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.

Distribution 190

Distribution Retirement Accounting Tax Planning 190

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.)

Taxes 52

Taxes Electronics Insurance Startup 52

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.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

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.

Taxes 84

Taxes Distribution Retirement Retirement Planning 84

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 83

Taxes Medical Consulting Education 83

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.

Taxes 52

Taxes Insurance Insurance Coverage Medical 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 89

Taxes Tax Planning Planning Estate Planning 89

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.

Taxes 52

Taxes Tax Planning CFP Planning 52

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.

Estate Planning 59

Estate Planning Taxes Planning Tax Planning 59

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.

Accounting 82

Accounting Retirement Distribution Taxes 82

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.

Taxes 96

Taxes Financial Planning Planning Estate Planning 96

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

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.

Retirement 86

Retirement Retirement Planning Distribution Taxes 86

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.

Accounting 59

Accounting Taxes Tax Planning Distribution 59

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.

Marketing 52

Marketing Marketing Financial Advisor Clients 52

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

Taxes Wealth Management Wealth Advisor Tax Planning 83

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.

Taxes 52

Taxes Tax Planning Planning Investing 52

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.

Planning 52

Planning Tax Planning Taxes Clients 52

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.

Taxes 53

Taxes Wealth Management Tax Planning Assets 53

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.

Planning 52

Planning Retirement Taxes Accounting 52

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

Planning 52

Planning Estate Planning Taxes Assets 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.

Clients 59

Clients Financial Advisor Marketing Marketing 59

Brown Advisory

AUGUST 1, 2019

Paying tax now instead of later goes against the grain of conventional tax planning. the owner plans to spend down the account in retirement), the benefits of converting may be minimal, as those benefits take a long time to accrue.a level in place before 2017’s tax overhaul.

Planning 52

Planning Distribution Taxes Accounting 52

Brown Advisory

AUGUST 1, 2019

Paying tax now instead of later goes against the grain of conventional tax planning. the owner plans to spend down the account in retirement), the benefits of converting may be minimal, as those benefits take a long time to accrue.a level in place before 2017’s tax overhaul.

Planning 52

Planning Distribution Taxes Accounting 52

Harness Wealth

JUNE 23, 2023

There is no federal inheritance tax in the United States, but there are six US states that impose inheritance taxes: State 2023 Inheritance Tax Threshold Iowa 0 to 15% (Phasing out Jan 1, 2025) Kentucky 4 to 16% Maryland Up to 10% Nebraska 1 to 18% New Jersey 11 to 16% Pennsylvania 0 to 15% Similar to the state-level estate taxes, it could be important (..)

Estate Planning 52

Estate Planning Financial Planning Planning Taxes 52

Darrow Wealth Management

NOVEMBER 14, 2024

Tax implications of exercising and selling stock options If you have stock options as a large part of your income, taxes are especially important. How stock options are taxed depends on the type of options you have and your sale and exercise strategy. However, the general rules can change during a merger or acquisition.

Taxes 52

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.

Financial Planner 246

Financial Planner CFP Taxes Tax Planning 246

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

Financial Planner CFP Taxes Tax Planning 130

Brown Advisory

APRIL 1, 2020

Many clients have not fully utilized the augmented exemptions for wealth transfer taxes (estate, gift, and generation-skipping tax) provided by the 2017 Tax Act , which will automatically expire at the end of 2025 (and which might be legislatively modified sooner). GIFT AND ESTATE TAX PLANNING Outright Gifting.

Strategic Planning 52

Strategic Planning Planning Marketing Marketing 52

Brown Advisory

APRIL 1, 2020

Many clients have not fully utilized the augmented exemptions for wealth transfer taxes (estate, gift, and generation-skipping tax) provided by the 2017 Tax Act , which will automatically expire at the end of 2025 (and which might be legislatively modified sooner). GIFT AND ESTATE TAX PLANNING.

Strategic Planning 52

Strategic Planning Planning Marketing Marketing 52

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.

Tax Planning 246

Tax Planning Taxes Planning Assets 246