Personal Tax and Estate Planning Newsletter | September 2023
It’s time to start preparing for the 2023 tax year, from investment gains and losses to the annual gift tax exclusion, income tax on life insurance, and capital gain taxes; this and more covered in the September Personal Tax and Estate Planning newsletter. View the complete newsletter.
With the fluctuations of the market this past year, you’ll want to pay close attention to your gains and losses at tax time.
As the holidays approach (yes, they will be here before you know it), it is time to think about year-end gifting, the exclusion amount for 2023 is $17,000.
Up to $50,000 of life insurance provided by your employer is excluded from taxable income, any additional coverage is taxable.
Despite the increase to the federal gift and estate tax exemption, life insurance plays a vital role in estate planning.
If you sold your personal residence, you may owe capital gains tax and net investment income tax.