Tax Planning Insights

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Tax Planning

Strategies for Cutting Tax Liability in Retirement

The less taxes you pay on retirement income, the more you’ll have to spend on enjoying life.
A financial advisor can help you create a holistic retirement income plan—one that meets the needs of your specific situation while also reducing your retirement tax burden.

Walt Reed

First Citizens Director of Trust & Estate Tax

INTEL

Will the Latest IRS Adjustments Change Your Tax Bill?

Annual inflation adjustments to tax provisions were announced in October 2024. Learn how this may change your 2025 tax return.
More than 60 changes were made this year, including standard deductions, marginal rates and alternative minimum tax exemptions.

Nerre Shuriah

JD, LLM, CM&AA | Senior Director of Wealth Planning

Tax Planning

Tax-Loss Harvesting: A Smart Tax Move for Investors

Tax-loss harvesting is a smart way to use capital losses to help minimize capital gains taxes.
Tax-loss harvesting can be a smart way to make your portfolio more tax-efficient. However, it's a strategy that requires careful tracking and timing.

Walt Reed

First Citizens Director of Trust & Estate Tax

Tax Planning

Navigating Capital Gains Taxes

Understanding how capital gains taxes work and ways to minimize them is essential for making more informed investment decisions.
While you can't completely avoid taxes on successful investments, you can take steps to reduce your capital gains taxes.

Walt Reed

First Citizens Director of Trust & Estate Tax

Tax Planning

Prepare Your Finances for the Presidential Election Result

Be aware of the major taxation proposals and their potential impacts based on results of the upcoming presidential election.
The most effective way to build a proactive tax strategy is to review each candidate's policy proposals individually. Then, identify actions you can take into 2025, and align your portfolio for future growth.
Tax Planning

Year-End Tax Strategies for 2024

Explore ten practical tax strategies to consider as 2024 winds down.
Working alongside your financial, tax and estate advisors, you can use these end-of-year tax strategies to determine the most effective approaches for your financial plan.
Tax Planning

Understanding the TCJA Estate & Gift Tax Sunset

We believe estate and gift tax exemptions will change in 2026. Here's what you need to know.
While it's possible the increased estate and gift tax thresholds may be extended or made permanent by legislation, we believe the exemption amounts will return to 2017 levels in 2026.
Tax Planning

Available Tax Deductions Without Itemizing

Deciding whether or not to itemize deductions this tax year? Here's how it compares to taking the standard annual deduction.
Recent changes to the standard deduction amount—along with restrictions on some itemized deductions—have altered options when it comes to filing tax returns.

Walt Reed

First Citizens Director of Trust & Estate Tax

Tax Planning

Things to Consider If You Got a Raise or Bonus Last Year

Earn a raise or bonus in 2022? Understand the financial implications so you're not stuck with interest or penalties come tax time.
Take time to celebrate your hard work that earned you a bonus and raise for this year—but also don't forget to be proactive about your new tax situation.

Walt Reed

First Citizens Director of Trust & Estate Tax

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