Carson Wealth

FEBRUARY 16, 2024

By Mike Valenti, CPA, CFP ® , Director of Tax Planning It’s that time of year again! W-2s, 1099s and mortgage statements have been to hit your mailbox: a daily reminder that it is, once again, Tax Season. Overall, it was a relatively quiet year on the tax front. Although Congress isn’t done yet! More on that later.)

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Nerd's Eye View

JULY 24, 2024

When the original SECURE Act was passed in December 2019, it brought sweeping changes to the post-death tax treatment of qualified retirement accounts. Act passed in late 2022. Along with the new Finalized Regulations, the IRS also released a new set of Proposed Regulations dealing with some unanswered questions around the SECURE 2.0

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Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning. Employee matters.

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Integrity Financial Planning

APRIL 24, 2023

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Determine if you can file jointly. 1] Consider your deductions and credits.

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Harness Wealth

DECEMBER 8, 2022

Not only was the stock market fairly volatile, but there were also atypical tax regulation changes. Tax-loss harvesting. Paying taxes on investment gains can be a financial burden, but tax loss harvesting can reduce your bill. Did you have a liquidity event in 2022? Max out your retirement contributions.

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Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Abnormal Returns

SEPTEMBER 26, 2022

Podcasts Christine Benz and Jeff Ptak talk with Tim Steffen, director of tax planning for Baird. riabiz.com) Three positives, and three negatives, from the 2022 Future Proof festival. morningstar.com) Michael Kitces and Carl Richards talk about repurposing lessons from clients for content.

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MainStreet Financial Planning

JUNE 27, 2022

Acts, what that means to you and your Tax Planning in Retirement. also known as Securing a Strong Retirement Act of 2022 (HR2954), builds on the SECURE Act and its significant changes to retirement. Lastly, Larry will take your questions on Tax Planning in Retirement so you can avoid unintended tax consequences in retirement.

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Covisum

JANUARY 9, 2023

is significant legislation signed into law on December 20, 2022, and is expected to have several impacts on retirement income planning. It contains several provisions designed to improve Americans' retirement security, including later required minimum distributions (RMDs), 529-to-Roth rollovers, and other tax planning opportunities.

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MainStreet Financial Planning

MAY 31, 2022

Tax Planning: Things to work on before year-end. Though it may seem that we’ve just put last tax season to rest, now is the time to work on adjustments to optimize your 2022 taxes! Don’t wait until April 15th, 2023, to think about your taxes…there are things that need to get done by year-end!

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WiserAdvisor

OCTOBER 11, 2022

While these can be avoided, there is another cash outflow that can considerably lower your savings and returns and is also hard to avoid – tax. Tax planning is essential. Tax is charged on every penny you earn. Tax evasion is a crime, and missing tax payments can lead to legal hassles that can be hard to get out of.

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James Hendries

SEPTEMBER 20, 2022

Income shifting (also known as income splitting) may be defined as dividing income in a way that lowers overall taxes. When using these methods to shift income to a child, it’s always important to bear in mind the kiddie tax. Timing the receipt of your income can also help you lower your taxes.

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Advisor Perspectives

NOVEMBER 21, 2022

Believe it or not, 2022 is almost over. That means it’s time to start thinking about end-of-year tax planning strategies…

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Harness Wealth

FEBRUARY 5, 2025

The rise of remote work and digital nomadism has made FEIE a common tax minimization strategy for Americans living abroad. What is the Foreign Tax Credit (FTC)? Financial and lifestyle considerations of living abroad The importance of professional tax advice for expats FAQs about the FEIE What is the Foreign Earned Income Exclusion?

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Nationwide Financial

JANUARY 25, 2023

Suppose they made emotional investment decisions during the market volatility of 2022. On the other hand, not having a plan can lead to emotional investment decisions during periods of high volatility – something every investor should avoid. The chart below illustrates the potential consequences of not rebalancing.

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Million Dollar Round Table (MDRT)

JULY 10, 2022

By Mike Beirne, MDRT Round the Table editor Try these ideas from the 2022 MDRT Annual Meeting speakers about referrals, communications and marketing. Both sessions aim to educate about the value and benefits of financial and tax planning, but no selling occurs. 1) Give the referral process a push.

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Tobias Financial

AUGUST 15, 2022

Tobias Financial Advisors is proud to announce that our Wealth Advisor Franklin “Franko” Gay serves on the National FPA NexGen Task Force and is one of the planners responsible for this year’s content at the 2022 FPA NexGen Gathering in Las Vegas from August 23 rd to 25 th. To learn more details, visit: [link].

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Darrow Wealth Management

OCTOBER 24, 2022

For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if you can avoid paying tax on RMDs. Here are some of the most common RMD questions and planning opportunities for investors. How to take RMDs and avoid any taxes (legally of course). There are a couple ways to do it.

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WiserAdvisor

NOVEMBER 7, 2022

The federal income tax is levied by the U.S. It is a mandatory tax that you pay to the government every year. Evading tax is a serious legal offense punishable by law. Therefore, it is important to stay up to date with the changing tax laws, rates, and dates for filing your income tax return. Single filers.

