AM News: All About Taxes

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It’s everyone’s favorite time of year — tax time! This year’s tax filing deadline was extended to May 17, 2021, giving taxpayers an extra month to get their affairs in order. While that slight postponement may be welcome news, tax planning couldn’t be more top of mind. Financial planners are busy unpacking several proposals and bills that could result in increased income taxes on high-income earners.


As income tax rates increase, the advantages of life insurance become increasingly attractive and high-income earners may be interested in permanent life insurance as a source of discretionary, tax-free supplemental income. To learn more about the tax advantages of life insurance, here is a roundup of our newest and most popular tax-related resources: 

 

  1. AM Blog Repeal of the step-up in basis at death? What might that look like? — our latest blog dives deep into step-up in basis, the much discussed repeal, and potential solutions to help address the impact of taxes.
  2. AM Blog “Tax the wealthy!” has become a rally cry in Congress. How are planners responding? — this month we have not one but two new blogs to help you understand some of the proposals that are being discussed in our industry. This blog analyzes the proposals that might be on the table and looks at the opportunities and solutions to help high-net-worth and high-income individuals who may be impacted.
  3. Fingertip tax guide — this client-approved reference guide is one of our most popular tools year after year, summarizing current tax rates and thresholds.
  4. Tax diversification client guide — everything you need to know about the importance of tax diversification in a client’s portfolio.
  5. BYA guide to income taxes — with state taxes further compounding federal income taxation, this popular Because You Asked, updated for 2021, gives you an overview of state income taxes — spoiler alert, income taxes in many states have gone up!
  6. Concept Corner video “Tax diversification — don’t put all your tax eggs in one basket” — watch this short video to hear more about why your clients should consider tax diversification.