Chances are that your inbox is full of reminders to make your end-of-year charitable donations. The timing dovetails neatly with year-end tax planning, which continues to influence how and when many Americans choose to give.Read more: https://t.co/vn5YOIiMyU https://t.co/ULfTLtIjl0 ...

What do you need to know about tax planning in 2026? On this episode of Money Unscripted, learn about the new SALT cap increase, why you might want to consider itemizing over taking the standard deduction, a boosted child tax credit, and other opportunities to save on your taxes. Join host Ally Donnelly and Ajay Sarkaria, Fidelity Regional Vice President of Private Wealth Management, as they walk through the tax strategies that could help you keep more of what you earn. Watch now. 00:00 Welcome to Money Uns ...

Core Insights - The definition of "upper class" in Texas varies significantly based on location, with a household income between $250,000 and $300,000 generally considered upper class [3][5] - Texas's lack of state income tax allows residents to retain more of their earnings, contributing to a higher standard of living compared to states like California [3][5] - Key industries that offer high salaries in Texas include healthcare, technology, and executive roles, which can accelerate wealth accumulation [5] Income and Lifestyle - A six-figure salary in Texas enables families to afford larger homes and more land, enhancing their financial flexibility [4] - The ability to convert income into permanent assets is a distinguishing factor for the upper class in Texas [4] Investment Strategies - Diversifying investments across real estate, stocks, and stable assets like precious metals is recommended for wealth building [6] - Effective tax planning and disciplined spending are crucial for achieving upper-class status in Texas [7]

Core Insights - The article emphasizes the importance of making strategic financial moves before the end of the year to enhance financial stability heading into 2026 [1][2] Group 1: Retirement Contributions - Increasing contributions to workplace retirement plans, such as 401(k)s or 403(b)s, can significantly reduce tax liabilities, with a contribution limit of $23,500 for 2025 [3][7] - For individual retirement accounts (IRAs), the deadline to maximize contributions extends until April 15, 2026 [4] Group 2: Tax Deductions - The "One Big, Beautiful Bill" Act (OBBA) introduces new tax provisions that may provide additional savings for eligible individuals, particularly seniors [8][9] - Seniors aged 65 and older can claim an additional $6,000 deduction on top of the standard deduction, which is $15,750 for single filers in 2025, allowing for a total deduction of up to $21,750, subject to income limits [10][11] - The SALT (State and Local Tax) deduction cap has been increased, allowing some taxpayers to deduct up to $40,000 from their income, with phase-out limits for higher earners [12][13] Group 3: Flexible Spending Accounts - It is advisable to utilize funds in flexible spending accounts (FSAs) before the end of the plan year, as these accounts operate on a "use-it-or-lose-it" basis [14][15]

The last thing anyone wants to think about at year-end is taxes, but it’s the first thing you should think about, advisers say. President Donald Trump’s signature tax and spending package introduced significant tax breaks, with many retroactive to Jan. 1. Americans should take advantage of those, in addition to regular strategies to defer income and increase deductions, advisers say. Moves now can help lower your 2025 tax bill and set you up for an even more prosperous 2026, they say. “Tax planning is al ...

It’s time for year-end tax planning. If you do nothing else, go over your 2025 deductions for state and local taxes and charitable donations https://t.co/oqKsnmVPaw ...

Core Insights - Many individuals mistakenly believe their financial situation is satisfactory until they uncover significant gaps that can lead to financial losses, wasted time, and stress [2] - Common financial mistakes include lack of a cohesive investment strategy, neglecting tax implications, and failing to maintain an updated estate plan [2][8] Group 1: Investment Strategy - A prevalent mistake is building a portfolio without a comprehensive plan, leading to investments that are poorly aligned with personal financial goals, resulting in high fees and low tax efficiency [3][4] - The recommended approach is to establish a financial plan that outlines risk tolerance and time horizon, followed by an investment policy to guide asset allocation [4] Group 2: Tax Considerations - Tax inefficiencies often arise from having actively managed funds in taxable accounts, which can lead to unexpected capital gains due to large dividend payouts [5] - Transitioning these investments to tax-advantaged accounts or opting for more tax-efficient funds can help retirees retain more of their earnings [5] Group 3: Retirement Accounts - Individuals frequently overlook old 401(k) accounts from previous jobs, which may carry high fees and suboptimal investment options [6] - Consolidating these accounts can simplify performance tracking, reduce fees, and maintain a consistent investment strategy [6] Group 4: Estate Planning - Neglecting to update estate plans is a common oversight, with many clients lacking a current and properly executed estate plan [9] - It is crucial to ensure that wills, trusts, and powers of attorney reflect current wishes and are effectively implemented [9]

Tax Planning - Proper planning can help avoid costly errors and big tax hits when transferring a 401(k) to an IRA [1]

Core Insights - The article emphasizes the importance for baby boomers to make strategic financial moves in the final months of 2025 to prepare for retirement and the upcoming year [2][3]. Group 1: Financial Strategies for Baby Boomers - Maxing out retirement accounts such as 401(k)s, IRAs, and Roth IRAs is crucial for boomers still in the workforce, as it allows for compounding growth and tax advantages [4][5]. - For individuals aged 73 or older, planning for required minimum distributions (RMDs) is essential to avoid penalties, with a deadline of December 31 for most and April 1, 2026, for those who turned 73 this year [6]. - Charitable donations can help reduce tax burdens for those aged 70 1/2 and older, allowing them to bypass RMD rules by donating up to $108,000 directly to charities [7]. - Considering a Roth conversion can be beneficial for many boomers, as it allows them to settle tax obligations on pre-tax retirement accounts sooner, potentially leading to long-term gains despite an immediate tax bill [9].

Core Insights - CBIZ, Inc. has released its 2026 Tax Planning Guide to assist businesses and individuals in navigating the changes brought by the One Big Beautiful Bill Act (OBBBA) [1][2] Group 1: Key Changes and Provisions - The OBBBA introduces significant tax policy changes, including immediate deductibility of domestic research and experimental expenses, restoration of 100% bonus depreciation, permanent expansion of Section 179 expensing, and increases to estate and gift tax exemptions [3] - New tax incentives under the OBBBA affect both C corporations and pass-through entities, prompting businesses to reconsider their entity selection [4] Group 2: Tax Planning Strategies - The guide emphasizes tax planning as a growth driver rather than a year-end checklist, encouraging decision-makers to transform complexity into clarity and strategy into savings [3] - The guide includes a sector-by-sector analysis to help organizations identify opportunities and compliance priorities in light of the new provisions [8] Group 3: Additional Provisions - Manufacturers can now claim a 100% deduction for new qualified production property, with construction starting after January 19, 2025, and before 2029 [8] - Expanded Qualified Opportunity Zones provide new avenues for capital-gain deferral and reinvestment for both business and individual investors [8] - New individual tax-advantaged provisions include higher state and local tax caps, new deductions for tip income and overtime pay, and temporary bonus deductions for seniors [8] Group 4: Upcoming Events - CBIZ is hosting a webinar on November 13, 2025, to discuss insights from the guide and the implications of tax changes for businesses and personal finances [5]