Ask The Hammer: How does Inflation Affect Taxpayers
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Key Takeaways
- Monitor non-indexed tax thresholds like Social Security taxation (unchanged for decades) and the 3.8% net investment income surtax ($250k/$200k thresholds since 2013)—more of your income will become taxable as prices rise while these thresholds stay fixed
- Use capital gain harvesting now while you're below the 3.8% surtax threshold, before inflation pushes more of your investment income over that limit
- Execute Roth conversions today to lock in current tax rates, since non-indexed thresholds mean future tax rates on conversions will likely be higher
- Practice tax timing strategies by accelerating income in lower-tax years and deferring deductions to higher-tax years, treating it as a long-term game to minimize lifetime taxes
- Track the $10,000 SALT (state and local tax) cap and other fixed-dollar deduction limits—they haven't indexed for inflation, so they effectively restrict deductions more each year
Ask The Hammer: How does Inflation Affect Taxpayers. Jeffrey Levine CFP/PFS with Buckingham Wealth Partners, aka The Hammer, answers the question: How does Inflation Affect Taxpayers? Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
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