EPISODE #007

“In this world, nothing can be said to be certain, except death and taxes.”

 – Benjamin Franklin

“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”

 – Mark Twain

Episode Outline

1. Tax Strategies
2. Tax Law Changes
3. Action Steps

Case Study: George and Sally

1. Avoid Early Withdrawal Penalties
2. Avoid Withholding or Tax Related Issues With IRA Rollovers
3. Optimize Location of Assets
4. Play “The Long Game”

Tax Law Changes: The EARN ACT (SECURE ACT 2.0)

1. Starting in 2023
   1. RMD age increase
   2. RMD penalty reduction
   3. ROTH SEP IRAs and ROTH SIMPLE IRAs
   4. Qualified Charitable Distributions up to $50,000 (adjusted for inflation)
2. Starting in 2024
   1. 529 to ROTH IRA rollover
   2. Employer student loan match
   3. No employer plan ROTH RMDs required
3. Starting in 2025
   1. Higher catch-up contributions
   2. Contributions indexed to inflation

Action Steps

1. Family Tax Bracket Management
2. Income Shifting
3. Maximum Contributions in Retirement Plans
4. Tax Efficient Investing
5. Roth IRA Conversions

Remember, a qualified tax professional can help you with your 2023 tax projection.

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