Remove Communication Remove Distribution Remove Taxes
article thumbnail

Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It’s Even Worth Doing)

Nerd's Eye View

There are many tax planning strategies that allow financial advisors to demonstrate the ongoing value they provide to clients in exchange for the fees they charge. Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.

Taxes 246
article thumbnail

Tax Savings Tips for Startups

Harness Wealth

Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.

Startup 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Weekend Reading For Financial Planners (July 13-14)

Nerd's Eye View

Also in industry news this week: 2 House committees this week advanced legislation that would halt implementation of the Department of Labor's new Retirement Security Rule, which, combined with ongoing lawsuits, threaten to derail the regulation either before or soon after it becomes effective in late September A Federal judge has put the future of (..)

article thumbnail

Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events

Darrow Wealth Management

In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.

Taxes 111
article thumbnail

Reversing a Roth IRA Conversion

Harness Wealth

Roth IRA conversions present a significant challenge for retirement planners: pay taxes now or later? Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. The absence of required minimum distributions during the owner’s lifetime.

Taxes 52
article thumbnail

Major Tax Changes Are Coming in 2026. Are You Ready?

Darrow Wealth Management

The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.

Taxes 105
article thumbnail

6 Ways to Manage Concentrated Stock Positions

Darrow Wealth Management

When considering the distribution of excess lifetime returns of individual stocks vs the Russell 3000, the median stock underperformance was almost -10%.(J.P. Charitable Contributions: Donating appreciated stock to charity while reducing capital gains tax. Gifting: Transferring stock to family members or trusts.