The CARES Act was signed into law on Friday, March 27, 2020. While that is great news, in and of itself, here's a look at the six key components that may impact you. In addition, we talk about the buying opportunity of a lifetime in today's market.
Ever think about changing your residence from California as an income tax savings strategy. With the highest rate of 13.3%, this may seem like a smart plan (particularly in retirement), but fear of being chased by California's Franchise Tax Board can be real.
Most people wouldn't consider contributing to their employer sponsored retirement accounts as a gamble, but when you consider the tax attributes, a different story unfolds. As with most things in life, there are trade-offs to investing in retirement vehicles such as a 401k, 403b, TSP, or an IRA. The IRS allows a retirement plan participant to claim a deduction on their tax return today, in exchange for full taxation in the future.
This article, published by MarketWatch.com featuring Dave Alison, CFP will talk about the new tax law changes, specifically how the higher standard deduction will impact your tax write-offs for charitable giving?
Check out The Alison Wealth Tax Management Roadmap to learn how we help our clients maximize income and minimize taxes.
