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Personal, estate, and business tax planning strategies for 2023

Nationwide Financial

Informally fund nonqualified deferred compensation plans If the business has a nonqualified deferred compensation plan for key employees, it may make sense to informally fund that plan in 2023 to ensure the company has the cash flow to meet the future obligation. A few have already been mentioned.

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What is an 83(i) Election and How Do You You File One?

Harness Wealth

An 83(i) election is an IRC provision that allows certain employees of private companies who receive RSUs or NSOs to defer federal income tax on the exercise or settlement of their stock for up to 5 years. Before 2017, employees who received RSU or NSO equity compensation faced a dilemma.

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20 Ways to Reduce Your Taxes in 2024: A Guide for Founders, Startup Employees, and Executives

Harness Wealth

Additionally, if the donation consists of appreciated securities or assets, the donor can avoid capital gains taxes that would otherwise arise from selling those assets. These taxes can include state and local property taxes, income taxes, and sales taxes.

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