Advisors say there are ways to deal with the penalties endured by wealthy taxpayers.
Strategic loss-harvesting throughout the year gives investors more flexibility, advisors say.
Moving to a tax friendly state is a valid option, but proving state residence is sometimes complicated.
Clients who make a mistake on these designations stand a good chance of being audited, advisors say.
The threat of new audits, a rocky market and smaller refunds amount to a lot of changes this tax season.
Planners say clients need to plan for the estate tax exemption possibly getting cut in half at the end of 2025.
The performance of trusts as estate planning vehicles is often tied to the federal funds rate.
Key provisions of the Tax Cuts and Jobs Act are due to expire at the end of 2025.
Advisors need to be in regular communications with their clients' tax planners.
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