With the estate tax exemption at $12.06 million 2022, many estates won’t be subject to estate tax. As a result, more planning can be devoted to saving income taxes for your heirs.
High-income taxpayers face a 3.8% net investment income tax (NIIT) that is imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving […]
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the […]