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The Expanded Portability for Estate Tax Exclusion

Recently we have filed several estate tax returns to take advantage of the portability of a deceased spouse’s unused exclusion (DSUE). The gift and estate lifetime exemption is $12.06 million in 2022 for each taxpayer. That means that a married couple will not pay tax on $24.12 million in 2022. Assuming no legislation is introduced, this amount will be halved starting on January 1, 2026.

Strategic Tax Planning: The 7 Numbers You Need To Know

Parsec Financial Senior Financial Advisor Judson Meinhart walks you through 7 important numbers from your 2021 tax return to review to proactively prepare for 2022 tax filing season. Scroll down to watch the replay and/or download the presentation.

Tax Planning Unknowns

Co-Director of Tax Services Larry Harris explains how to approach tax planning using both knowns and unknowns.

Get Ready for Tax Season

It feels as though we just finished this tax season with the next one already upon us. No time to waste so let the tax preparation begin!

Income Tax 101 for Investment and Tax Planning

With this article, I hope to equip the reader with a basic understanding of the individual income tax calculation and the use of a taxpayer’s marginal tax rate or tax bracket in investment and income tax planning.

Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

The maximum contribution for 2022 individual retirement account contributions is $6,000 ($7,000 if aged 50 and over). There are income limits which determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth IRA contribution.

The Importance of Giving - Parsec Financial

Tax Implications of Charitable Giving

For many, charitable giving is an important personal value. For those of you who already have charitable intent, then a bit of planning will ensure that your gift is optimized from a tax standpoint, which is a true win-win for both you and the charity you choose to support. 

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