Tax Strategies
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Posted on August 20, 2024 by Dan Pascone
The Silver Lining of Lower Income Years: Tax Tricks for Top Earners
Picture this: you’re a top earner who has spent years climbing the career ladder, accumulating increasing salaries, bonuses, and stock options, each year greater than the last. Then, life throws you a curveball. Maybe you’ve decided to take a sabbatical to travel the world, pursue a passion project, or simply recharge. Perhaps you’re navigating a […]
Posted on August 13, 2024 by Dan Pascone
Down Market Tactics: A Modern Investor’s Guide to Tax Loss Harvesting
It’s August 2024, a snapshot in time when tax loss harvesting could have been used to significant effect. The S&P 500 saw its biggest single-day drop since September 2022. The Dow shed more than 1,000 points. The Nasdaq 100 erased almost $1 billion in market value. The Nikkei 225, Japan’s benchmark stock index, saw its […]
Posted on July 2, 2024 by Dan Pascone
Tax Tips for Cash Bonuses, RSUs, and Stock Options
Companies typically offer various types of bonuses, such as cash bonuses, stock options, and Restricted Stock Units (RSUs), and each comes with unique considerations. These bonuses, typically awarded annually, quarterly, or even as performance-based incentives, are a welcome windfall, but the tax implications can be an unanticipated cold plunge. Let’s break down the key points […]
Posted on June 25, 2024 by Dan Pascone
The High Earner’s Guide to State and Local Taxes (SALT) & Deductions
Whether you’re on the brink of accepting an enticing job offer in a new state or are considering a move for a financial change of scenery, it’s crucial to analyze how State and Local Taxes (SALT) will impact your financial outlook. High SALT areas like New York and California may offer unparalleled professional opportunities, cultural […]
Posted on June 18, 2024 by Dan Pascone
Life Insurance Retirement Plans: Turning LIRPs into Powerful Retirement Tools
Let’s face it: when most people think of either life insurance or retirement planning, “exciting” isn’t the first word that comes to mind. But when those terms are combined into a “Life Insurance Retirement Plan,” the mundane concept turns into a crafty strategy that could give you access to sizable loans you might not even […]
Posted on June 11, 2024 by Dan Pascone
A Comprehensive Guide to NIIT for High-Income Investors
The Net Investment Income Tax (NIIT) almost always tends to catch high earners by surprise– sometimes, it feels like new tax rules and stipulations (like the AMT) are flying out of the woodwork at every turn. Call it what you want, the NIIT, an additional 3.8% tax on certain types of investment income for individuals […]
Posted on May 28, 2024 by Dan Pascone
The High Earner’s Playbook to Donor-Advised Funds
Donor-Advised Funds (DAFs) are a key tool for charitable giving for high-earners because they offer a unique blend of immediate tax benefits and strategic flexibility for sustained philanthropic efforts. By making an irrevocable contribution to a fund managed by a charitable entity, donors can claim a tax deduction in the year the contribution is made […]
Posted on May 20, 2024 by Dan Pascone
Tax Savvy Moonlighting: Tax Strategies for Side-Hustling High-Earners
Moonlighting, or taking on additional work outside your primary job, is becoming increasingly popular for a variety of reasons, such as rising costs, ambitious future plans, or simply because it’s become rather easy to make a good extra payday on an in-demand skillset thanks to various talent marketplaces. Whether you’re freelancing, consulting, or pursuing a […]
Posted on May 13, 2024 by Dan Pascone
Beyond Basics: HSAs as a Tool for Wealth and Health Management
Health Savings Accounts (HSAs) offer a beautiful trio of financial benefits often overlooked by high-earners. Referred to as the “triple tax advantage,” HSA contributions can: Lower your taxable income. Contributions to an HSA are made with pre-tax dollars, which means they can be deducted from your gross income. This taxable income reduction leads to immediate […]
Posted on April 23, 2024 by Dan Pascone
5 Smart High-Earner Moves to Maximize Your Tax Return
Employees have several unique, often-overlooked tax strategies that could potentially add hundreds of thousands of dollars to their bank account by retirement. For starters, how confident are you that you correctly filed the best possible tax return last year, legally leveraging all the available tax credits, deductions, and strategies? Like many, you might be left […]