Considering a Move to Save on State Taxes?
Now that the federal deduction for state and local taxes is gone, should I consider changing residency from my high income-tax state to one with lower or no state taxes?
Now that the federal deduction for state and local taxes is gone, should I consider changing residency from my high income-tax state to one with lower or no state taxes?
QUESTION: Can you beat the S&P 500 and other top index funds? ANSWER: It depends on the time frame. While it’s possible to outperform the S&P, research shows that the outperformance will be lumpy with some significant periods of underperformance. To understand why, here is a brief history lesson. Decades ago Wall Street spread the…
QUESTION: I’m getting married again, but my kids are worried it will adversely affect their inheritances. What should I do? ANSWER: Before you do anything, take a moment and remember that it is your wealth before it becomes their inheritance, and while it is important to communicate your decisions and priorities to your family, it…
QUESTION: I just lost my state and local tax deductions in the recent tax reform, and I have no mortgage interest to deduct. Is there anything I can do to lower my taxes? ANSWER: The new tax law eliminates miscellaneous deductions, and limits state and local tax deductions to $10,000. This means married taxpayers without…
Thanks to recent federal tax reform, you can now use your kids’ college funds, or 529 plans, to pay for up to $10,000 a year for primary and high school expenses.