Nerd's Eye View

FEBRUARY 19, 2024

The 2024 Technology Tools for Today (T3) Advisor Conference, held last month in Las Vegas, Nevada, featured a large gathering of financial advisors and representatives from across the fintech industry. Likewise, while CRM usage has slipped by about 5%, the overall number of advisors who use a CRM still remains at a dominant 92%.

Consulting 244

Consulting Financial Advice Engineering Financial Advisor 244

Nerd's Eye View

OCTOBER 7, 2024

Welcome to the October 2024 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!

Clients 246

Clients B2B Estate Planning Planning 246

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. thinkadvisor.com) The 10 best financial advisor conferences to attend in 2024. (investmentnews.com) M&A The RIA model continues to take share. kitces.com)

Wealth Management 263

Wealth Management Retirement Planning Tax Planning Financial Advisor 263

MainStreet Financial Planning

NOVEMBER 8, 2024

As December unfolds, it’s easy to overlook year-end tax planning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.

Taxes 97

Taxes Medical Consulting Education 97

Nerd's Eye View

DECEMBER 25, 2023

Read More.

Financial Advisor 246

Financial Advisor Insurance Financial Planner Clients 246

Darrow Wealth Management

NOVEMBER 2, 2023

The IRS has released the 2024 contribution limits for retirement plans and other cost-of-living adjustments.

Retirement Planning 105

Retirement Planning Wealth Management Taxes Retirement 105

Tobias Financial

DECEMBER 20, 2023

As we begin our countdown to 2024, it is a great time to ensure your year-end tax plan is in place. Tax planning is a vital component of meeting your overall financial goals. Our team of professionals is here to assist with your financial and tax planning needs.

Tax Planning 52

Tax Planning Taxes Planning Distribution 52

Talon Wealth

NOVEMBER 12, 2024

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. If their income is over $44,000, up to 85% could be taxed!

Taxes 52

Taxes Planning Retirement Planning Tax Planning 52

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.

Taxes 52

Taxes Tax Planning Nonprofit Accounting 52

Carson Wealth

MARCH 26, 2024

By Mike Valenti, CPA, CFP®, Director,Tax Planning LLCs can provide legal protections and a level of anonymity, either or both of which can be beneficial for business owners, investors, and others with valid intentions. NOTE: Applicable entities created in 2024 have 90 days from creation to file the report.

License 129

License Tax Planning CFP Taxes 129

Carson Wealth

FEBRUARY 23, 2024

Tax season is upon us, but you can start 2024 off on the right foot with tax planning tips and strategies presented by Mike Valenti, Director, Tax Planning and Tom Fridrich , Carson Group Manager & Sr.

Tax Planning 40

Tax Planning Taxes Planning Management 40

SEI

JANUARY 25, 2024

Advisors must connect with clients today to prepare for tomorrow.

Tax Planning 52

Tax Planning Financial Advisor Taxes Planning 52

Harness Wealth

JANUARY 29, 2025

These contributions not only provide immediate tax relief but help secure longer-term financial stability during retirement. 401(k) Plans: Contribute the maximum allowable amount for 2024 : $23,000 if youre under 50, or $30,500 if youre 50 or older.

Taxes 52

Taxes Medical Distribution Tax Planning 52

Darrow Wealth Management

MARCH 29, 2024

6 Tax Strategies for Incentive Stock Options and AMT When an ISO exercise triggers AMT (simple hypothetical example) Here’s a simplified hypothetical example of how an ISO exercise can create an alternative minimum tax liability for a single filer in 2024 (ignoring all other sources of income and the 3.8%

Taxes 96

Taxes Tax Planning Planning Wealth Management 96

Harness Wealth

MARCH 5, 2024

Working with the right tax advisor can prove to be a valuable relationship, but understanding the costs associated with tax services can be complex. In this guide, we’ll explore the average fees of tax advisors in the US for 2024. Hourly Fee (Tax Attorney) Fee charged per hour of advice from a tax attorney.

Taxes 52

Taxes Tax Planning Education Ethics 52

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. Last reviewed June 2024 The post Major Tax Changes Are Coming in 2026.

Taxes 101

Taxes Tax Planning Planning Estate Planning 101

Darrow Wealth Management

SEPTEMBER 26, 2024

This infographic has more on how a brokerage account is taxed. Tax planning opportunities in retirement If you only have assets in tax-deferred accounts, you may have fewer tax planning options in retirement. Tax-deductible contributions means distributions in retirement are taxable as regular income.

Accounting 94

Accounting Retirement Distribution Taxes 94

Darrow Wealth Management

JULY 30, 2024

For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. It can also preclude some tax planning strategies down the road.

Taxes 92

Taxes Tax Planning Startup Valuation 92

Darrow Wealth Management

MARCH 24, 2024

6 tax strategies for incentive stock options and AMT Triggering the alternative minimum tax isn’t the end of the world, but you don’t want to do it by accident. By the end of the year, you already know most of the tax inputs so your CPA and financial advisor can help in developing a tax projection.

Taxes 59

Taxes Tax Planning Planning Financial Advisor 59

Tobias Financial

JULY 5, 2024

However, a period of lower income in 2024 could present valuable tax planning opportunities. One potential benefit of a job layoff is a temporary drop in your federal income tax bracket, which can create opportunities for future tax savings.

