Using the “Erase and Replace” Strategy with IRA Rollovers to Manage Tax Withholding | Krilogy Tax Services

Tax planning often involves finding creative ways to meet IRS requirements while optimizing cash flow. One strategy that can achieve both goals is the “erase and replace” approach, where a taxpayer uses their once-a-year IRA rollover to withhold taxes and redeposit the full amount back into their IRA; this method not only satisfies tax obligations but also takes advantage of…

Read More→

Year-End Tax Planning Tips for 2024: What to Consider Before December 31st

As the year draws to a close, it’s an opportune time to assess your tax situation and identify strategies that could reduce your tax burden. The Krilogy Tax team has compiled a list of key planning strategies for clients to consider as 2024 winds down. Roth IRA Conversions Pre-tax retirement accounts can be a ticking time bomb, as their future…

Read More→

Free Tax Tips on Social Media – You Get What You Pay For

Social media has become an integral part of our daily lives, so it’s no surprise that people turn to it for advice on a wide range of topics. However, when it comes to tax advice, social media is not the place to go. While it may be tempting to ask for help from online friends or follow the advice of…

Read More→

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…

Read More→

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…

Read More→