Tax strategy scan

“People didn’t want to use up their estate tax exemption,” but that has changed as a result of the new law, an expert says.

As retirement horizons grow, the rich are less willing to focus on generational wealth transfers.

The earlier they begin planning, the easier it'll be to avoid a big tax hit.

The strategy only applies to investments held in taxable, not tax-favored, retirement accounts.

Clients who owe the IRS should pay their taxes by April 15 even if they have already secured an extension.

Those who fail to meet the cutoff face a penalty equivalent to 50% of their required minimum distribution.

A higher standard deduction makes itemizing deductions less valuable.

The regulator is looking into whether brokers made appropriate share class recommendations for the plans as a result of the new law.

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

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

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

Clients can avoid tax liability on their capital gains by donating securities that have appreciated in value, an expert says.

Modifications should be made as soon as they determine their liability for 2018 and the impact of the new law on their returns, an expert says.

Scammers are notorious for stealing social security numbers to file fake returns, an expert warns.

The impact of the 35-day partial government shutdown could delay the process this year.

Although income that is taxable is likely to increase for families with two children, their final bills will be smaller.

A closed phone line to IRS support could present a significant challenge, particularly with changes to forms like the 1040, experts suggest.

Clients who intend to file as soon as they receive their W-2s are advised to start gathering their documents.

For example, taxpayers should not panic about the new cap on state and local tax deductions.

Clients intending to set up a bank account or mutual fund for their child must consider various provisions.