As the year draws to a close, it’s time to start integrating tax-smart strategies into your financial plan for the upcoming tax season. Effective tax planning can help you minimize your tax burden, maximize your savings, and enhance financial success into 2025 and beyond.

You work hard to accumulate wealth, and you want to pass as much of it as possible along to your heirs and beneficiaries. But due to the size of your estate, you're on the hook to pay a hefty sum in estate and gift taxes.

You're not alone if you're unfamiliar with the net investment income tax (NIIT). While it's been around since 2010, it's not something that impacts everyone. However, if you have annual investment income and are a high-income earner, you could be subject to this tax—making it important that you understand what it is, how it’s calculated, and how you can plan for it.

For investors who make a savvy move and wind up with a sizeable capital gain, there can be few things that are more satisfying. Perhaps the only downside is the tax bill you may face from the gain. If the capital gain is unusually high, you may find that the costs associated with the gain are higher than you expected. A caller to our radio program recently found himself in that predicament and asked us the following question: