Beginning with the Tax Cuts and Jobs Act otherwise known as “Trump Tax Reform” that was passed at the end of 2017, Americans have seen significant new tax legislation passed almost annually. As we enter 2023, it appears the rate of change in tax and retirement rules is not about to slow down anytime soon with President Biden signing the SECURE Act 2.0 into law on December 29th, 2022. In this episode, we discuss how the Secure Act 2.0 makes significant changes that will impact retirement and tax planning for many families and will provide new opportunities for those who proactively adjust to the changes. If you are approaching retirement or reviewing your own tax planning strategy, we think you’ll enjoy this episode. Thanks for listening!
For those who are interested in even more detail about the SECURE Act 2.0, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/secure-act-2-0-new-tax-law-new-opportunities/.
Medicare is the primary health insurance for most retired Americans, and given how expensive private health insurance has become, many individuals approaching retirement often plan their retirement around their eligibility for Medicare coverage. While Medicare can be very affordable for most retirees, individuals with high incomes often receive an unwelcome surprise when they learn that Medicare premiums are adjusted for those with higher incomes. In this episode, we discuss how an individual’s income can impact their Medicare premiums and the best planning strategies to ensure individuals do not pay larger Medicare premiums than necessary. If you are approaching retirement or on Medicare already, we think you’ll enjoy this episode. Thanks for listening!
For those who are interested in even more detail about Medicare premium adjustments, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/why-are-my-medicare-premiums-so-high/.
As we near year-end, charitable giving is once again on the minds of many families. While giving charitably is valuable in its own right, most families are also interested in maximizing the tax benefits of their charitable gifts. Traditionally, the default method for charitable giving is cash, check, or credit card, but these gifts fail to maximize the tax advantages available. In this episode we discuss how gifting long-term appreciated stock can increase the tax benefits families receive from their charitable giving - ultimately reducing the after-tax cost of the gifts they make. We also discuss how to streamline and simplify the gifting process to avoid the hassle that often comes with gifting stock to multiple charities. If you are charitable and would like to maximize your tax savings, we think you’ll enjoy this episode. Thanks for listening!
For those who are interested in even more detail on gifting appreciated stock to charity, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/gifting-appreciated-stock-it-is-better-to-give-and-receive/.
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
