Nerd's Eye View

FEBRUARY 3, 2025

Welcome to the February 2025 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!

Insurance 130

Insurance Financial Advisor Taxes Tax Planning 130

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?

Taxes 52

Taxes Tax Planning Consulting Electronics 52

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. For married couples, this means more of your income will be taxed at lower rates.

Taxes 59

Taxes Retirement Tax Planning Planning 59

Nerd's Eye View

MAY 31, 2023

The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. Another set of considerations involves owners of businesses that operate in multiple states, which can compound the complexity of electing a PTET.

Taxes 246

Taxes Planning Tax Planning Numbers 246

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.

Taxes 52

Taxes Medical Distribution Tax 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. In the vast majority of cases the answer is no.

Taxes 95

Taxes Distribution Retirement Retirement Planning 95

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.

Tax Planning 98

Tax Planning Taxes Planning Retirement 98

Carson Wealth

FEBRUARY 4, 2025

Understanding Tax Compliance and Risk Management Ultra-high-net-worth individuals face unique tax challenges, including high rates and ever-changing complex tax codes. If managed improperly or inefficiently, tax issues could significantly erode your familys wealth and even lead to legal complications. And, if the U.S.

Risk Management 52

Risk Management Compliance Taxes Management 52

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 (..)

Financial Planner 246

Financial Planner Tax Planning Compliance Financial Advice 246

Darrow Wealth Management

JANUARY 16, 2025

A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets. This increases the tax basis, which determines capital gains or losses when the asset is sold.

Assets 98

Assets Estate Planning Taxes Wealth Management 98

Nationwide Financial

MARCH 6, 2023

Even if a client believes they would not be subject to estate or gift tax under current law, you may want to re-examine the value of their assets to determine whether they exceed a lower exemption amount. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.

Tax Planning 78

Tax Planning Taxes Planning Distribution 78

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. For example, in 2017, the marginal tax brackets were 10%, 15%, 25%, 28%, 33%, 25%, and 39.6%.

Taxes 101

Taxes Tax Planning Planning Estate Planning 101

Harness Wealth

FEBRUARY 4, 2025

However, unlike stocks and bonds, alternative investments, or alts as theyre commonly known, have unique tax treatments and complex reporting requirements that investors should carefully consider before investing. Well also go into some potential strategies to optimize tax efficiency. How Are Alternative Investments Taxed?

Taxes 52

Taxes Investing Investments Startup 52

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.

Taxes 52

Taxes Planning Tax Planning Management 52

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.

Taxes 50

Taxes Tax Planning Planning 50

Nerd's Eye View

JULY 24, 2024

When the original SECURE Act was passed in December 2019, it brought sweeping changes to the post-death tax treatment of qualified retirement accounts. 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 Accounting Retirement 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

Not only was the stock market fairly volatile, but there were also atypical tax regulation changes. Tax-loss harvesting. Paying taxes on investment gains can be a financial burden, but tax loss harvesting can reduce your bill. You can claim as much capital loss as your realized capital gain plus $3,000.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

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.

Tax Planning 52

Tax Planning Taxes Clients Planning 52

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?

Taxes 96

Taxes Financial Planning Planning Estate Planning 96

Harness Wealth

OCTOBER 24, 2024

What do you need to optimally complete and file your taxes? 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. Use this tax prep checklist as a tool to save time ahead of tax filing.

Taxes 52

Taxes Insurance Insurance Coverage Medical 52

Harness Wealth

FEBRUARY 5, 2025

The rise of remote work and digital nomadism has made FEIE a common tax minimization strategy for Americans living abroad. What is the Foreign Tax Credit (FTC)? 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?

Taxes 52

Taxes Compliance Accounting Government 52

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. However, awareness is key, both for clients and advisors. citizens and residents.

Estate Planning 59

Estate Planning Taxes Planning Tax Planning 59

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

Zajac Group

NOVEMBER 7, 2024

One of the most important aspects of developing a thorough estate plan is tax planning, as this has the potential to diminish the impact of your gifts and your loved ones’ inheritances. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estate taxes).

Planning 52

Planning Estate Planning Taxes Assets 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. For example, in 2017, the marginal tax brackets were 10%, 15%, 25%, 28%, 33%, 25%, and 39.6%.

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

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.

Accounting 94

Accounting Retirement Distribution Taxes 94

Harness Wealth

FEBRUARY 19, 2025

Many shell companies are often used to shield illicit activities such as money laundering, tax evasion, and terrorist financing. and have reported more than $5 million in gross receipts or sales on their previous year’s tax return. Get started Harness makes it easy to find tax and financial advisors best suited to your needs.

Taxes 52

Taxes Financial Advisor Consulting Certification 52

Harness Wealth

APRIL 17, 2023

The Alternative Minimum Tax (AMT) is an aspect of the US tax code designed to ensure that individuals pay a minimum amount of tax. AMT was introduced in 1969 in response to high-income Americans taking advantage of loopholes in the tax code to bring their taxable income to zero. How is AMT Calculated?

Taxes 52

Taxes Tax Planning Planning Investing 52

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 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, that doesn’t mean you won’t need to pay taxes!

Taxes 52

Taxes Sales Wealth Management Planning 52

Darrow Wealth Management

DECEMBER 23, 2022

Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. In the new bill, the age when retirees must begin drawing from non-Roth tax-deferred retirement accounts would increase to 73 in 2023 and 75 in 2033. 529 plan to Roth IRA rollovers. The Secure Act 2.0

Retirement 99

Retirement Retirement Planning Distribution Taxes 99

Darrow Wealth Management

JANUARY 23, 2025

The timing of when you exercise your stock options is important as certain situations can be far more advantageous from a tax and financial standpoint than others. But before purchasing shares, startup employees need to be aware of the potential tax implications. Each has different tax implications. Taxes, for one.

Taxes 75

Taxes Startup Wealth Management Planning 75

Sara Grillo

NOVEMBER 11, 2024

Andy Panko started a taxes in retirement Facebook group. 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. Or you can specialize. Devin Carroll is a social security specialist.

Clients 59

Clients Financial Advisor Marketing Marketing 59

Darrow Wealth Management

JANUARY 9, 2023

was signed into law December 29th, 2022, bringing more major changes to tax law. 529 plan to Roth IRA rollovers. The individual must be the designated beneficiary of the 529 plan and move funds to a Roth IRA in their name. Amount rolled over is tax-free (not included in beneficiary’s income) and penalty-free.

Accounting 59

Accounting Taxes Tax Planning Distribution 59

Darrow Wealth Management

NOVEMBER 5, 2024

If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares through the capital gains tax exclusion. The potential tax savings simply cannot be understated. Using IRS Section 1202, taxpayers can sell stock potentially free of federal capital gains taxes if the requirements are met.

Taxes 62

Taxes Wealth Management Tax Planning Assets 62

Brown Advisory

NOVEMBER 5, 2021

It is tempting to contrast the good with the uncertainty surrounding us– the continuing pandemic, challenges to our relationship with China, supply chain disruption, fears of inflation and potential tax legislation. But, there are other considerations to keep in mind, like changes in tax exposure.

Planning 52

Planning Tax Planning Taxes Clients 52