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.

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.

Employer education assistance programs

Employers offering educational assistance programs can also use them to help pay for employees' student loan obligations through December 31, 2025.

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

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.

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

This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.

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