🎯 Today's Tax Strategy Pulse
One Big Beautiful Bill Act reshapes 2026 tax planning
The One Big Beautiful Bill Act, signed in July 2025, makes lower individual tax rates permanent, lifts the state and local tax deduction cap to $40,000, and introduces temporary deductions for tips, overtime, seniors and auto‑loan interest. The Illinois CPA Society advises taxpayers to revisit 2025 returns and adjust W‑4 withholdings.
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Evaluating the Benefits Of Trump Accounts
A type of IRA for children under age 18
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Navigating State-Only QTIP Trusts in Decoupled States
Planning challenges and opportunities for married couples
WealthManagement.com – ETFs
Time to Scrap IRAs, 401k, 403b and All the Rest
I mentioned this in a recent HD comment, but I think it deserves more discussion. It’s time to scrap all tax-advantaged defined contribution retirement plans and replace them with one plan, one set of rules, uniform limits. No IRAs of any kind, no 403b, no 401k, no nothing else. Just a Universal Retirement Plan- Individual or employer sponsored. All contributions on an after-tax basis and tax and distribution rules following the Roth model. Everyone could contribute up to one (generous) limit. Higher income earners don’t need the pre-tax contributions and they mean little to middle and lower income earners who have an effective tax rate of 3.7%. Most important is an employer match which too would remain tax-free just as employer contributions toward health insurance are tax-free to workers. The plan would provide tax-free income in retirement along with the greater withdrawal flexibility Roth currently provides. All retirement distributions would count as income for IRMAA premiums - income is income after all. The only issue I can see is while there would be a federal revenue gain in the near term, there might be a greater revenue loss in the long term as tax-free earnings exceed contributions. On the other hand, more taxable income in the short term lowers deficits and government interest payments long term - or should. So, does simplicity and uniformity make sense? Would more retirement saving be encouraged and retirement income enhanced? The post Time to scrap IRAs, 401k, 403b and all the rest appeared first on HumbleDollar.
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Tired of Tax Day? Municipal Bond Ladders Could Help
With Tax Day 2026 now in the rear view mirror, some investors may feel more inspired to optimize their portfolio in terms of tax efficiency. When it comes to maximizing tax-efficient total return, many turn to municipal bonds as a potential solution. This often makes a great deal of sense, given that the interest that municipal [...] The post Tired of Tax Day? Municipal Bond Ladders Could Help appeared first on ETF Trends.
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Tweet by @Peterreillycpa
#TaxTwitter This is the TAM which according to NYT relates to the large loss that IRS was challenging Trump on. https://t.co/87Ur5dT9Eq I was hoping I would be able to figure out a way to explain it to a normal person, but I am not that hopeful. According to NYT "A" is Trump. "A’s partial, mechanical application of the rules in the regulations reaches an erroneous basis adjustment that would allow the transfer of built-in loss assets to the resulting partnership and fails to achieve parity between A’s inside/outside basis amounts contrary to § 743(b)." Appreciate any help anybody out there can give in boiling this down.