I have compiled a list of 20 important questions you should ask your tax planner or financial adviser.  As there is no one size fits all template, consider these topics as they relate to your current situation. Keep in mind, this is nowhere near an all-inclusive list as these questions may not apply to you, or there may be questions here that don’t reflect your circumstances.

  1. How do I convert my Roth IRA and is the conversion reversible?
  2. Are there alternative ways to contribute to Roth accounts?
  3. How can I maximize my deductions?
  4. Do I pay taxes on trust accounts?
  5. Are my estate planning documents in order?
  6. What are my state’s laws and potential options to mitigate state, estate, or inheritance taxes?
  7. What strategy should I use for low cost-basis assets that stem from lifetime gifts or trusts?
  8. How much can I contribute yearly to a 529 account?
  9. How do I bequeath to charity?
  10. Does my company qualify for the 20% deduction for Qualified Business Income (QBI)?
  11. What are the current year’s highest marginal tax rates?
  12. Am I obligated to pay the Medicare investment income surtax and what are the limits?
  13. Am I responsible to pay Medicare payroll taxes and what are their limits?
  14. What are Child tax credits for this year?
  15. What are the standard deduction limits?
  16. Can I deduct my mortgage?
  17. Are State and local taxes (SALT) deductions capped?
  18. Can I claim deductions on Medical expenses?
  19. What are the limits on Estate/gift tax exemptions for the current year?
  20. What is the Annual gift tax exclusion amount for the current year?

As you may know, I am a qualified tax planner and financial advisor so I would be more than happy to discuss these questions with you in more detail at your convenience.  Visit JeffreyLevine.Solutions to schedule a time that works for you via our contact page and let me educate you on your strategic wealth-building and tax planning options.