Welcome to another episode of "The Live Greater View"! In this episode, we're delving deep into recent tax law changes and how they shape the landscape of future financial planning. Tax planning is no longer a once-a-year event—it's a year-round process that requires a keen understanding of the evolving tax rules. We begin by highlighting the critical distinction between tax preparation and tax planning, emphasizing the importance of continuous planning throughout the year. Then, we dive into recent changes impacting retirement accounts and planning, shedding light on increased contribution limits, catch-up amounts, and the altered ages for required minimum distributions (RMDs). Key discussion points include: • Recent increases in beginning ages for RMDs and its impact on Roth conversions • Exemption of Roth accounts in employer retirement plans from RMD requirements starting in 2024 • Pending changes like 529 plan to Roth-IRA transfers and automatic 401(k) enrollment • Updates on 2023 tax credits related to residential clean energy, clean vehicles, and energy-efficient home improvements We'll also explore the strategic value of scenario analysis in income and tax planning, offering insights that can optimize your financial strategies. Thank you for joining us on this journey of financial discovery. Stay tuned, stay informed, and let's navigate the world of finances together. Visit our website and connect with us on social media for the latest updates and additional resources.
Podcast Ep. #5: Tax Talk - 2023 Insights and Beyond
October 26, 2023