Tax & Financial Planning Newsletter
Click here to read more about important January deadlines along with updated tax planning for 2025.
529 Plans – New Tax Law Provides More Options
With the rising costs of higher education, many of our clients are actively seeking ways to set aside funds to support their children and grandchildren’s future education expenses. An efficient and flexible way to save for college and its associated costs is a 529 plan. A 529 plan is a tax-advantaged savings plan specifically designed to provide for the qualified education expenses of a designated beneficiary. 529 funds grow tax-deferred, and withdrawals are tax-free provided they’re used for qualifying educational expenses. Click here to read more.
Year – End Tax Planning
With five weeks left, in what has been a roller coaster of a year for financial markets, deadlines are quickly approaching to implement strategies for 2022 to reduce your income tax liability. Further, the market has also presented new opportunities to structure portfolios for tax-efficiency as we head into 2023. Click here to read where we have outlined a few planning thoughts.
Virginia’s Tax Workaround for Business Owners
At Canal Capital Management, we provide objective guidance and disciplined investment management for our clients. Importantly, tax strategies are a part of every decision we make.
A topic we have been discussing with business owner clients is related to recent legislation that provides an opportunity for business owners to reduce their federal income tax liability if the business makes an election to pay Virginia taxes at the entity level.
Please click HERE to read more.
1031 Tax Exchange
With significant gains in real estate over the past 10 years, and interest rates at historical lows, diversifying real estate holdings via a 1031 exchange remains an attractive strategy for many investors. Click HERE to read more.
Election 2020: Presidential Tax Plans
With the 2020 election around the corner, we thought it would be helpful to outline the presidential candidates’ tax proposals. While it is difficult to determine which policy initiatives either candidate will eventually pursue, we will continue to monitor and keep you informed of developments to both plans. Please click here to read more.