Top 5 Impacts of Proposed Tax Reform for Affluent Families

By |2021-10-13T12:06:01-08:00July 30th, 2021|Wealth Management Resources|

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

Tax-Saving Strategies for High Earners: Part 2 – Donor-Advised Fund

By |2021-10-27T06:54:03-08:00May 18th, 2021|Wealth Management Resources|

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

Tax Filing Checklist for High-Earners

By |2021-10-20T11:52:25-08:00February 15th, 2021|Wealth Management Resources|

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

Tax Loss Harvesting: Making Tax Lemonade from Bear-Market Lemons

By |2021-11-25T03:33:15-08:00September 15th, 2020|Wealth Management Resources|

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

Roth Conversion: A Better Way to IRA

By |2021-11-23T19:40:24-08:00September 2nd, 2020|Wealth Management Resources|

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

Tax-Saving Strategies for High Earners: Part I – Stacking

By |2021-11-22T11:33:30-08:00August 4th, 2020|Wealth Management Resources|

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

Health Savings Accounts: A Simple Tax Break for High Earners

By |2021-11-25T03:27:33-08:00May 5th, 2020|Wealth Management Resources|

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