Tax strategies

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

The Secure Act eliminated a popular retirement planning feature. Here are strategies to help clients mitigate the tax hit.

If they plan to use them for current spending, “then the timing of the distribution would not matter for tax purposes,” an expert writes.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

It follows an earlier decision to delay the payment deadline, but not the filing deadline, in response to the coronavirus pandemic.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

Some clients can get an extension on paying taxes of up to $1 million and corporations can defer tax payments of up to $10 million.

While the Trump administration has called for a delay to the April 15 deadline, they have yet to issue formal guidance on when paperwork is due.

Convenience accounts, power of attorney, trusts: The benefits and drawbacks are legion. Here's a guide.

Few clients think to look at the impact of capital gains on their mutual funds.

While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.

“It’s like shopping on Amazon for real estate,” says one investor. But clients pay a premium for the access and convenience.

Any gains on the sale of a property they've held for over a year may be taxed as much as 20%.

The richer they are, the more options clients have to insulate themselves from the coronavirus and its effects.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

A watchful planner might have saved a matriarch’s IRA from being allegedly pillaged by her son.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.

Both firms have lower advisor headcounts, higher productivity and relocation plans — but Blucora's acquisitions have boosted its wealth management business.