Many advisory firms talk about their array of tools and resources. Every firm that is worth talking to
has them. The difference, however, is what the advisor does with them. Do they have the insight to use
them properly? How well do they apply them to help you? ACG’s insights may help provide a sense of
our ability to help you achieve success, as you define that term.
“Most kitchens have the same spices in the spice rack. That does not mean everyone is a good cook.”
– anonymous
Our tips are designed to make you think about how you could reduce your tax bill for 2022. They’re reminders about ways to cut your federal tax bill by December 31, 2022 in specific situations of interest to business owners, doctors, and employees in executive management as well as middle managers, teachers, and other hard-working lifelong retirement investors.
2022 is an unusual year-end tax planning season. The pace of reform of federal tax laws has increased in the last several decades and accelerated since the pandemic struck. In addition, simplification seems like a long-lost goal in recent tax reform legislation.
For example, in February 2022, rules implementing the SECURE Act, which was signed into law December 2019, changed a highly technical part of the Internal Revenue Code affecting distributions from federally qualified retirement plans (QRPs) and IRAs, and will change retirement funding and estate planning decisions for millions of Americans. Meanwhile, stocks were up and down in recent months and may stay volatile through the end of 2022, which creates opportunities to realize gains and offset them by taking losses.
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