Tax strategies

The U.S. is one of the few countries that doesn’t have paid family leave, and it can cause families hardship around the time of a birth, says an expert.

Changing filing statuses and maxing out deductible contributions to IRAs and HSAs are some ways clients received bigger reimbursements.

It’s one of the most consequential — and misunderstood — concepts for clients with properties in more than one state. Where should they call home?

Changes have left some clients surprised by tax bills or tiny refunds. How to explain what happened and prep them for next year.

Those who fail to repay their loans on time may face early withdrawal penalties.

“The more ties you cut, the better — auditors like to see a moving van and an itemized list of what was moved,” one lawyer says.

If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.

Those who signed up in the past year will get a smaller pension than they would under the old system, but they can expect additional benefits from the tax-advantaged Thrift Savings Plan.

Some clients may experience a taxable event that pushes them into a higher tax bracket.

Although the test is complicated and misunderstood, eliminating it could “do more harm than good,” according to an expert.