The limit was imposed in Trump's 2017 tax law and will expire at the end of 2025.
The minds behind the proposal include Steve Forbes and former White House economic adviser Larry Kudlow.
Such strategies can sometimes carry a high price tag, advisors say.
Outsourcing tax management can enable advisors to apply tax management strategies across all their clients' taxable accounts throughout the year.
Life insurance can be useful for dealing with expiring TCJA provisions, advisors say.
A new startup is offering a tax avoidance tool favored by the super-rich to moderately wealthy techies.
The highest effective property tax rates in 2023 were Illinois, New Jersey, Connecticut, New York and Nebraska.
Starting this year, the SECURE 2.0 Act allows unused 529 plan funds to be rolled over into Roth IRAs without taxes or penalties.
The city is facing an estimated $880 million in unpaid taxes this year.
The strong support for more taxes on billionaires shows up across party lines.
Advisors can earn the business of other advisors' clients by helping them transition into retirement.
It's important to assess the tax implications when a client's spouse passes away, advisors say.
States vary greatly on when they trigger income taxes on out-of-state workers.
U.S. citizens living outside the country are preparing to officially cut ties after grappling with stricter IRS rules.
Ten new state wealth tax proposals are pending, as research finds the rich are leaving high-tax states.
Taxpayers may encounter a host of surprises when they file income taxes this year, and next.
Edward Jones says that even with a looming wealth transfer, families are skittish to discuss inheritances.
Biden is seeking higher levies on large businesses and investors.
Starting this year, SECURE 2.0 allows unused 529 plan funds to be rolled over into Roth IRAs without taxes or penalties.
The president wants to boost the tax rate for major companies from 15% to 21%.