Category: Taxes

Congress enacted the One Big Beautiful Bill Act (OBBBA) on July 4, 2025. For wealthy individuals, this legislation matters because it extends many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) while introducing new rules aimed at the highest‑earning taxpayers. Below is an overview of the bill, what remains the same and what changes — with a focus on estate planning, income‑tax planning and charitable strategies.

On October 21st, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023.

Working from home continues to be common 2+ years into the COVID-pandemic and many are suggesting it will increase over the next few years, especially since it can be so appealing to employees.

Stay on top of important changes to contribution limits for retirement accounts in the New Year.

With a federal tax code that is over 2,500 pages, no wonder tax strategies can be overwhelming.