Nerd's Eye View

JULY 24, 2024

As a whole, these regulations introduce significantly more complexity to the process of tax planning around retirement accounts, particularly after the death of the account's original owner.

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Harness Wealth

DECEMBER 8, 2022

Note, you actually have until Tax Day of 2023 to make these contributions into IRAs but you should act ASAP to avoid forever forgoing the chance to make a 2022 contribution. Contributions can be deducted from taxable income and withdrawals can be made tax-free from these accounts as long as funds are used for qualifying healthcare expenses.

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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?

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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.

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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. contained a number of changes relevant to estate planning. However, awareness is key, both for clients and advisors.

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Harness Wealth

OCTOBER 8, 2024

Key Takeaways: T ax Season Start: The IRS will likely begin accepting 2024 tax returns between January 15 and 31, 2025. Key Deadlines: The federal tax filing deadline (Tax Day) is April 15, 2025, with an extension deadline of October 15, 2025. Document Deadlines: Most key tax forms (W-2, 1099, etc.)

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Darrow Wealth Management

NOVEMBER 11, 2024

Updated for 2024 – 2025. Because many taxpayers earn too much to make pre-tax IRA contributions as they have a 401(k) at work. Many people end up paying taxes twice. There are income limits for contributions to a traditional IRA that qualify for a tax deduction. In the vast majority of cases the answer is no.

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Darrow Wealth Management

JULY 1, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. The TCJA has many provisions that are set to expire (sunset) at the end of 2025. In addition, the SALT cap, currently $10,000 per tax return (not per person) will be eliminated.

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Harness Wealth

OCTOBER 24, 2024

This article covers a comprehensive list of the most common forms, documents, and information needed to file taxes. If you need a cheat sheet, download our 1-page tax prep checklist. To plan your tax timeline, see our article, 2025 Tax Deadline Information for Individual Filers.

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Tobias Financial

AUGUST 27, 2024

Significant changes are on the horizon with the upcoming sunset of the Tax Cuts and Jobs Act (TCJA) at the end of 2025. Income Tax Changes Understand the specific changes in income tax rates and deductions. Estate and Gift Tax Changes Learn about the implications for estate and gift tax planning.

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Brown Advisory

NOVEMBER 5, 2021

2021 Year-End Planning Letter. Without downplaying the importance of appropriate action around year-end tax planning, our purpose in this letter is to encourage clients to step back, take a breath and consider using this time to focus on the long term. Fri, 11/05/2021 - 13:01. The end of 2021 is notable for a host of reasons.

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Darrow Wealth Management

DECEMBER 23, 2022

Some of the measures in the bill include increasing the required minimum distribution age, raising catch-up contribution limits, permitting some rollovers from 529 plans to Roth IRAs, and expanded access to employer plans. 529 plan to Roth IRA rollovers. 9 major Secure Act 2.0 retirement changes. The Secure Act 2.0

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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).

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Harness Wealth

JUNE 23, 2023

Estate planning is a critical component of a comprehensive financial plan. Furthermore, estate planning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estate planning needs.

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Darrow Wealth Management

SEPTEMBER 11, 2024

That said, for tax purposes, taking a large lump sum in year 10 should generally be avoided. More planning strategies and tax implications below. Roth 401(k)s can only bypass annual distributions if 100% of the retirement plan was in a Roth account. If there’s a mix of pre-tax and Roth funds, RMDs will apply.

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Darrow Wealth Management

NOVEMBER 7, 2024

Exercise strategy: Timing: Consider the tax implications of exercising vested options before or after the IPO, timing of sales, and tax planning opportunities. Cash flow: Depending on the type of equity you have, exercising can be challenging given tax implications and having cash to buy the stock.

Taxes 83

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Cordant Wealth Partners

AUGUST 16, 2024

Most recently, Intel announced layoffs impacting 15% of the workforce with a plan to cut $10 billion in total costs. So, if you separate from the company near the end of the year, earning a full year of salary plus severance payouts, you could be pushed into a higher tax bracket. Tax planning for a transition out of Intel is critical.

