Tax Changes & Considerations

We learned about significant increases to the child tax and dependent care credits, as well as the process of advance payments and why it might be important to assess your tax situation via midyear planning in 2021. Melissa also talked about the impending changes in tax rates and the planning opportunities that we can take advantage of for the remainder of the year, particularly Roth Conversions. We had some great questions about the impact of the SECURE Act on IRA contributions and distributions.

Lastly, we heard her prediction with regard to possible changes to the estate and gift tax – an area that we are all watching very closely.