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2023 Tax Planning Taxes 
Nerd's Eye View
DECEMBER 28, 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72.
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Nerd's Eye View
DECEMBER 28, 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72.
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Wealth Management
JANUARY 8, 2024
What were the significant tax and non-tax issues of last year? Speakers at Heckerling discuss tax planning, estate planning and philanthropy cases.
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Nerd's Eye View
OCTOBER 2, 2023
Welcome to the October 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
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Nerd's Eye View
DECEMBER 25, 2023
Each week in Weekend Reading For Financial Planners, we seek to bring you synopses and commentaries on 12 articles covering news for financial advisors including topics covering technical planning, practice management, advisor marketing, career development, and more.
Wealth Management
MARCH 23, 2023
Make the most of available charitable tax deductions.
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Abnormal Returns
NOVEMBER 6, 2023
papers.ssrn.com) Taxes A 2023 year-end tax planning guide. kitces.com) Advisers How the profession of financial planning has changed over time. (investmentnews.com) M&A The RIA model continues to take share. riaintel.com) How to prep an RIA for sale. (fa-mag.com) fa-mag.com) Research into how RIAs grow.
Nerd's Eye View
NOVEMBER 18, 2022
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that AdvisorTech giant Envestnet has announced a partnership with New Zealand-based FNZ that will allow Envestnet to offer custodial services to advisors beginning in the second half of 2023.
Abnormal Returns
APRIL 10, 2023
blog.xyplanningnetwork.com) Technology Highlights from the 2023 T3 Advisor Conference including the growing importance of tax planning software. (etf.com) Onboarding Evan Harp, "To move the needle on diversity, organizations must not simply hire diverse talent and call it a day — they must develop that talent as well."
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Nationwide Financial
MARCH 6, 2023
Key Takeaways: Because the 2022 and 2023 standard deductions are relatively high ($27,700 in 2023 and $25,900 in 2022 for married couples filing jointly), it isn’t worthwhile for many taxpayers to itemize deductions. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.
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Nerd's Eye View
SEPTEMBER 20, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that the North American Securities Administrators Association (NASAA) released the latest edition its annual survey outlining the state of state-registered RIAs, showing that the number of state-registered firms and their assets (..)
Nerd's Eye View
OCTOBER 14, 2022
for 2023, the largest COLA since 1981. While this will help seniors keep pace with rising prices, it also creates tax planning opportunities for advisors and raises the possibility that the Social Security Trust Fund could be depleted sooner than expected.
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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Darrow Wealth Management
NOVEMBER 17, 2022
In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. Starting in 2023, a 4% surtax will be applied to taxable income and capital gains over $1M. They paid $300,000 for the house.
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Nerd's Eye View
NOVEMBER 1, 2024
Also in industry news this week: A recent study suggests that while a majority of financial advisory clients surveyed have only had 1 advisor, deteriorating client service is a key risk factor that could sway certain clients to leave for a different advisor RIA M&A activity in 2024 is poised to surpass the total number of deals seen in 2023, according (..)
Harness Wealth
NOVEMBER 12, 2024
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end tax planning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today. Starting at $2,500.
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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. You can claim as much capital loss as your realized capital gain plus $3,000.
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Carson Wealth
AUGUST 1, 2024
Making the right decisions around claiming Social Security — based on your spending needs, longevity and tax planning — could mean the difference between meeting your retirement goals or not. However, the average monthly benefit in 2023 is only $1,905, meaning many retirees get by on less than $23,000 a year ($22,860 to be exact).
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Abnormal Returns
JANUARY 16, 2023
thinkadvisor.com) Taxes Some steps you can take to upgrade your tax-planning game. blogs.cfainstitute.org) How Merit Financial Advisors is building out its tax practice. thinkadvisor.com) The biz The M&A has shifted in 2023 with a focus on firms with alts capacity. citywire.com) A CPA shortage is looming.
Darrow Wealth Management
OCTOBER 21, 2022
The IRS has released the 2023 contribution limits for retirement plans and other cost-of-living adjustments. The agency also released tax brackets for ordinary income and long-term capital gains. Contribution Limits for 401(k)s, IRAs and More in 2023. Income Tax Rates in 2023.
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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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Integrity Financial Planning
JULY 17, 2023
How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. There are also Roth 401(k)s that have a similar tax treatment but are subject to some different rules.
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Integrity Financial Planning
NOVEMBER 14, 2023
We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people tax-free.
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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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Zoe Financial
MAY 16, 2023
Qualified withdrawals from a 529 plan are tax-free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state tax consequences of plan withdrawals and contributions before you invest in a 529 plan.
