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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Covisum

AUGUST 5, 2022

In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction.

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Nerd's Eye View

MAY 31, 2023

Advisors who can help their clients with tax planning strategies to take advantage of PTETs – starting with determining when it’s really worthwhile to do so – can provide significant value given the complexity of the decision.

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Carson Wealth

FEBRUARY 6, 2025

Every year brings changes in tax rules, and 2025 is no exception. Whether you are saving for retirement, running a business, or planning for your family’s future, these updates could affect your financial decisions throughout the year. Think of it as the tax system’s way of protecting your purchasing power.

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Harness Wealth

MARCH 6, 2025

As is traditional, the 2025 IRS tax filing deadline is April 15th. In this guide, well explore the 2025 tax extension process, the reasons for requesting an extension, and how a tax advisor from Harness can help you. Table of Contents What is a tax extension? Why do I need a tax extension?

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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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Harness Wealth

JANUARY 29, 2025

April 15 marks the IRS tax return filing deadline for 2025. Although this is the traditional tax filing deadline, given the spate of recent natural disasters (such as the California wildfires and Hurricane Milton), the IRS is granting certain filing and payment extensions beyond this date.

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Nerd's Eye View

SEPTEMBER 6, 2024

Notably, while the rule will create an additional compliance burden, the due diligence advisers offering comprehensive planning services (as well as their investment custodians) are likely already conducting on their clients to create an effective financial plan could be a 'defense mechanism' for these firms against criminals looking to take advantage (..)

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Nationwide Financial

MARCH 6, 2023

For example, they could make most of their charitable contributions and medical expenditures in a year they plan to itemize. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year. These contributions are made with pretax money, lowering the client’s overall tax bill for the year.

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Darrow Wealth Management

JANUARY 16, 2025

This can get very tricky so it’s important to work with the estate planning attorney settling the estate. In another words, even a survivor without prior ownership in the inherited property could sell without paying a dollar in capital gains tax. Explaining the double step-up Yes, depending on how your estate plan is structured.

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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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Advisor Perspectives

FEBRUARY 13, 2025

For 2025 tax planning, our Bill Cass shares income tax planning strategies that can help manage current tax bills and prepare for future changes. Here are the highlights.

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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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Advisor Perspectives

JANUARY 15, 2025

The calendar page has turned, and that means we have the opportunity to get 2025 off to a good start.

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Carson Wealth

FEBRUARY 4, 2025

Also, like most UHNW individuals, you may have income from several sources like investments, real estate, and business interests that may require special tax planning. And if your assets span multiple countries, you may need to address international tax issues as well. Estate taxes also offer challenges.

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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 28, 2025

Want to plan better for next years tax return ? Learn about smart tax planning in our Winning in 2025: Tax Strategies for a Thriving Year webinar , now available for viewing on-demand. The post Winning in 2025: Tax Strategies for a Thriving Year appeared first on Carson Wealth.

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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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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

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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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

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

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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Harness Wealth

FEBRUARY 5, 2025

Financial and lifestyle considerations of living abroad The importance of professional tax advice for expats FAQs about the FEIE What is the Foreign Earned Income Exclusion? federal income tax (2025). taxes as foreign-earned income could be subject to double taxation. expatriates to reduce their tax liabilities.

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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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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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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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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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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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Harness Wealth

FEBRUARY 4, 2025

Net Investment Income Tax (NIIT): Investors earning passive income from hedge funds may be subject to an additional 3.8% What Are the Tax Strategies for Alternative Investments? Tax-efficient investing in alternative assets requires proactive planning to minimize tax liabilities and maximize after-tax returns.

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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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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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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.

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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.

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

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

JANUARY 23, 2025

Federal income tax withholding is generally required at the time of exercise. If the spread is under $1M, the federal statutory withholding rate is 22%, if above, its 37% through 2025. State income tax withholding may be required and payroll taxes (Social Security and Medicare) can apply.

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