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2 days ago · Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS®, AIF®, BFA™, is the quintessential lifelong learner—an alumnus of The American College of Financial Services who holds several designations and professional credentials, and who has spent much of his career obtaining and sharing knowledge that can help fellow practitioners and clients ...
Jeffrey Levine is a CPA/PFS, CFP, AIF, CWS, MSA and a Lead Financial Planning Nerd at Kitces.com, a leading online source of research, resources, education, and training for real financial planners. Learn more about his nerd cred, bio, and other team members at Kitces.com.
Dec 9, 2021 · Jeffrey Levine, Buckingham Wealth Partners director of advanced planning, shares his top 10 end-of-year tax planning tips for advisors. He highlights the Child Tax Credit, the Build Back Better plan and other potential changes that could affect clients.
- There Is Also A New Surtax on High-Income Taxpayers.
- There Is A Second Surtax For Higher-Income Taxpayers.
- The Limitation on Excess Business Losses Would Be Made permanent.
- The Increased Child Tax Credit Will Be Extended.
- Several Proposed and Widely Reported Tax Changes Have Not Been Included.
- Most Americans’ Tax Liability Won’T Change Much.
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Specifically, there is a “5% surtax on MAGI in excess of $10MM for all individuals except separate filers ($5MM),” he tweeted.
“On top of 5% surtax for taxpayers w/ MAGI as described above, there would be an ADDITIONAL surtax for individuals w/ MAGI < $25MM ($12.5MM for MFS),” Levine tweeted. As a result, the “total top Federal rate for persons w/such stratospheric income would be: 37% +5% +3% +3.8% = 48.8%,” Levine said. It’s “fair to say EXTREMELY few people will ever be...
“Basically, if you have > $250k (single)/$500k (joint) of biz losses, the losses above that can’t be used to offset other non-biz income that year,” he warned.
Another change is that the increased Child Tax Credit “would stick around one more year, for 2022, as would prepayments (though the thresholds would change,” Levine noted. “This is MUCH shorter than [Democrats] wanted, but it’s a popular provision w/ at least some bipartisan support, so I think they’re banking on it getting extended in the future,”...
Among the widely reported tax changes that had been proposed which are not included in the final bill are: an increased top ordinary income tax bracket, an increased top long-term capital gains tax bracket, and a reduced estate/gift tax exemption, Levine said.
“Given build-up around potential changes … most Americans’ tax liability will change remarkably little as a result of this bill,” Levine tweeted.
Jeffrey Levine, Buckingham Wealth Partners director of advanced planning and Kitces.com director of advisor education, highlights the key tax changes in President Joe Biden’s revamped tax plan. He covers topics such as S corp profits, surtaxes, crypto, Child Tax Credit, and more.
Nov 7, 2019 · Former Contributor| Retirement. I am a financial planner, educator, speaker, and tax and retirement super-nerd; the type of person who actually enjoys reading through the Tax Code. My...
Apr 11, 2024 · As Chief Planning Officer, Levine serves as a technical and advanced planning resource for advisors and acts as Buckingham's primary thought leader on evidence-driven...
Dec 7, 2022 · The end of each year brings many tax planning opportunities for financial advisors and their clients, according to Jeff Levine, Kitces.com’s lead financial planning nerd and also Buckingham...
