SALT Deduction for Passthrough Businesses

By |2021-10-13T11:48:44-08:00September 21st, 2021|Wealth Management Resources|

California Business Owners and Real Estate Investors A new state law was just passed that could reduce your overall tax bill more than 3%.  This update provides insight regarding a big tax break for our clients who own Limited partnership interests Units in an LLC with multiple owners; or S-Corporation shares. You may know

Mega Backdoor Roth 401(k) – Retirement Savings Strategies for High Earners

By |2021-10-13T11:53:44-08:00September 2nd, 2021|Wealth Management Resources|

Time to Read: 7 Minutes Maximizing retirement savings and devising strategies to keep taxes low are the cornerstones of building wealth. But with relatively low limits on 401(k) savings, how should high earners invest excess cash? There’s an extremely productive strategy that can turn your 401(k) into a vehicle for saving above the income limits and creating tax-free distributions

Tax Saving Strategies for Higher Earners (Working or Retired): Part III – Qualified Charitable Distributions

By |2021-10-13T12:00:47-08:00August 13th, 2021|Wealth Management Resources|

Time to Read: 6 Minutes Charitable giving may already be a part of your annual tax and estate planning. But if you are over age 70 ½ and have an IRA, you can donate directly from the IRA, satisfy your Required Minimum Distribution, and reduce your taxable income. It’s called a Qualified Charitable Distribution (QCD), and

Top 5 Impacts of Proposed Tax Reform for Affluent Families

By |2021-10-13T12:06:01-08:00July 30th, 2021|Wealth Management Resources|

Time to Read: 10 Minutes The Biden administration has proposed various tax reforms impacting wealthy Americans. Specifics are sparce, and the proposals are often, perhaps intentionally, opaque.  But, given that the President’s political party holds a slim majority in the Senate and could implement many of these changes on its own (through the reconciliation process), we need to

Tax-Saving Strategies for High Earners: Part 2 – Donor-Advised Fund

By |2021-10-13T12:10:45-08:00May 18th, 2021|Wealth Management Resources|

Time to Read: 9 Minutes Many charitable individuals want to know the most tax-efficient strategies for donating to their favorite causes. In Part 2 of a 7-part series, “Tax-Saving Strategies for High Earners,” we evaluate the unique tax benefits of a Donor-Advised Fund (DAF), a charitable giving account designed to help taxpayers receive large

Tax Filing Checklist for High-Earners

By |2021-10-20T11:52:25-08:00February 15th, 2021|Wealth Management Resources|

Time to Read: 8 Minutes We’ve created a comprehensive list, in question format, to help you pull together your important tax documents before you begin the tax filing process. These questions are intended to help you gather all your key tax documents, expedite the filing process, and make sure your taxes are reported correctly.    1099s – Do I have all

Tax Loss Harvesting: Making Tax Lemonade from Bear-Market Lemons

By |2021-10-13T13:43:58-08:00September 15th, 2020|Wealth Management Resources|

Time to Read: 6 Minutes Tax-loss harvesting is an investment strategy used by savvy investors during market declines. A “bank” of capital losses creates a tax asset in non-retirement accounts. That asset can be used to defer, reduce, or (in some cases) eliminate taxation. At Brown Wealth Management (BWM), we take care of harvesting

Tax-Saving Strategies for High Earners: Part I – Stacking

By |2021-05-13T15:21:56-08:00August 4th, 2020|Wealth Management Resources|

Time to Read: 7 Minutes Many high earners want to know which strategies they can implement to reduce their taxes. In Part I of a 7-part series, “Tax Saving Strategies for High Earners,” we explore the basics and benefits of a tax-reduction strategy called “stacking.” This involves grouping itemized deductions for charitable giving, state/local