Tax strategy scan

Some can expect an increase in their tax bill thanks to Social Security income taxes and higher Medicare premiums.

Certain clients may consider donating directly from their IRAs.

Some senior clients might consider buying a quality supplemental insurance plan, according to a Morningstar expert.

One way to avoid the additional burden is to take advantage of tax-deferred retirement accounts.

Clients preparing for a life-altering event — such as marriage, divorce or a new baby — are advised to start getting their paperwork in order.

Wealthy families can enjoy a $2,000-per-child break with the expansion of the child tax

Dividend tax rate cuts in 2003 had no impact on C- and S-corporation spending, an economist found.

Clients have a tax-saving opportunity to transfer pre-tax contributions in retirement accounts to a Roth or life insurance policy under the new law.

Advisors must be wary of “making permanent decisions based on a temporary law,” an expert says.

A big difference in fees may not be enough to offset taxes on capital gains.