Tax Planning

Personalize your approach to tax planning

How do your tax strategies support your goals?

Tax planning is often impacted by factors out of your control, such as economic conditions and policy legislation. However, proactively collaborating with your tax advisors and financial team can help you build a resilient tax strategy to help you remain on track with your personal wealth goals in an ever-changing financial landscape.

A Tax Planning Checklist
Implement a strong tax strategy

Taking strategic steps in the right order can help you improve your annual tax and estate plans, as well as help you achieve other goals, such as charitable giving and saving for retirement.

  • Understand how legislation can impact your retirement distributions and inherited retirement accounts from a tax standpoint
  • Consider tax loss harvesting through your investment accounts, including your professionally managed portfolios
  • Check your estate planning tax overlay to confirm titling of interest
  • Deduct mortgage interest from your annual filing
  • Explore tax-advantageous ways to donate to charity, including IRA distributions, donor-advised funds and charitable trust structures

Important tax updates

Staying updated on tax policy and legislation can help you make more informed decisions. Explore our tax planning insights for more in-depth resources.

Corporate reporting rule

An injunction temporarily suspends enforcement of the beneficial ownership information reporting rule of the Corporate Transparency Act, or CTA.

Inflation adjustments released for 2025

The IRS released important information on adjustments and changes to tax provisions impacting taxpayers next year.

Disaster tax relief for Pennsylvania

On September 18, 2024, the IRS announced disaster tax relief for individuals and businesses.

Tax Planning for Business Owners
Tax impacts of selling your business

As a business owner, your personal and business planning strategies are inseparable. While a strong tax plan is important at every stage, the transition of your business presents a unique opportunity to leverage tax-advantaged strategies.

Plan ahead

We recommend considering the tax impacts of your business transition several years—not months—in advance.

Evaluate transfer options

Choosing a stock sale or an asset sale can have distinct impacts on your filing status.

Understand how the sale is constructed

Your tax implication can be affected by how the business is sold.

Tax Planning Insights
A few insights for your financial plan

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

The information provided should not be considered as tax or legal advice. Please consult with your tax advisor.

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