Roth accounts play a very important role in creating a tax-diversified retirement savings strategy, providing tax-free income during retirement. Because Roth accounts are funded with after-tax contributions, they grow completely free of income taxes. As a result, we work with many clients to maximize the amount accumulated within Roth accounts under the principle that accumulating as much money in Roth accounts as soon as possible allows for the most tax-free growth. The most common ... [Continue Reading]
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What We Will Be Monitoring In the Coming Months With the passage of the American Rescue Plan Act of 2021 (ARPA), and optimism surrounding the future of our pandemic recovery, the Biden administration is now shifting its focus to reforming the tax code. Our team is closely watching the proposals, as they may have significant implications for tax and estate planning. Below are some of the details of the proposals that are most commonly referenced in the news and we believe would be most ... [Continue Reading]
The American Rescue Plan Act of 2021 has been signed into law by President Biden. The $1.9 trillion bill includes increased funding for COVID-19 vaccination programs and testing, state and local governments for economic relief, K–12 and higher education schools to assist with re-opening, and certain industries, such as restaurants and airlines, that have been hit especially hard by COVID-19. The bill also includes several temporary, but significant, tax-relief provisions, which we highlight ... [Continue Reading]
At Carlson Capital Management, our Tax Team is an integral part of our highly strategic approach to wealth management—one that integrates the disciplines of investment, estate, tax, retirement, insurance, and philanthropic planning. Can we process your tax return? Absolutely. We file more than 1,000 returns each year through our commonly held affiliate CCM Tax & Trust Administration, and we’re happy to help with your return, too. But we deliver the most value to our clients when working in ... [Continue Reading]
There are myriad ways to describe 2020. One word that I suspect resonates for everyone is pivot. With all of the new and changing legislation last year, the CCM Tax Team analyzed and strategized and reanalyzed and restrategized on behalf of clients more times than I can count. And we suspect with the most recent election results in Georgia, we’ll continue to pivot throughout 2021. But for now, let’s start with what we know. On December 27, 2020, President Trump signed the Consolidated ... [Continue Reading]