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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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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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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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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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. See 2024 limits and 2025 limits.

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Nerd's Eye View

SEPTEMBER 6, 2024

Also in industry news this week: A probe by the Government Accountability Office found that the conflict-of-interest disclosures offered by many firms offering financial advice are often inadequate or confusing, making it hard for consumers to understand whether and when a financial professional is operating in their best interest A recent study has (..)

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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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Nationwide Financial

MARCH 6, 2023

Remember the sunsets While it’s still a few years off, several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) are scheduled to revert to prior law at the end of 2025. You and your client’s tax advisor can work together to come up with an effective overall plan that addresses taxes and nontax goals.

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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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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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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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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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Carson Wealth

FEBRUARY 4, 2025

While most taxpayers dont need to worry about estate and gift taxes, having significant assets can make them a challenge. 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. Estate taxes also offer challenges.

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Darrow Wealth Management

JANUARY 16, 2025

Then its a step-down in tax basis to the date of death value. If you sell at a loss, you can offset other investment gains plus an additional $3,000 against other taxable income in 2025. If your loss is greater than this amount, you can carry it forward to future tax years.

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Harness Wealth

DECEMBER 8, 2022

If you hold private company stock with a low cost basis, you may want to consider giving that now, either directly or via a trust, to avoid any potential gift taxes or material usage of your lifetime gift exemption, which is the amount you can gift in your lifetime without incurring federal gift taxes. at the federal level.

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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

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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Indigo Marketing Agency

DECEMBER 17, 2024

Lets make your 2025 marketing strategy one that delivers big results with small, intentional actions. Topics like How Market Volatility Affects Investments or Tax Planning Tips for Year-End are practical and relatable. Blogging can make you 13x more likely to achieve positive ROI.

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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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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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Harness Wealth

JULY 29, 2024

Any reporting companies created during 2024 have 90 days to file this report, and for reporting companies created in 2025 or after this filing deadline is reduced to 30 days. On the estate planning front, chief among these potential changes is the sunset of the gift and estate tax basic exclusion amount for U.S.

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Darrow Wealth Management

SEPTEMBER 11, 2024

There’s no forced ‘catch up’ and RMDs are not technically needed before 2025 (though it should be considered). Tax treatment of an inherited IRA or retirement account Most retirement accounts are funded with pre-tax dollars so distributions are fully taxable to you, the beneficiary, as regular income.

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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. Transfer After Death The IRS does impose a federal estate tax—though the exemption limit in 2024 is at a historically high rate of $13.61

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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

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. Unfortunately, this may not be finalized until 2025. Increase catch-up contribution limits.

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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

FEBRUARY 4, 2025

To qualify as an accredited investor in 2025, you must meet one of the following criteria: Income Requirement: Earn at least $200,000 per year ($300,000 with a spouse or domestic partner) for the past two years, with expectations of the same for the current year. This article is a product of Harness Tax LLC.

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Darrow Wealth Management

JANUARY 9, 2023

Starting with the 2017 Tax Cuts and Jobs Act, then the 2019 Secure Act 1.0, it’s clear that investors need to be adaptive in tax planning. illustrates the importance of revisiting your retirement and tax planning strategy annually. ¹ At the very least, the Secure Act 2.0 The RMD age use to be pretty simple.

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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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Carson Wealth

FEBRUARY 29, 2024

The lifetime gift tax exemption and the estate tax exemption are at such high levels because of the Tax Cuts and Jobs Act of 2017 (TCJA). But this won’t last forever as the TCJA is set to expire at the end of 2025. Then, if no other legislation is passed, the estate tax levels would revert back to pre-TCJA levels.

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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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Darrow Wealth Management

NOVEMBER 5, 2024

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. To expand the tax benefits past the 10x/$10M limits, consider planning strategies such as gifting stock to family members.

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Brown Advisory

NOVEMBER 5, 2021

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. But, there are other considerations to keep in mind, like changes in tax exposure.

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Harness Wealth

FEBRUARY 19, 2025

Consulting with a legal or tax professional is recommended. While the CTA remains law, BOI reporting obligations are currently on hold (Feb 2025) due to an ongoing nationwide injunction (Smith v. Do I need to file a BOI report? Department of the Treasury). government is appealing this injunction.

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Cordant Wealth Partners

AUGUST 16, 2024

Other pay : Certain employees can be eligible for “pay in lieu of redeployment” (9 weeks) and an “additional separation bonus” (8 weeks) It’s important to note that severance payouts are taxed as ordinary income in the year of payout. Tax planning for a transition out of Intel is critical.

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