Estate attorneys, certified public accountants (CPAs) and the very wealthy will likely go to war with the federal government should former Vice President Joe Biden assume the Oval Office. The issue at hand? Biden’s tax reform proposals, including a little-known provision called step-up in basis.
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This fall, older savers who are feeling generous may want to consider using their individual retirement account to help fund their favorite charities.
There’s an incentive for being altruistic: It could help retirees manage their Medicare premiums in 2022.
It’s now easier for older savers to continue socking money away for retirement.
Just be aware that unintended consequences may follow — and they could cost you.
That’s due to the Secure Act, legislation that was signed into law late last year and took effect in 2020.
It sometimes seems like when it comes to college-savings vehicles, 529s are the only game in town.
But investors are doing themselves a disservice if they don’t also look at another savings tool available: Coverdell Education Savings Accounts (ESAs). Like 529s, ESAs are a tax-favored way to save for education expenses.
Tonight, Democratic presidential candidate Joe Biden will take on President Trump in a debate about the economy, coronavirus response, the integrity of the upcoming election and more. But for many, another question is top of mind: what will the results of the 2020 presidential election mean for my taxes?