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tax planning

Capital Gains Fund Distributions Explained

  As typically occurs at year-end, some of the funds in your SYM portfolio are expected to pay capital gains distributions in December. Because such distributions may impact your 2023 tax planning, we’d like to offer some thoughts about the process. Because mutual funds do not pay taxes, they must pay realized gains and income to shareholders in cash.   As required by law, mutual funds distribute all realized capital gains and dividends on an

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5 Estate Tax Mitigation Techniques You Should Consider

The Tax Cuts and Jobs Act In 2017, The Tax Cuts and Jobs Act doubled the amount that someone could pass to their heirs without incurring Federal estate tax. As a result, many families have enjoyed relief from the federal estate tax. In 2023, an individual can pass just under $13 million ($26 million for a couple) to their heirs without getting hit by the 40% federal estate tax. There is an important caveat note,

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2024 IRS limits announced

The IRS recently announced 2024 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories.  You will see the changes in bold in this quick reference.  For advice on tax planning, contact a SYM advisor. 401(k) Related Limits 2024 2023 401(k) Elective Deferrals $23,000 $22,500 401(k) Catch-up Contribution $7,500 $7,500 415 Annual Additions Limit $69,000 $66,000 Annual Compensation Limit $345,000 $330,000 Social Security Wage Base $168,600 $160,200  

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tax time clock

Your Tax Review Checklist for 2022 filing

As the April 18th tax deadline is approaching, take some time to consider how the following items may apply to your tax situation before submitting your 2022 return. A quick tax review could save you money. Tax Review Checklist Consider the impact of the following before filing your taxes. Realized Gains & Losses Form 1099-B reports your gains and losses for the year. This comes from your account custodian (Schwab, Fidelity, National Advisors Trust, TD

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2022 Year End Deadlines

The year is drawing to a close in a flash and this is the time to address important year end deadlines. Following are key things you should be in communication with your advisor about now. Custodians are busier than normal years and we expect delays that haven’t been experienced in the past.  If you haven’t squared away with your SYM team already, we advise making it a priority. 529s Planning to make a contribution to

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Taxation of Stock Options and Other Mistakes to Avoid

Stock options are often used as an incentive for key employees and executives. For example, Apple CEO Tim Cook received a $3 million salary in 2021, which may seem relatively small given the enormous value of the company. But the full scope of his compensation package becomes clearer when you also consider he was awarded $82.3 million in stock options [1]. Stock options aren’t just for household names. Companies of many sizes use incentive stock

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