Last-Minute Tax Tips for High Net Worth Taxpayers

Last-Minute Tax Tips for High Net Worth Taxpayers

Last-Minute Tax Tips for High Net Worth Taxpayers

If you’re one of those taxpayers that like to wait till April to file his or her taxes, then there are still some new things you should know about before you file. That’s especially true if you’re a high net worth individual or an investor. By now, you probably know that the personal exemption no longer exists. You’ve probably heard the standard deductions have gone up and the SALT deduction has been capped at $10,000. Tax experts and pundits have already discussed these changes in great detail.

There are some other changes that you might not have heard as much as about. But if you’re a high earner, then you should pay attention to these tax tips. Have you wondered how the tax changes will affect the so-called kiddie tax? What about the estate tax and gift taxes? Have they changed too? There are some new rules for converting your traditional IRA into a ROTH IRA, as well. And you thought things were supposed to get easier with the Tax Cut and Jobs Act (TCJA).

The Estate Tax

The estate tax has never been a big worry for the majority of taxpayers. Only a very small percentage of taxpayers have had to even consider it. And the new tax law has pushed it even further away from the masses. In fact, only the ultra wealthy have to worry about it now. That’s because couples can have an estate worth up to $22,360,000 before they have to worry about paying any kind of estate tax.

That figure is double what it used to be before the TCJA. The threshold for single filers is half of the amount for couples. But beware, the old limits will return in 2026. And let’s be honest, if certain lawmakers have their way, and they get control in Washington, then the estate tax could be back sooner than that.

Additionally, when it comes to the estate tax, and estate planning in general, it’s always a good idea to get competent, professional help. The last thing you want to do is lose everything, or close to it, before you get to leave your inheritance to your family.

Progressive Kiddie Tax

And what about the “kiddie” tax? According to the IRS, this law, “taxes certain unearned income of a child at the parent’s marginal rate, no matter whether the child can be claimed as a dependent on the parent’s return.” Changes to this law make trust tax brackets more compressed, which means some kids will end up paying top tax rates a lot sooner than their parents.

ROTH Conversions

Converting your traditional IRA to a ROTH can be a great move for almost anyone. However, now more than ever, you have to get the timing right. It used to be that you had till October 15 of the following tax year to undo a ROTH conversion if the tax situation wasn’t ideal after conversion. But that loophole is gone. Now, once you convert you can’t go back.


If you’re a high net worth individual, then make sure you utilize every tax tip available when filing your taxes. You can trust GROCO to get you every penny you deserve.


We hope you found this article about “Last-Minute Tax Tips for High Net Worth Taxpayers” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio is a proud sponsor of The American Dreams Show.



The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4 (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

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