June 2022 – Roth Conversions
Recommended Articles
7 Tax Pitfalls Financial Advisors Should Avoid This Season
Some financial advisors may be tempted to wash their hands of taxes and leave them to the accountants. But that approach doesn’t ensure the best outcome for their clients. Great financial advisors know that, while the calendar has turned over on 2022, there is still work to be done before it is left behind. And that work is around taxes.
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Do You Actually Have An Inherited IRA?
Words matter. At times distinctions may seem trivial, but how we think about certain topics can influence the action we take. When it comes to being the beneficiary of an […]
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State Tax Tips for Financial Advisors
When Congress changes federal tax law, it always dominates the headlines, but the IRS' portion of a taxpayer’s income is only part of the story. Every state has their own unique set of tax rules, and it is not enough for financial advisors to be versed in the rules of their home state. Eight states have no individual income tax. For the other states, there are 42 different sets of rules on what type of income is taxed, how it is taxed, at what rate it is taxed and whether where you work or where you live is more important. Then one could wade into local taxes, with nearly 5,000 jurisdictions in 17 states imposing a local income tax, which can treat nonresidents differently than residents.
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