Making the most out of your money starts with recognizing all the ways taxes can impact your financial future. Whether you’re focused on your own retirement, a loved one’s education or the best way to pass on your wealth to your heirs, any sound, forward-looking plan to maximize your wealth needs to take into account taxes' bite.
Just as the rise and fall of interest rates can ripple throughout your investment and wealth management plans, so too can changes in tax policy. Your Baird Financial Advisor is trained and experienced in crafting wealth management strategies that plan for its impact, keeping you on track with your broader vision.
Your Baird Financial Advisor can help you anticipate the impact of taxes in all areas of your life.
Important Dates for Tax Year 2020
- 12/31/2020: Last day to contribute to qualified retirement plans
- 1/15/2021: 2020 4th quarter estimated tax payment due
- 2/1/2021: Deadline for employers to send W-2s/1099s to employees/independent contractors
- 2/16/2021: Deadline for financial institutions to send consolidated 1099s to individuals (Financial institution may be granted a 30-day extension)
- 4/15/2021: Last day to contribute to traditional IRA, Roth IRA, and HSA for 2020
- 4/15/2021: Deadline to file 2020 individual income tax return and pay tax liability or file for an extension with IRS
Tax Planning Insights
IRAs: to Convert or Not to Convert
Is it nobler to suffer the slings and arrows of your traditional IRA? It depends on your circumstances.
Taking Advantage of Tax-Loss Harvesting
After a year of great market volatility, many investors can make use of tax-los harvesting - selling declining securities to get a tax advantage.
What To Expect From a Biden Presidency
A Biden presidency could change how taxpayers approach tax planning.
Tax Strategies for 2020
After the CARES Act and the SECURE Act, taxpayers have new tactics to consider this year.
High-Net-Worth Tax Moves for Right Now
The current environment – low taxes, low interest rates, new CARES Act regulations – adds up to several tax advantages for high-net-worth individuals.
Financial Planning Opportunities in a COVID-19 World
Despite broad market instability and low interest rates, there are several long-term planning opportunities that you can take advantage of now.
Potential Tax Benefits of Charitable Giving
The 2017 Tax Cuts & Jobs Act (TCJA) will likely simplify filing for many taxpayers - but if you've traditionally deducted charitable gifts, you may have a new headache this tax season.
Make the Most of Your Stock Compensation with an 83(b) Election
Stock options are always tricky from a tax standpoint. Here's one way to make them work for you.
Maximizing Company Stock Compensation
Receiving shares of stock in the company you work for as part of your compensation is an excellent way to share in the success of the business, and can be very lucrative. But stock awards can be tricky to manage.