With Democrats in control of the Senate and House the likelihood of passing legislation in line with President-elect Biden’s agenda for estate plans has increased. While there are a number of proposed changes, there are two that are most significant. First, the amount of assets an individual can pass estate tax free to heirs may be substantially reduced. Second, capital gains taxes may be imposed on all estates with appreciated assets. This means that even individuals who are “not rich” will suffer some tax consequences at death.
Here are several simple year-end tax planning ideas to consider before you ring in the new year to improve your personal finances.
U.S. taxpayers living in the United Kingdom must carefully understand the impact of U.S. and UK tax laws on their investment portfolio. From a U.S. tax perspective, it is essential to invest using U.S. listed investments to avoid the complicated and tax costly U.S. passive foreign investment company (PFIC) tax regime. On the UK tax side, the HMRC reporting fund regulations further restricts tax-efficient options for U.S. taxpayers who are also UK tax residents.
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Round Table Wealth Management proudly announces the hiring of Anthony Rosetti as Director, Wealth Advisor.
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First, we hope you and your family are happy, healthy and enjoying some return to normal life. We have all come very far since the onset of the pandemic and our collective strength and resolve to continue safe habits [...]