Almost every financial action may have tax consequences. 

Developing and implementing appropriate strategies should be driven by your overall financial goals and integrated with your total financial plan - tactics will depend on your income as well as a number of other personal circumstances. Our wealth advisors review your annual tax return, calculate cost-basis, offer recommendations on tax advantage investments, and stay current on the ever-changing tax environment to help you maximize tax reduction opportunities. 

VIEW OUR TAX PLANNING REPORT

Almost every financial action can have tax consequences. A wealth advisor who is current on the ever-changing tax environment can help you make tax-smart decisions specific to your situation, offer recommendations on tax-Advantaged investments and charitable giving, and integrate tax-efficient strategies with your total financial plan.

YEAR-END TAX PLANNING WORKSHEET  

Kickstart your tax season planning with this list of important deadlines, documents you may need, and strategy considerations.

POSSIBLE TAX CHANGES UNDER A BIDEN ADMINISTRATION  

Some of the proposed changes that the future could bring (any changes would need to be approved by Congress).

HOW DIFFERENT TYPES OF INVESTMENT INCOME ARE TAXED  

Understand how various investments are taxed, such as interest income, capital gains, dividends, and retirement income. Even something as seemingly simple as investment income has subcategories, each taxed differently from the next.

YEAR-END TAX TIPS FOR BUSINESSES 

Help improve your bottom line with these tax mitigation strategies.

HAVE YOU HIRED THE RIGHT TAX ACCOUNTANT? 

Guidelines to help you determine if you've chosen the right accountant, and signs that suggest you proceed with caution. 

ACCESS AND EXPORT TAX DATA 

Information about exporting tax data from your Raymond James brokerage accounts

TAXES AND SOCIAL SECURITY

Review the latest Social Security changes and see if your Social Security income is taxable.

REPORT A QUALIFIED CHARITABLE DISTRIBUTION (QCD) ON YOUR INCOME TAX RETURN

If you are age 70 ½ and older you can make a Qualified Charitable Distribution (QCD) in the form of a direct transfer of up to $100,000 directly from your IRA to a charity, including all or part of your required minimum distribution (RMD). In order to qualify for tax tear 2020, the funds must have come out of your IRA by December 31, 2020.

Be sure to take the QCD amount off of your 1099, or you could end up paying more in taxes.

To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line. See the Form 1040 instructions for additional information.

You must also file Form 8606, Nondeductible IRAs, if:

You made the qualified charitable distribution (QCD) from a traditional IRA in which you had basis and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or

The qualified charitable distribution (QCD) was made from a Roth IRA.

Tax Rates

Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.