Amid the latest bitcoin rally, crypto investors face a looming deadline that could impact future taxes — and they must take action before Jan. 1, 2025.The U.S. Department of the Treasury and IRS in July unveiled final tax reporting rules for digital asset brokers, with phased-in guidelines.Starting in 2026, brokers will...
Baona | E+ | Getty ImagesMore from FA Playbook:Here's a look at other stories impacting the financial advisor business.Starting in 2025, investors age 60 to 63 can make catch-up contributions of up to $11,250 on top of the $23,500 deferral limit. Combined, these workers can defer a total of...
dowell | Moment | Getty ImagesBefore the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025.Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies,...
Former U.S. President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center on Nov. 6, 2024.Jim Watson | Afp | Getty ImagesPresident-elect Donald Trump's victory means higher individual taxes, including levies on investments, are less likely for top earners,...
Republican presidential nominee and former U.S. President Donald Trump holds a rally in Saginaw, Michigan, U.S., October 3, 2024. Democratic presidential nominee U.S. Vice President Kamala Harris and Vice-Presidential candidate Tim Walz speaks during a campaign rally and concert in Ann Arbor, Michigan, U.S. October 28, 2024.Brendan McDermid |...
Andrew Bret Wallis | The Image Bank | Getty ImagesAfter a spouse dies, some retirees face a costly surprise — higher taxes.Couples, however, can reduce the burden with early planning, financial experts say.The shift from married filing jointly to single on future tax returns can trigger a "survivor's penalty,"...
This combination of pictures created on October 25, 2024 shows US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024. Getty ImagesAs millions of Americans cast...
Andreswd | E+ | Getty ImagesThe great wealth transfer is underway — and families need to prepare, according to certified financial planner Stacy Francis, president and CEO of Francis Financial in New York City.An estimated $84 trillion of wealth will change hands by 2045, with the majority going to...
Mario Martinez | Moment | Getty ImagesSeniors looking to reduce expenses while also boosting their quality of life may find the idea of settling abroad appealing, financial experts say.To that point, nearly one-third of retirees have relocated either domestically or outside the country after leaving the workforce, according to...
Sean De Burca | The Image Bank | Getty ImagesThere's a growing debate over how higher taxes on the wealthy affect interstate migration trends — and some experts say millionaire tax flight is underway."Taxes are an important part of this puzzle," said Jared Walczak, vice president of state projects...