyone is interested in lowering their taxable income. The desire to personally pay less might be one of the few views consistently shared across all political party lines. […]
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Advisor Tax Mistake #1-Getting Bad Tax Advice
When I last Googled “IRS RMD Table,” the first result that popped up was a link to an active IRS web page with the outdated RMD information. Millions of people who clicked on the first link provided by Google were given, by the IRS, incorrect information. Countless other examples of incorrect tax information, ranging from capital gains rates to Medicare premiums to gifting limits and especially the math on Roth conversions can be found prominently displayed across the internet, including on some of the most reputable websites.
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Advisors’ Guide to Capital Gains Taxes and Tax-Loss Harvesting
Unlike income from working a job or operating a business, which is subject to tax as it is earned, capital gains and losses are unique in that taxpayers can choose when to recognize a taxable transaction.
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