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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. bpsandpieces.com) The 2nd annual Future Proof conference is set for Huntington Beach, CA, on September 10-13, 2023. morningstar.com) Michael Kitces and Carl Richards talk about repurposing lessons from clients for content.
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Zoe Financial
FEBRUARY 14, 2023
Zoe’s Tell-All: 2023 Tax Season Published February 14th, 2023 Reading Time: 5 minutes Written by: The Zoe Team If you’re a golfer, you know a lot goes into the brilliant game. Similarly, filing taxes includes many steps and details everyone needs to know about. The internet can facilitate your tax filing process.
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Advisor Perspectives
DECEMBER 26, 2023
Advisors are being asked to provide their clients with a full suite of solutions, ranging from estate and tax planning to portfolio management, and everything in between. Clients are increasingly eager to gain access to fully customizable solutions that meet their individual needs.
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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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XY Planning Network
JANUARY 6, 2023
So much occurred in 2022, and we're excited (and anxious) to see what 2023 has in store! 4 MIN READ. Another year has come and gone in what feels like a blink of an eye.
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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
JANUARY 30, 2023
just upended retirement planning…again. The age when retirees must begin drawing from non-Roth retirement accounts increases to 73 in 2023, then 75 in 2033. Raising the age when withdrawals must begin is great as it gives investors more planning opportunities. The Secure Act 2.0
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Harness Wealth
JANUARY 24, 2023
However, it is important to keep in mind that different states and territories have varying tax laws and some may be more favorable than others. So before you set off on your big move, consider the specific tax implications of doing so. Who knows, you might even find a more tax-friendly destination along the way.
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Harness Wealth
MARCH 17, 2023
If you’d like to learn more about DeFi taxes as it relates to your personal situation, contact a Harness Tax Advisor today. Overview of DeFi Use-Cases and Their Tax Implications Before diving into specific tax implications, it is essential to understand the various DeFi use cases and their potential tax consequences.
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Harness Wealth
MARCH 31, 2023
The Igloo Company Pudgy Penguin #7625 – source: sothebys.com As non-fungible tokens (NFTs) have gained mainstream popularity, it’s essential to understand the tax implications associated with these crypto assets. Table of contents Introduction to NFTs How are NFTs taxed Taxes when buying NFTs Can NFTs be taxed as collectibles?
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Harness Wealth
MARCH 10, 2023
Whether you’re in venture capital, private equity, or angel investing, it’s important to understand the tax implications of your investment income. One of the unique characteristics of carried interest is that it is taxed as a capital gain rather than ordinary income. K-1 forms are reported on an individual’s tax return.
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Cordant Wealth Partners
NOVEMBER 18, 2024
We also get you up to speed on the tax benefits of using a DAF. If you've heard of a DAF and are curious about incorporating it into your giving and tax planning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made.
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Harness Wealth
JULY 29, 2024
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estate planning trends that tax advisors should be tracking during the second half of 2024. No Step-Up in Basis for Grantor Trust Assets Grantor trusts serve as an effective tool in estate planning.
Nationwide Financial
JANUARY 25, 2023
On the other hand, not having a plan can lead to emotional investment decisions during periods of high volatility – something every investor should avoid. However, strategies such as asset location and tax loss harvesting can significantly minimize taxes on investments.
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Talon Wealth
NOVEMBER 12, 2024
Even though retirees have contributed throughout their careers, a portion of those benefits could still be taxed, depending on your total income. Here’s how it breaks down for 2023-2024: If a couple’s total retirement income is between $32,000 and $44,000, up to 50% of Social Security benefits could be taxable.
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Harness Wealth
APRIL 17, 2023
The Alternative Minimum Tax (AMT) is an aspect of the US tax code designed to ensure that individuals pay a minimum amount of tax. AMT was introduced in 1969 in response to high-income Americans taking advantage of loopholes in the tax code to bring their taxable income to zero. How is AMT Calculated?
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MainStreet Financial Planning
DECEMBER 13, 2022
Some tax-deductible transactions can be made after December 31 st and still count on your tax return, but not many. Traditional IRA contributions can be made until April 18, 2023, but are subject to Modified Adjusted Gross Income (MAGI) limits and if you have a plan at work that is subject to limits, rather than self-employment.
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Integrity Financial Planning
AUGUST 28, 2023
Making the Calculation One of the most important things to consider if you’re making the conversion to a Roth IRA is this: If you have a traditional 401(k), the money in the account is pre-tax, which means you will have to pay full income taxes on what leaves that account. [1]
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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. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
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