The new senior tax deduction is in place and applies to your current tax year. For taxpayers age 65 and older, it allows an additional deduction of up to $6,000 per person, or $12,000 for married couples. It can be used whether you take the standard deduction or itemize, which makes it broadly applicable. The … Read more
What Form 5498 Actually Reports Form 5498 may look like routine paperwork, but it plays an important role in protecting the integrity of a client’s retirement plan. The form documents all IRA contributions, rollovers, Roth conversions, recharacterizations, and the account’s fair market value at year-end. Because the IRS receives a copy directly from the custodian, … Read more
Employer-sponsored retirement plans, such as 401(k)s and Employee Stock Ownership Plans (ESOPs), provide powerful savings opportunities—but also create complex tax considerations. One often-overlooked strategy that may offer substantial tax savings is Net Unrealized Appreciation (NUA). Despite its technical name, NUA is a relatively straightforward method for converting some retirement plan gains from higher ordinary income tax rates into lower capital gains tax … Read more
On July 4, 2025, the President signed the One Big Beautiful Bill Act (OBBB) into law, ushering in a wave of tax code updates. While headlines focused on middle-income breaks and W-2 perks, high-income earners — especially those nearing or in retirement — need to look past the noise and focus on what matters for long-term financial … Read more
The SALT cap workaround is not well understood by most pass-through entity owners, and as a result it is underutilized. If you are the owner of a pass-through entity such as a business and are seeking to reduce your tax liability, here are some tips for how to leverage the SALT workaround. And by the … Read more
Investing involves risk. All information provided on this website is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or an endorsement of any third party or such third party’s views. Whenever there are hyperlinks to third-party content, this information is intended to provide additional information and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Vericrest Private Wealth. All examples are hypothetical and for illustrative purposes only.
© 2026 vericrestprivatewealth
