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 25, 2022

A gap our Kitces Courses aim to fill!

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Education Financial Planning Estate Planning CFP 244

Carson Wealth

DECEMBER 8, 2023

Petersen, CPA, CFP ® , CP, Affluent Wealth Planning The holidays are upon us! That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. One consideration this year is that we’re two years from the expiration of the Tax Cuts and Jobs Act of 2017 (TJCA).

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eMoney Advisor

JANUARY 12, 2023

If you’ve resolved to add more meaning to your work in 2023 using your skills as a financial planner, you’ve come to the right place. Best for: All financial professionals, though most of the pro bono counseling opportunities are for CFP® professionals. Website: irs.gov/individuals/irs-tax-volunteers. Savvy Ladies.

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Your Richest Life

JUNE 30, 2023

If you were surprised at tax time this year, then you’re not alone. 2022 tax refunds were about 10 percent smaller than they were last year, and for those who owed money, they tended to owe more than they expected. Taking the time now to make some strategic moves can lead to some significant savings on your taxes for the year.

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Taxes Retirement Financial Planner Accounting 78

Your Richest Life

OCTOBER 31, 2022

There are many benefits that come along with a 401(k,) including pretax or Roth 401(k) salary contributions (or both,) company matching, and tax-deferred accruals. The 2023 maximum contribution limit is $22,500 for those under 50, plus a $7,500 catch-up for employees 50 or older. . The limit for 2023 is $6,500.

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Retirement Accounting Taxes Retirement Planning 110

Walkner Condon Financial Advisors

FEBRUARY 21, 2023

How much can I contribute to my 401(k) in 2023? If you are age 50 or older you are eligible to contribute an extra $7,500 for a total of $30,000 in 2023. You also may be able to make after-tax contributions into your 401k as well to get up to the limit. This is an increase from the $20,500 you could contribute in 2022.

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Your Richest Life

FEBRUARY 27, 2024

Tax time is here again, and if you’re not one of the 25 million Americans who have already filed , then you’re probably going through the process of gathering what you need and preparing to file. The Child Tax Credit and Potential Changes The 2023 child tax credit is capped at a refundable amount of $1,600 – for now.

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eMoney Advisor

MAY 1, 2023

John Eing, MBA, CPA, CFP® “Understanding cultural values can make you a better financial planner. James Lee, CFP® “Financial planning services are wanted and needed, and I feel that my service to FPA is my way of scaling financial planning to more people throughout society.” Here are eight of their stories to enjoy.

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eMoney Advisor

MARCH 1, 2023

Stephanie Trexler, CFP® : Making Connections in the Financial Planning Community Since meeting Stephanie, I have been amazed by her involvement in the community and how she supports other financial planners in the industry. Cassandra Smalley, CFA, CFP® : Giving Women a Voice at the Financial Table I would be remiss to not share my own story.

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eMoney Advisor

JANUARY 20, 2023

Act provisions: Updated RMD Rules: Your software should account for the increase in RMD age to 73 in 2023 and to 75 in 2033. We’ll be taking an in-depth look at recent tax law updates for 2023, focusing on SECURE 2.0 Register now for the 2023 Tax Legislation Insights, Secure 2.0

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Your Richest Life

SEPTEMBER 2, 2022

The Biden administration has extended the repayments pause for one last time, pushing the next payment due date to January 2023. Do I have to pay taxes on the canceled debt? You do not have to pay federal taxes on the canceled debt. Check your state’s laws so you’re not surprised at tax time. 31, 2023. .

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Planning Fee Only Taxes CFP 102

Harness Wealth

MAY 25, 2023

The right advisor can help manage your wealth, plan for retirement, navigate tax implications, and more. Here’s a deep dive into the average fees of financial advisors, in 2023. Here, we’ll break down the different types of fees that financial advisors charge in 2023. Between 0.5%

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Carson Wealth

FEBRUARY 2, 2023

By Kevin Oleszewski CFP ® , MST, EA , Senior Wealth Planner Multiple retirement savings vehicles are available but having options can be overwhelming. Both are Individual Retirement Accounts meaning the account is opened and funded by the worker and are tax-advantaged accounts designed for retirement savings.

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Distribution Retirement Planning Retirement Taxes 98

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. In the new bill, the age when retirees must begin drawing from non-Roth tax-deferred retirement accounts would increase to 73 in 2023 and 75 in 2033. This part of the bill would be effective in 2023.

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Retirement Retirement Planning Distribution Taxes 86

Harness Wealth

JUNE 5, 2024

“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. CFP® Before moving to Harness, Kelley Maddox was on a typical trajectory at his previous company.

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Investing Caffeine

JANUARY 2, 2024

The last two months of 2023 finished with a bang! Although 2023 closed with a festive explosion, 2022 ended with a bearish growl. Effectively, 2023 was a reverse mirror image of 2022. For 2022-2023 combined, results registered at a meager +0.1% Slome, CFA, CFP® Plan. Federal Funds rate hiking cycle.

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Good Financial Cents

DECEMBER 14, 2022

After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. With this in mind, we’ve compiled a list of the highest-paying finance jobs for 2023. While many finance jobs pay well, the following 12 positions sit at or near the top of the pay scale in 2023: 1.

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Zoe Financial

FEBRUARY 16, 2023

To implement these strategies successfully, we must first understand the difference between claiming the standard tax deduction and itemizing deductions. In this blog post, we will explore three charitable giving strategies intended for a tax deduction, minimizing record keeping, and increasing donations to charity.

