Tax Deductions
News updates about tax deductions advisors should consider for their clients.
Surprise! CARES Act Charity Tax Break for 2021 Is Not Above the Line After All
By Jeff BermanMany advisors and tax planners missed this change when the CARES Act provision was extended, CPA Jeffrey Levine says.
August 27, 2021
How a Client's Solo 401(k) Can Become a Mega Backdoor Roth IRAAfter-tax contributions are the key to using this strategy, says Ed Slott & Co. expert Ian Berger.
August 17, 2021
RIAs Took $36M in Excess PPP Loans: StudyIn another study on PPP loan fraud, 45% of loans by fintech lenders were deemed questionable.
August 12, 2021
Could This Trust Replace the Stretch IRA? Jeffrey Levine Weighs 10 Pros, Cons of CRUTsCharitable remainder unitrusts can provide similar benefits for some investors, but there are many caveats, the CPA says.
July 13, 2021
2021 Advance Child Tax Credit Payments: Should Your Client Opt Out?For many Americans, the payments will provide a valuable cash infusion. For others, they could create a tax headache later.
July 02, 2021
In Tax-Loss Harvesting, Step Carefully Through the 'Wash Sale' MinefieldMutual funds and ETFs can cause even bigger headaches, Morningstar's Sheryl Rowling writes.
May 28, 2021
13 States Where Social Security Benefits Are TaxedHow, and whether, Social Security benefits are taxed varies widely by state, according to the Tax Foundation.
May 21, 2021
How Retirees Can Avoid Tax Traps in Social Security, Medicare, Capital GainsWell-meaning retirement income moves can often have surprising tax consequences.