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Darrow Wealth Management

JANUARY 9, 2023

529 plan to Roth IRA rollovers. To help alleviate parents’ fears about over-funding 529 college savings accounts , the Act enables penalty-free rollovers from 529 college savings plans to Roth IRAs, with limitations: The lifetime rollover limit is $35,000. So it’s clear there may be some new planning opportunities on the horizon.

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Accounting Taxes Tax Planning Distribution 59

Brown Advisory

AUGUST 1, 2019

The Long Game: Roth Conversions & Legacy Planning ajackson Thu, 08/01/2019 - 14:51 Legacy planning is all about transferring wealth to descendants as efficiently as possible. Roth and traditional IRAs both provide tax-free growth on invested assets to account owners, but the two options also differ in a variety of ways.

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Planning Distribution Taxes Accounting 52

Brown Advisory

AUGUST 1, 2019

The Long Game: Roth Conversions & Legacy Planning. Legacy planning is all about transferring wealth to descendants as efficiently as possible. Roth and traditional IRAs both provide tax-free growth on invested assets to account owners, but the two options also differ in a variety of ways. Thu, 08/01/2019 - 14:51. Background.

Planning 52

Planning Distribution Taxes Accounting 52

Darrow Wealth Management

JULY 1, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. The TCJA has many provisions that are set to expire (sunset) at the end of 2025. In addition, the SALT cap, currently $10,000 per tax return (not per person) will be eliminated.

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

Indigo Marketing Agency

DECEMBER 17, 2024

Schedule a strategy session with us today, and lets discuss how we can tailor a marketing plan that fits your goals and maximizes your results. Lets make your 2025 marketing strategy one that delivers big results with small, intentional actions. Ready to take the next step? Blogging can make you 13x more likely to achieve positive ROI.

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Harness Wealth

APRIL 17, 2023

In this article, we’ll discuss: Who Pays the Alternative Minimum Tax? If you live in one of these states, it’s essential to be familiar with the state-specific AMT rules, and other state-level tax implications to minimize your overall tax liability. Tax services provided through Harness Tax LLC.

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Taxes Tax Planning Planning Investing 52

Darrow Wealth Management

NOVEMBER 5, 2024

For federal income tax purposes, structuring transactions and planning for capital gains exclusions related to QSBS are crucial. Unfortunately, the Commonwealth also passed a ‘millionaire tax’, which adds a 4% surtax to taxable income over $1M , even for one-time sudden wealth events.

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Sara Grillo

NOVEMBER 11, 2024

Just say, “ I was researching this company and I know that taxes have just onge up in the local area. I just wanted to come in and do a seminar about how to do tax planning in XYZ County. Treat everyone associated with the prospect as a valuable source of information.

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Darrow Wealth Management

NOVEMBER 14, 2024

Sale : When you sell the company stock, the gain or loss is taxed as a short or long-term capital gain or loss depending on how long you held the shares after the exercise date Tax withholding at exercise and sale: There is no employer requirement to withhold federal taxes when you exercise ISOs (and buy company stock) or sell the shares.

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Taxes Sales Wealth Management Planning 52

Nerd's Eye View

MARCH 15, 2024

While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.

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Nerd's Eye View

MARCH 15, 2024

While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.

Financial Planner 130

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Brown Advisory

APRIL 1, 2020

Strategic Planning in Volatile Markets ajackson Wed, 04/01/2020 - 09:31 Our conversations with clients usually cover topics that range beyond investment and financial affairs. Possible future increases in income and wealth transfer taxes, including the potential reversion of certain elements of the U.S. tax code that are not permanent.

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Strategic Planning Planning Marketing Marketing 52

Brown Advisory

APRIL 1, 2020

Strategic Planning in Volatile Markets. Of course, given the market volatility that has accompanied this outbreak, we are also reviewing where we stand in relation to the goals we are helping you pursue and the plans we have helped you implement. tax code that are not permanent. Wed, 04/01/2020 - 09:31.

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Nerd's Eye View

NOVEMBER 13, 2024

With Republicans appearing to have secured a sweep of the White House and both chambers of Congress, the most immediate question for many financial advisors and their clients is what impact the election results will have on the scheduled expiration of the Tax Cuts & Jobs Act (TCJA) at the end of 2025.

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