A block illustration depicting the intergenerational transfer of assets, with the "step-up basis" as a staircase raising the asset's value, including elements like a house, stocks, and money.

Inheriting Assets? Understanding the Step-Up Basis

Estate Planning, Tax PlanningNovember 20, 20240Comments
Inheriting assets like a house or stocks can be a mix of emotions. While it's a time to remember loved ones, it also comes with tax questions. One important thing to know about is the "step-up basis." It might sound complicated, but don't worry, we'll explain it in a way that's easy to understand. Key…

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Block illustration of a house with vibrant colors, representing different aspects of aging in place, such as "Home Modifications," "Care Planning," and "Financial Planning."

Aging in Place: Tax Benefits for Seniors & Financial Planning

Tax Planning, Estate Planning, Real Estate Tax, Retirement PlanningNovember 18, 20240Comments
Discover how aging in place can offer significant tax advantages for seniors, potentially saving thousands on capital gains and preserving your estate.

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

Understanding the Tax Implications of Transferring Joint Brokerage Accounts

Tax Planning, Estate Planning, Financial Planning, Wealth ManagementNovember 10, 20240Comments
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…

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A stylized tree growing from coins, with branches representing reinvestment strategies for inherited IRAs.

Turning an Inherited IRA into Long-Term Wealth: 5 Smart Reinvestment Strategies

Financial Planning, Estate Planning, Retirement Planning, Tax PlanningNovember 8, 20240Comments
Inheriting an IRA can be a significant financial event. While it might be tempting to use the funds for immediate needs, reinvesting them strategically can create a lasting financial legacy. At XOA TAX, we encourage you to consider these smart ways to reinvest your inherited IRA distributions to maximize growth and secure your financial future.…

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A peson protecting an inherited IRA with a "Tax Savings" shield.

Inherited IRA Distributions: A Guide to Minimizing Taxes in 2025

Retirement Planning, Estate Planning, Financial Planning, Tax PlanningNovember 8, 20240Comments
Inheriting an IRA can be a significant financial event. While it offers opportunities for long-term growth, it also comes with tax implications that require careful consideration. This guide will walk you through the key aspects of managing inherited IRA distributions, particularly in light of recent legislation, to help you make informed decisions and potentially reduce…

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A stylized skyscraper built with blocks representing different tax strategies.

12 Advanced Tax Strategies for High-Earning Business Owners in 2024

Tax Planning, Business Tax, Estate Planning, Financial PlanningNovember 3, 20240Comments
Unlock significant tax savings with expert strategies tailored for your business.

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A scientific illustration of a flowchart outlining the process of reporting foreign inheritance.

Foreign Inheritance & US Taxes: A Complete Guide to Property Abroad

International Tax, Estate Planning, International Tax PlanningNovember 2, 20240Comments
Imagine inheriting a charming villa in Tuscany – sounds idyllic, right? But before you start planning your dream vacation, it's crucial to understand the U.S. tax implications. While the U.S. doesn't have a federal inheritance tax, inheriting foreign property can still trigger certain reporting requirements and potential tax liabilities. This comprehensive guide will walk you…

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A house transforming into a stack of cash, illustrating the concept of stepped-up basis on inherited property.

Inheriting Property After a Parent’s Passing: Understanding the Stepped-Up Basis

Estate Planning, Inheritance Tax, Tax PlanningNovember 2, 20240Comments
Losing a parent is an emotionally challenging experience, and navigating the complexities of their estate can add to the burden. One common area of confusion involves understanding the "stepped-up basis" when inheriting property. This concept can have significant implications for your tax liability, especially when it comes to real estate. Let's break it down. Key…

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A stylized timeline of life with tax forms emerging from key milestones.

Your Life’s Tax Timeline: A Decade-by-Decade Guide

Tax Planning, Estate Planning, Financial Planning, Succession PlanningOctober 30, 20240Comments
Taxes are a fact of life, but they don't have to be a constant source of stress. Just like life itself, your tax situation evolves as you move through different stages. This blog post will be your roadmap, outlining key tax considerations for each decade of your adult life, from your adventurous 20s to your…

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A family sheltered under an umbrella labeled "Estate Plan."

Basic Estate Planning: A Beginner’s Guide

Estate Planning, Financial Planning, Tax PlanningOctober 30, 20240Comments
Estate planning is often perceived as something only the wealthy need to consider, but the reality is that everyone over 18 can benefit from a basic plan. It's about ensuring your wishes are honored and your loved ones are cared for when you're no longer here. At XOA TAX, we guide you through the fundamentals…

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