Higher-income Illinois residents often overlook these state-specific tax rules. Here’s what financial advisors want you to know. If you’re a high-earning Illinois resident, there’s something financial advisors want you to know that could save you thousands of dollars or more. As Dr. Steven Crane, Founder of Financial Legacy Builders, shares: Crane’s point is that failing […]
Financial advisors explain why the best tax strategy isn’t always the one that produces the smallest tax bill and share a better framework for making financial decisions. If you’re a high earner living in a high-income-tax state like New Jersey, I’m sure you’d agree that (legally) reducing your tax bill is a good thing. According […]
Instead of asking how much you should be saving each year, retirement encourages you to consider where your income should come from, how much you can spend, and how taxes fit into the picture. Those decisions become even more important once Social Security, Medicare, and required distributions enter the conversation. No withdrawal strategy works for […]
When a prospect brings me a portfolio to review, one of the first things I look at is how their alternative investments interact with their specific tax situation. The same strategy can produce very different after-tax outcomes depending on whether someone has high W-2 income, significant capital gains, or both. More often than not, that’s […]
If you live in New York and have a decent income, you know that New York taxes are expensive. Really expensive. According to the Tax Foundation, New York has the highest per-capita state and local tax collection of any state, at $12,685, more than 78% higher than the national average. And that’s just the average […]
Massachusetts has one of the country’s heaviest state tax burdens. According to the Tax Foundation, it ranks eighth nationally in per-capita state and local tax collections, at $9,341 per resident, more than 30% above the national average But even if you earn a high income, you may assume that Massachusetts millionaire tax surcharge will never […]
With wealth comes unique financial planning challenges. Learn how a financial advisor specializing in tax strategies for wealthy individuals and couples can help. If you’ve accumulated considerable wealth throughout your lifetime, it’s common to have questions about how you can enjoy a comfortable retirement while leaving a legacy for your family and any charitable organizations […]
Taxes. One of the most hated aspects of personal finance, but without them, we don’t have a country. So, unless you want to get in serious trouble and potentially go to jail, you must pay Uncle Sam his due. The US tax code is infamous for its complexity, resulting in over 510,000 tax accountants, over […]
California taxes are high. In fact, according to the Tax Foundation, Fiscal Year 2022 data show they’re second only to New York. Overall, California tax collections per capita were about $10,319, compared to a US average of $7,109. But if you’re a high earner there, doubtless you already know this. You may be less aware […]