How to Lock in 0% Long-Term Capital Gains Tax Before a Bracket Increase

A vault door opening to reveal gold bars, symbolizing secured assets.

Tax planning is a year-round activity. Smart investors are always looking for ways to minimize their tax liability, and with the potential for tax bracket increases, now is the perfect time to explore strategies to lock in favorable rates. Did you know that if your taxable income falls within a certain range, you might qualify […]

Stock Trading Taxes: How Much to Set Aside?

Pencil illustration of a person reviewing financial documents and a stock market chart, representing the complexities of investment tax planning.

Stock trading can be an exciting way to grow your wealth, but it’s important to remember that Uncle Sam wants his share of your profits. As a CPA, I often see people get caught off guard by the taxes owed on their stock trades, especially if they’ve had a particularly good year. To avoid an […]

Understanding the Pro Rata Rule: What High Earners Need to Know About Roth Conversions

Hand sorting coins, representing the Pro Rata Rule.

At XOA TAX, we regularly guide individuals on maximizing their retirement savings. Converting a traditional IRA to a Roth IRA is a popular tactic, but it’s crucial to understand the implications of the pro rata rule before you begin. This rule can significantly impact your tax liability, especially for high earners considering conversions in 2024. […]

Navigating the Backdoor Roth IRA: A Step-by-Step Guide for High Earners

A person carrying a "Traditional IRA" bag walking through a "Roth IRA" doorway, bypassing obstacles like "Income Limits."

Roth IRAs offer fantastic tax advantages for retirement savings, but unfortunately, they come with income limitations. For 2024, if your modified adjusted gross income (MAGI) falls within the phase-out range—starting at $146,000 for single filers and $230,000 for those married filing jointly—your ability to contribute directly to a Roth IRA will be reduced or eliminated. […]

Understanding the Tax Implications of Transferring Joint Brokerage Accounts

A block illustration showing the transfer of assets from a joint brokerage account to an individual account, with the term "Joint Brokerage Account" highlighted.

Transferring assets from a joint brokerage account to an individual account is a common strategy used in estate planning, gifting, or simply managing personal finances. However, it’s important to be aware of the potential tax consequences before making any changes. This article will guide you through the key tax considerations involved in transferring joint brokerage […]

Transferring Annuity Ownership Within an IRA: A Taxing Situation?

Block illustration of an annuity contract inside an IRA safe deposit box.

Annuities can be a helpful tool for retirement planning, providing a steady stream of income during your golden years. But what happens when you need to transfer ownership of an annuity held within an IRA? This seemingly simple action can lead to unexpected tax consequences if not handled correctly. Let’s break down the intricacies of […]

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