Year-End Planning: Why It May Make Sense to Accelerate Charitable Giving Before 2026

If charitable giving is part of your financial strategy, the final months of 2025 may be an ideal time to act. New rules under the One Big Beautiful Tax Bill Act (OBBBA), effective January 1, 2026, could reduce the tax benefits of charitable contributions for many taxpayers. Starting in 2026, non-itemizers can claim a modest charitable deduction—up to $1,000 for…

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Tax Impact of the OBBBA | Krilogy Tax Services

The “One Big Beautiful Bill Act,” (OBBBA) signed into law in July 2025, contains a wide array of tax provisions impacting individuals, businesses, and international tax policy.  While the legislation touches on numerous areas, this summary focuses specifically on the provisions we believe are most relevant to our individual clients. It’s worth noting that the legislation makes “permanent” a number…

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Understanding Donor-Advised Funds: A Tax-Efficient Path to Charitable Giving | Krilogy Tax Services

For individuals and families looking to make a lasting charitable impact while optimizing tax benefits, Donor-Advised Funds (DAFs) offer a powerful and flexible solution. A DAF is a charitable account run by a public charity that lets you donate assets, get an immediate tax break, and gives the flexibility to donate to nonprofits in future years. How a Donor-Advised Fund…

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Avoid the “Step-Down in Basis” Pitfall | Krilogy Tax Services

A commonly known provision of the tax code is the step-up in basis rule; many taxpayers encounter this when inheriting appreciated assets. A lesser-known and tricky related provision is the step-down rule, which can be a potential hazard causing losses to remain unrealized. This, in turn, leads to possible tax savings disappearing into thin air. As background, the IRS allows…

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Avoid Over-Contributing to These Tax-Advantaged Accounts | Krilogy Tax Services®

Health Savings Accounts (HSAs), 401(k) retirement plans, and Individual Retirement Accounts (IRAs) are popular options for individuals looking to enjoy tax benefits while saving for retirement and health care expenses.  However, like any financial account, there are rules and limits to follow to ensure that you avoid penalties and taxes.  A common mistake individuals make is over-contributing to these accounts,…

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Could You Be Saving on Taxes by Living in a Different State? | August 2023

Could You Be Saving on Taxes by Living in a Different State? As taxpayers grow more affluent or near retirement, many begin to consider moving to a state that does not collect personal income tax.  Perhaps Florida is the state most well known as the “tax free retirement state,” but there are eight states that currently do not have an…

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Successfully Navigating Estimated Payments to a Safe Harbor | May 2023

Another tax season has come and gone, and (hopefully!) you got your return filed on time.  Did you wind up having to write a big check to the government, making you wonder “Why do I still owe taxes?”  We can help answer that question: https://www.krilogy.com/why-do-i-still-owe-taxes/ Or maybe your tax preparer gave you vouchers and instructions to make estimated tax payments…

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Krilogy Financial

2022 Retirement Account Deadlines

The upcoming tax deadline of April 18, 2023, looms large for millions of taxpayers, but it’s also the deadline for a few other things that you may need to know about, some of which can favorably help you with your 2022 tax return. In addition to being the date by which your Form 1040 Individual Tax Return needs to be…

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Roth Conversions in a Bear Market | December 9, 2022

Roth Conversions in a Bear Market 2022 has been a difficult year for investors, but the market decline can present the potential to capitalize on a long-term tax savings plan by converting traditional IRA funds to a Roth IRA. What Is a Roth IRA? Roth IRAs are individual retirement accounts that are set up with contributions from assets on which…

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The IRS Waives Missed RMD Penalty for Certain Required Minimum Distributions

On October 7th, 2022, the IRS released Notice 2022-53 announcing they intend to waive the 50% excise tax on certain required minimum distributions (RMDs) from retirement plans in 2021 and 2022. Listed below is a brief backstory to get you up to speed. Backstory: In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019…

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