Harness Wealth

MARCH 11, 2024

By working with a tax professional, you can apply tax strategies to reduce your taxable income or defer paying taxes. 20 tax reduction strategies for high-income earners in 2024 Tax strategy is complex, and there are numerous ways of reducing taxable income depending on your situation.

Startup 59

Startup Taxes Medical Retirement 59

WiserAdvisor

FEBRUARY 19, 2024

If you choose to work while receiving Social Security benefits and have not reached full retirement age, the Social Security Administration (SSA) will deduct $1 from your benefit for every $2 you earn above the annual limit, which is $22,320 in 2024. Life is inherently unpredictable, and unanticipated circumstances can arise at any moment.

Retirement 66

Retirement Retirement Planning Healthcare Estate Planning 66

Darrow Wealth Management

JULY 1, 2024

Lowering the estate and gift tax limits The current exemption was raised dramatically in 2018. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 This tax benefit is scheduled to sunset at the end of 2026. million (twice that for couples making joint gifts).

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

Nerd's Eye View

DECEMBER 30, 2024

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.

Financial Advisor 240

Financial Advisor Insurance Tax Planning Taxes 240

Harness Wealth

JUNE 5, 2024

In January of 2023, Kelley started with zero clients but has grown to 140 clients in early 2024 with annual revenue projected to be upwards of $250,000 this year. Finding the ideal client Kelley leveraged Harness’s curated tax client introductions. Onboarding tax clients with ease “Client onboarding is pretty quick with Harness.

Taxes 64

Taxes Clients Planning Tax Planning 64

Harness Wealth

JUNE 9, 2023

While it may seem like a luxury that is only available to the wealthy, anyone is capable of building an effective financial plan and putting it into action. Without effective personal financial management, you risk losing money to poor budgeting, poor tax planning, or even just to inflation.

Financial Planning 52

Financial Planning Planning Financial Planner Wealth Management 52

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. contained a number of changes relevant to estate planning. citizens and residents. The SECURE Act 1.0

Estate Planning 59

Estate Planning Taxes Planning Tax Planning 59

WiserAdvisor

MARCH 13, 2024

They offer a triple tax benefit that allows you to contribute pre-tax dollars, enjoy tax-free growth on your investments, and withdraw funds tax-free for qualified medical expenses. For the tax year 2024, individuals can contribute a sum of $4,150 and families can contribute $8,300 to their HSA.

Retirement Planning 105

Retirement Planning Retirement Planning Estate Planning 105

Zajac Group

NOVEMBER 7, 2024

Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estate taxes). Inheritance Tax?

Planning 52

Planning Estate Planning Taxes Assets 52

Darrow Wealth Management

JANUARY 29, 2024

This article is a high-level overview of the various estate planning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g. The US has 50 states – each with their own tax laws and estate planning opportunities. States have their own estate tax laws.

Estate Planning 102

Estate Planning Distribution Taxes Assets 102

Darrow Wealth Management

OCTOBER 1, 2024

Choosing whether to fund a trust with your assets is an important decision in the estate planning process. A will and a trust are two different estate planning tools. Limiting access can provide estate tax planning benefits for some). Discuss your estate plan in detail with your attorney.

Assets 98

Assets Estate Planning Distribution Fiduciary Duty 98

Carson Wealth

APRIL 25, 2024

Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. Estate Planning: Draft essential documents such as wills, trusts, and powers of attorney to ensure the orderly transfer of assets. January 24, 2024.

Financial Planning 97

Financial Planning Planning Retirement Insurance Coverage 97

Discipline Funds

DECEMBER 20, 2023

Calculate your 2023 after tax income and expected after tax 2024 income. Compare this to your 2023 expenses and expected 2024 expenses. Are you saving or contributing 10-20% of your income to a dedicated savings plan? Do so before year-end and plan for next year’s RMD now. Avoid chasing performance.

Financial Planning 74

Financial Planning Planning Asset Allocation Retirement Planning 74

Carson Wealth

FEBRUARY 29, 2024

It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. But when does gifting become a tax issue? What do you need to consider about gifting as it relates to your overall estate plan? Taxes on Giving??? Why do you have to pay taxes on money you’re giving away?

Financial Planning 96

Financial Planning Taxes Planning Estate Planning 96

Harness Wealth

JANUARY 28, 2025

Tax strategies for high-net-worth individuals in 2025 Stay tax-efficient with Harness What are the key tax changes in 2025? Below are the standard deductions and marginal tax rates for 2024 and 2025. in 2024 and are projected to increase by 3.9% That said, U.S. salaries rose an average of 3.8%

Taxes 52

Taxes Planning Retirement Estate Planning 52

Discipline Funds

DECEMBER 29, 2024

Calculate your 2024 after tax income and expected after tax 2025 income. Compare this to your 2024 expenses and expected 2025 expenses. Are you saving or contributing 10-20% of your income to a dedicated savings plan? 2024 was a great year for risk assets. You can gift up to $18K in 2024 ($36k per couple).

Financial Planning 63

Financial Planning Planning Asset Allocation Retirement Planning 63