2021 Estate Tax Exemption [...]
On this episode of the How Money Works Podcast, we talk about some of the areas of your financial life where you might be flirting with disaster and how you can fix it.
Two specific topics we want to get Addison Maille's insight on are business succession planning and real estate investing tax challenges. We’ll discuss those things plus learn more about the tax planning process and what people can be doing over the second half of the year.
Be careful before diving headfirst into a Roth conversion. Evaluate your income for the year and determine how much wiggle room you have before potentially pushing into the next tax bracket. Remember that Roth conversions can impact financial aid, IRMAA surcharges and other items based on income.
The recently-enacted “Coronavirus Aid, Relief, and Economic Security Act,” or CARES Act, includes special tax relief for IRA and company plan withdrawals made in 2020 and for company plan loans. Here is an overview of the CARES Act relief.