Taxes 52

Taxes Tax Planning Wealth Advisor CFP 52

Darrow Wealth Management

MARCH 24, 2024

6 tax strategies for incentive stock options and AMT Triggering the alternative minimum tax isn’t the end of the world, but you don’t want to do it by accident. By the end of the year, you already know most of the tax inputs so your CPA and financial advisor can help in developing a tax projection.

Taxes 52

Taxes Tax Planning Planning Financial Advisor 52

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.)

Taxes 97

Taxes Consulting Accounting Planning 97

Harness Wealth

JANUARY 10, 2025

A brief guide to GVWR limits: Vehicles 6,00014,000 lbs GVWR: Deduction limit of $30,500 in 2024, with bonus depreciation options available. The key benefits Reduced tax liability: So long as youre paying reasonable wages to your child, you can lower overall tax liability. What qualifies as business vehicles for tax deductions?

Taxes 52

Taxes Assets Media Education 52

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

Darrow Wealth Management

MARCH 29, 2024

6 Tax Strategies for Incentive Stock Options and AMT When an ISO exercise triggers AMT (simple hypothetical example) Here’s a simplified hypothetical example of how an ISO exercise can create an alternative minimum tax liability for a single filer in 2024 (ignoring all other sources of income and the 3.8%

Taxes 52

Taxes Tax Planning Planning Wealth Management 52

Darrow Wealth Management

JANUARY 9, 2023

The ability to do 529 plan to Roth IRA rollovers goes into effect January 2024. No required minimum distributions (RMDs) in Roth 401(k) plans. Starting in 2024, individuals who left assets in a Roth employer plan won’t be subject to mandatory distributions during their life. Prior to the passing of Secure Act 2.0,

Accounting 59

Accounting Taxes Tax Planning Distribution 59

Harness Wealth

JANUARY 9, 2025

Strategy Contribution Limit (2024) Advantages Disadvantages Backdoor Roth IRA $7,000 ($8,000 if 50+) Circumvents income limits for Roth IRA, providing increased tax-free growth Low annual limit and pro-rata rule complications. How much can I contribute to a Backdoor Roth IRA?

Taxes 52

Taxes Planning Retirement Retirement Planning 52

Darrow Wealth Management

DECEMBER 23, 2022

would keep the age 50 catch-ups and allow new ones: 401(k) & 403(b) plans: starting in 2025, the catch-up contribution will become the greater of $10,000 or 150% of the catch-up limit for individuals between age 60 – 63. IRAs: the $1,000 catch-up limit will be indexed by inflation for tax years starting in 2024.

Retirement 99

Retirement Retirement Planning Distribution Taxes 99

Integrity Financial Planning

NOVEMBER 14, 2023

In that case, you can make a gift of $17,000 in the final days of 2023, then make another in the early days of 2024 under the new 2024 gift tax limit, essentially allowing you to donate twice the amount you could have during any other part of the year. So, suppose you’re looking to make a sizable gift as part of your strategy.

Taxes 96

Taxes Retirement Estate Planning Planning 96

Darrow Wealth Management

JULY 30, 2024

For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. It can also preclude some tax planning strategies down the road.

Taxes 52

Taxes Tax Planning Startup Valuation 52

Harness Wealth

FEBRUARY 19, 2025

Enter company applicant information (if applicable) Only reporting companies created or registered in 2024 or later need to fill in this section. If your company was formed before 2024, you can skip this section. Principal Business Address: Enter your company’s main business address.

Taxes 52

Taxes Financial Advisor Consulting Certification 52

Harness Wealth

OCTOBER 25, 2024

Tax credits directly reduce your tax bill, so it’s beneficial to explore these options. if you’re a small business owner or startup founder, check out our guide: 20 Ways to Reduce Your Taxes in 2024 Harness Can Help You File Your LLC Taxes Ready to tackle business taxes for your LLC?

Taxes 52

Taxes Distribution Insurance Consulting 52

Zoe Financial

JANUARY 17, 2024

The second headline was Edelman Financial engines closed down their tax prep services (separate/different from their tax planning services). But they did close tax prep. And this is just a reality, which is tax implementation is time-consuming and it’s often offered because clients want more for that 1%.

Wealth Management 52

Wealth Management Management Taxes Asset Allocation 52

Harness Wealth

OCTOBER 8, 2024

The Harness Marketplace attracts employees, founders, and investors in tech, healthcare, management consulting, and other high-earning industries who need help managing complex tax needs. Be specific to attract your ideal tax client: When it comes to what sets your firm apart, be very clear.

Taxes 52

Taxes Clients Tax Planning Healthcare 52

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. Last reviewed June 2024 The post Major Tax Changes Are Coming in 2026.

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

Harness Wealth

FEBRUARY 5, 2025

The Internal Revenue Service (IRS) adjusts FEIE exclusion amounts annually based on inflation, with the exclusion amounts for the past 5 years being as follows: Tax Year FEIE Amount 2025 $130,000 2024 $126,500 2023 $120,000 2022 $112,000 That said, the FEIE only applies to foreign earned income, with foreign passive income ineligible for exclusion.

Taxes 52

Taxes Compliance Accounting Government 52

Darrow Wealth Management

NOVEMBER 20, 2023

As part of the new rules, non-spouse beneficiaries inheriting a pre-tax retirement account after 2020 must drain the account within 10 years (and potentially take RMDs within that time also, though further guidance is expected in 2024). But there are other ways to go about tax planning.

Retirement 95

Retirement Distribution Taxes Accounting 95