Time to Read: 6 Minutes Charitable giving may already be a part of your annual tax and estate planning. But if you are over age 70 ½ and have an IRA, you can donate directly from the IRA, satisfy your Required Minimum Distribution, and reduce your taxable income. It’s called a Qualified Charitable Distribution (QCD), and
Time to Read: 10 Minutes The Biden administration has proposed various tax reforms impacting wealthy Americans. Specifics are sparce, and the proposals are often, perhaps intentionally, opaque. But, given that the President’s political party holds a slim majority in the Senate and could implement many of these changes on its own (through the reconciliation process), we need to
Time to Read: 9 Minutes Many charitable individuals want to know the most tax-efficient strategies for donating to their favorite causes. In Part 2 of a 7-part series, “Tax-Saving Strategies for High Earners,” we evaluate the unique tax benefits of a Donor-Advised Fund (DAF), a charitable giving account designed to help taxpayers receive large
Time to Read: 5 Minutes One year into the pandemic, Americans are continuing to strike a balance between staying safe and handling their day-to-day responsibilities. One major challenge we all face this time of year (pandemic or no pandemic) is filing our taxes on time. On March 17, less than one month until Tax
Time to Read: 8 Minutes We’ve created a comprehensive list, in question format, to help you pull together your important tax documents before you begin the tax filing process. These questions are intended to help you gather all your key tax documents, expedite the filing process, and make sure your taxes are reported correctly. 1099s – Do I have all
Time to Read: 6 Minutes Tax-loss harvesting is an investment strategy used by savvy investors during market declines. A “bank” of capital losses creates a tax asset in non-retirement accounts. That asset can be used to defer, reduce, or (in some cases) eliminate taxation. At BWM Financial (BWM), we take care of harvesting losses
Time to Read:7 Minutes Roth IRAs are known for their tax-free growth and withdrawals; however, high earners and retirees regularly overlook these dream savings accounts because they have income limits that, on the surface, prevent them from participating. At BWM Financial (BWM), we think that Roth conversions are an effective, alternative way to save
Time to Read: 7 Minutes Many high earners want to know which strategies they can implement to reduce their taxes. In Part I of a 7-part series, “Tax Saving Strategies for High Earners,” we explore the basics and benefits of a tax-reduction strategy called “stacking.” This involves grouping itemized deductions for charitable giving, state/local
Time to Read: 5 Minutes The number of tax-savings strategies available to affluent investors and high-income earners continues to shrink—but Health Savings Accounts (HSAs) are a noteworthy exception to this trend. Often overlooked or misunderstood, HSAs can be a great tool when used correctly. An HSA can create an easy annual income tax deduction