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Darrow Wealth Management

DECEMBER 23, 2023

Contributions to the account are made after tax and the money can be invested and grow tax-deferred. If the funds are used for qualifying educational expenses, withdrawals are tax-free. In 2023, the annual gift tax exclusion is $17,000 per person, increasing $1,000 in 2024.

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eMoney Advisor

FEBRUARY 7, 2023

Cherry, CFT-I™, CFP® Topic: Financial Psychology | LinkedIn , Instagram , Twitter Recently named one of 10 to Watch in 2023 by WealthManagement.com, Dr. Preston Cherry is an innovative thinker in the financial planning profession. You might have noticed Chris is not a CFP® practitioner like the others on this list.

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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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Zoe Financial

APRIL 21, 2023

Tax Implications Make sure to remind them of their taxes and tax implications. They’ve probably dealt with it slightly in the past, but taxes will now inevitably become protagonists in their careers. Equity compensation can have significant tax implications, especially for high earners. Ready to Grow Your Wealth?

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Walkner Condon Financial Advisors

JUNE 2, 2023

Making More Room for Women in the Financial Planning Profession The CFP Board’s Women’s Initiative wrote a white paper titled Making More Room for Women in the Financial Planning Profession. Once women achieve their CFP® certification, the rate of relinquishment is extremely low. Financial illiteracy among women is a problem.

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eMoney Advisor

JUNE 8, 2023

I have been sharing my pronouns professionally for some time now on social media, during video meetings, and in discussions,” Laura LaTourette, CFP®, said in an editorial for Financial Planning magazine. For advisor and LGBTQ+ ally Woody Derricks, CFP®, ADPA®, this is a commonsense approach. “It’s

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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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Walkner Condon Financial Advisors

FEBRUARY 28, 2023

Going beyond your emergency fund, you might have some cash set aside for other short term expenses like property taxes or an upcoming home remodeling project or maybe a wedding. These are a great option for funds you know you need on a specific date (like property taxes at the end of the year or a home remodel project next year).

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Zoe Financial

JUNE 6, 2023

Moreover, we’ll shed light on the erosive impact of taxes, exploring the pros and cons of popular strategies and uncovering how education savings can become a valuable tax deduction. Nevertheless, they should be properly understood to ensure you maximize the tax benefits these plans offer.

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Education Taxes Financial Advisor Planning 40

Darrow Wealth Management

OCTOBER 23, 2023

But first, it’s important to discuss the tax implications. Do you pay taxes on an inherited house? But typically, after inheriting the family home from a parent, the adult child[ren] beneficiaries will receive a step-up in basis for tax purposes. There are other angles when considering what to do after inheriting a house.

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Your Richest Life

AUGUST 11, 2023

Some people opt for irrevocable trusts because they are typically not subject to estate taxes, and they allow up to $17,000 for single filers, or $34,000 for married filing jointly (for 2023) to be contributed annually without incurring gift taxes. For more information on the services offered, contact Katie today.

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Investing Caffeine

DECEMBER 1, 2023

Investors are hoping gifts keep coming in 2023 in the shape of a Santa Claus rally – let’s hope we are all on the “nice” list and not the “naughty” list. Slome, CFA, CFP® Plan. This article is an excerpt from a previously released Sidoxia Capital Management complimentary newsletter (December 1, 2023). www.Sidoxia.com Wade W.

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Darrow Wealth Management

JANUARY 9, 2023

was signed into law December 29th, 2022, bringing more major changes to tax law. Amount rolled over is tax-free (not included in beneficiary’s income) and penalty-free. Currently, pre-tax or Roth contributions are allowed. Before the passing of the Act, employer funding could only be pre-tax. The Secure Act 2.0

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Investing Caffeine

DECEMBER 1, 2022

If a steep recession doesn’t come to fruition, as many expect, you may be able to toast for a better 2023 with champagne rather than Pepto Bismol. Slome, CFA, CFP®. www.Sidoxia.com. Please read disclosure language on IC Contact page.

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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. All else equal, (though it rarely is), it’s often best to stay invested as long as possible to prolong tax-deferred growth. How to take RMDs and avoid any taxes (legally of course).

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Distribution Taxes Retirement Accounting 64

Zoe Financial

DECEMBER 23, 2022

Written by: Lea Ann Knight, CFP® Zoe Network Advisor. Written by: Lea Ann Knight, CFP® Zoe Certified Advisor. Considering how unexpected 2022 has been, below are a few steps you might take before kicking off 2023. The Wealthy Stay Wealthy Tax-Loss Harvesting Those with wealth want to be smart about the taxes they pay.

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Darrow Wealth Management

JULY 24, 2023

A final ruling was expected by early 2023. But just last week, the IRS again waived penalties on missed distributions for 2023 and indicated that final guidance won’t come until 2024. Starting in 2023, the penalty for a missed required minimum distribution is 25%, down from 50% before 2023.

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Distribution Retirement Taxes Accounting 52

Darrow Wealth Management

SEPTEMBER 7, 2023

Pros and cons of exercising stock options in a pre-IPO window If you are new to the tax implications and basics about exercising stock options, please read this article first. Unfortunately, for those tax savings to materialize, the post-IPO stock price at sale must be considerably more than the pre-IPO valuation at exercise.

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Wealth Management Taxes Tax Planning Valuation 73