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Darrow Wealth Management

DECEMBER 5, 2022

Donating appreciated stock to charity can be a great way to give back and reduce your tax bill. Taxpayers who itemize get a tax deduction for the market value of the stock. If you want to make a gift for the 2022 tax year – act now. These two steps don’t need to happen in the same tax year. Give wisely.

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Darrow Wealth Management

NOVEMBER 20, 2023

Considering Roth conversions in retirement When you convert pre-tax money from an IRA to an after-tax Roth IRA, the amount converted is included in your taxable income. But in retirement, without a paycheck, it can be a great opportunity to control your tax situation for the year and fill up the lower tax brackets.

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James Hendries

JULY 13, 2023

[i] Private Foundation – A private foundation is created when someone sets up a tax-exempt organization but does not file to be recognized as a public charity. The tax deduction is lower at 20 percent of the taxpayer’s AGI if the gifts are appreciated assets or securities. [ii] A CRT may be partially tax-deductible right away.

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Darrow Wealth Management

AUGUST 8, 2022

In early 2022, the IRS proposed new changes, and if enacted, some inherited IRA beneficiaries will need to take RMDs again and could face big penalties. It’s probable that the IRS would waive penalties as the announcement only came in February 2022 and still isn’t law. What the IRS proposal wouldn’t change.

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Zoe Financial

APRIL 17, 2023

Implementing these strategies can help reduce tax bills, save more, and achieve financial goals sooner. The deadline for tax filing is around the corner. Besides meeting all the requirements for this date, have you considered the impact of implementing long-term tax strategies on your wealth?

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Darrow Wealth Management

NOVEMBER 5, 2024

If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares through the capital gains tax exclusion. The potential tax savings simply cannot be understated. Using IRS Section 1202, taxpayers can sell stock potentially free of federal capital gains taxes if the requirements are met.

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Zoe Financial

JUNE 5, 2023

Stay tuned for next week. – Andres Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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Zoe Financial

MAY 23, 2023

Stay tuned for next week. – Andres Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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Darrow Wealth Management

JANUARY 9, 2023

was signed into law December 29th, 2022, bringing more major changes to tax law. 529 plan to Roth IRA rollovers. The individual must be the designated beneficiary of the 529 plan and move funds to a Roth IRA in their name. Amount rolled over is tax-free (not included in beneficiary’s income) and penalty-free.

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James Hendries

AUGUST 10, 2022

An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits: You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax. Contributions to your HSA, and any interest or earnings, grow tax.

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Darrow Wealth Management

DECEMBER 23, 2022

Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. There are many components of the 2022 Act that will impact employers that aren’t outlined below. IRAs: the $1,000 catch-up limit will be indexed by inflation for tax years starting in 2024.

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MainStreet Financial Planning

OCTOBER 13, 2022

Last week the IRS issued IRS Notice 2022-53 related to Inherited IRA RMDs which I summarize below. Last Friday (October 7, 2022), the IRS issued IRS Notice 2022-53 which I summarize below: The IRS will not impose the 50% penalty for missed inherited IRA RMDs in 2021 and 2022 that are subject to the SECURE Act 10-year payout period.

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MainStreet Financial Planning

DECEMBER 8, 2022

The choice to defer is only permitted for tax year you turn 72 in, the year of your first RMD. For example, if you choose to defer your 2022 RMD until April 1, 2023, you will still need to withdraw your 2023 annual RMD by December 31, 2023). Please contact your plan administrator for more details.

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Park Place Financial

MARCH 16, 2022

Additionally, our estate planning specialist helps clients prepare for possible life scenarios and manage their money according to their wishes. Income Tax Planning. As HNWIs have higher incomes, they also have increased taxes. However, some financial planners offer strategies to help HNWIs reduce their taxes legally.

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WiserAdvisor

OCTOBER 4, 2022

Retirement planning can be a bit complex. There are multiple factors to weigh in, right from healthcare and inflation to estate planning, business succession planning, tax planning, and more. However, the main drawback to this can be the lack of foresight regarding what and how to plan.

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eMoney Advisor

DECEMBER 13, 2022

Yet many still have complex needs requiring more sophisticated and personalized investment, estate, and tax planning services. million households in three key groups who want customized, actionable advice on budgeting, saving, investing, insurance, and planning to help provide peace of mind regarding their finances.

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Zajac Group

JUNE 15, 2022

Who doesn’t love a great tax break? Why not make best use of your tax-planning powers when you do? At a glance, it would seem qualified dispositions are the way to go: Qualified dispositions: Proceeds are taxed at (usually lower) long-term capital gains rates. Fewer taxes are better, right? True enough.

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Fortune Financial

FEBRUARY 4, 2024

Will you end up paying too much in ordinary income taxes for company stock in your 401(k) plan? With our deep expertise and qualifications in NUA strategies, our experts are adept at navigating the complexities of tax-efficient retirement planning. In contrast, the average liability is 3 percent for the top quintile, 16.4

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