Mathew J. Ryan, MBA, CFP®, EA

To qualify for a 1031 exchange, a few characteristics must be met. First, the property that you are selling (known as the relinquished property) and the property that you are purchasing (known as the replacement property) must be what the IRS deems “like-kind.”

Tax planning will always be at the forefront of comprehensive financial planning. Taking steps throughout the year can not only ensure you are not faced with a tax surprise at filing time,

Suffice it to say there are ample estate planning techniques to help reduce your gross estate amount before death. Portability can play an important role in your estate planning.

The decision on how to structure your business can be an arduous process. If this process becomes too cumbersome, consider speaking with your financial advisor to get their input and loop in an attorney when needed.

Are changes to the SECURE Act on the way? It is important to be at the forefront of what is on the table so proper due diligence can be taken in advance of any enactment of proposed acts.

When it comes to tax law and estate planning regulations, Congress is, if nothing else, unpredictable. While the Build Back Better bill appears to be dead in its current state, another bill will soon follow, offering up its own set of planning challenges.

Dealing with Medicare-related items can be difficult. If the burden of handling the process alone feels daunting, do not hesitate to reach out and work with your financial and tax advisors.

Invariably, the end goal is to lower the overall value of your estate to limit your estate tax liability. There are several ways in which to reduce your taxable estate.

For those unfamiliar with the Backdoor Roth IRA, this strategy entails making nondeductible contributions to an IRA and subsequently converting those assets to a Roth IRA.

There is always fluidity with tax proposals. However, it is best to have a plan in place for whatever uncertainty may lie ahead. Review your options with your financial and tax advisors.

Running a small business can be extremely difficult. Choosing the right retirement plan can be just as complicated. These retirement plans will allow for the deductibility of any employer contributions you make on the employees' behalf.

As a financial planner, my focus is on helping our clients achieve their goals, which means maximizing every dollar. This requires a complete understanding of the client's current tax situation, foresight on how their taxable income will look in future years, and some educated guessing on where tax rates may be. The goal is to pay as little tax as possible.