Episode 14: Tax Talk
Dean Mioli and Steve Wittenberg join Leslie Wojcik to talk tax planning in preparation for the 2021 tax season. Listen as they share their thoughts and ideas on potential legislation that could affect tax payer’s planning decisions.
Enjoy Episode 14.
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The Pease limitation put a cap on how much certain taxpayers could claim in the way of itemized deductions before it was repealed when President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law on December 22, 2017. It could potentially return after 2025 if Congress doesn’t intervene when the TCJA expires at that time.
Tax loss harvesting is a strategy of selling securities at a loss to offset a capital gains tax liability. It is typically used to limit the recognition of short-term capital gains, which are normally taxed at higher federal income tax rates than long-term capital gains, though it is also used for long-term capital gains.
An irrevocable trust is a type of trust where its terms cannot be modified, amended or terminated without the permission of the grantor's named beneficiary or beneficiaries. A CRUT (charitable remainder unitrust trust) is an irrevocable trust that provides income to a named beneficiary or beneficiaries during the grantor's life and then the remainder of the trust to a charitable cause. The Spousal Lifetime access Trust (SLAT) is an irrevocable trust where one spouse makes a gift into a trust to benefit the other spouse (and potentially other family members) while removing the assets from their combined estates.
For more information on the Biden campaign tax proposals, please visit https://www.forbes.com/sites/forbesfinancecouncil/2021/01/26/what-changes-you-could-see-under-bidens-tax-plans/?sh=5c72b0e050a0