We’ve asked our friend Alex Oliver, CFP, Wealth Manager at First National Corporation to present financial-related webinars for us during tax season. Please RSVP on the link to attend live or receive a recording.
Retirement plan contributions have been the most straightforward way for a high-income business owner to defer income taxes. While cash balance pension plans have steadily increased in popularity since 2010, the 2019 SECURE Act moved the deadline to the company’s tax filing deadline to implement a cash balance plan for the previous year. This gave business owners with steady profits extra time to evaluate their options. If you are a business owner who has consistently maxed out your 401(k) deferrals and looking for one last way to lower your 2022 tax burden, you won’t want to miss this one!
STRATEGIES FOR SECURE 2.0, MA’S MILLIONAIRE TAX, AND THE EXPIRING TAX CUTS AND JOBS ACT
LIVE THURSDAY, MARCH 16, NOON – 1 PM EST
An update to the 2019 SECURE Act passed in December 2022 as part of a larger government spending bill. Several changes included delayed Required Minimum Distribution ages, 529 rollovers to Roth IRAs, and various updates to how employer sponsored retirement plans are administered. Last year also saw the passage of the 4% surcharge in Massachusetts on families earning over $1 million. Finally, the Tax Cuts and Jobs Act is set to expire after 2025, which would raise federal income taxes and lower estate tax exemption amounts. In this presentation, Alex will look to discuss the relevant considerations around all of these legislative updates for our clients.
Learn more about Alex Oliver CFP at: https://www.fncadvisor.com/team/alex-e-oliver