While it's usually true that the "rich get richer," a proposed tax code will prove a remarkable exception if the House has its way. The legislation would mandate an annual required minimum distribution for retirement accounts exceeding $10 million and is aimed at accounts used as tax shelters by the rich rather than at the low-and middle-income savers who the tax-advantaged nest eggs were [...]
Article Highlights: Build Back Better Act Legislation Home Solar Energy Credit Storage Batteries Home Energy-Efficient Modifications Plug-in 4-Wheel Electric Drive Vehicles Previously Owned Electric Vehicles Bicycle Commuting Electric Bicycles If you are considering buying an electric vehicle, adding solar to your home or making energy-saving improvements to your home, you may want to wait for the outcome of the $3.5 trillion Build Back Better [...]
Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don't Forget Your 2021 Minimum Required Distributions Bunching Deductions Take Advantage of the Zero Capital Gains Rate Defer Deductions Increase IRA Distributions Defer Capital Gains by Investing in an Opportunity Zone Fund Sell Loser Stocks Take Steps to Avoid Underpayment Penalties Prepay [...]
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