News & Press

In anticipation of the upcoming tax filing deadline, Anchin’s Kevin Brown, Tax Principal in the firm’s private client group, weighed in with Scripps News’ Holly Firfir to discuss tax tips and estate planning opportunities.

Holly Firfir, Scripps News: “Are there any upcoming changes to the tax codes that we should know about that we can understand?”

Kevin Brown, Anchin Private Client: “Some of the changes that are coming pertain to a variety of tax provisions implemented a number of years ago that are sunsetting at the end of this year. As a consequence of that, right now we’re doing a lot of tax planning for high-net-worth families that are able to take advantage of certain gifting provisions in order to limit their estate tax in the future, focusing largely on passing their wealth down to their children or grandkids and saving taxes in the future.

In addition to that there are other tax provisions that are sunsetting with regards to estate tax deductions, but we don’t know whether those provisions are going to be extended by the end of the year. Many presume that they will be, but I think the big-ticket item this year is really around the gift and estate tax provisions.”

Holly Firfir, Scripps News: “Is there anything you could do now, in 2025, to make things easier for 2026?”

Kevin Brown, Anchin Private Client: “Get organized. One of the things our clients are doing is looking ahead to any big events that may happen in their lives this year. People could be moving, selling their home, or maybe they have a second home and they’re looking to sell it. There is tax planning that can be done with regards to those sales.

For instance, you can sometimes make tax-free exchanges, so you don’t pay tax on the sale of that second home, or even if it’s your primary residence, there are exemptions that you are able to take advantage of if you sell that primary residence and are looking to purchase another one. Obtaining all of the related paperwork, including any improvements you’ve made on those homes, is key to getting ahead.

Also, some people may be looking to sell a business in the future. Anyone considering such a big life event this year should start planning and putting your affairs in order well in advance, so that when that event occurs, you’re well-prepared, you understand what your potential tax exposure is, but more importantly—you’re able to talk to professionals to hopefully get some good planning tips on how to save taxes as well.”

This interview has been edited and condensed for clarity.

Video as seen in “An expert shares tips to help you prepare for tax season” from Scripps News.