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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
Whether planning for retirement, investing in volatile markets, or managing tax implications, clients are often presented with intricate information that can leave them overwhelmed, confused, and anxious, undermining their ability to make informed decisions.
This weeks Tax Advisor news roundup covers key updates for financial professionals. Last but not least, we have a rundown of the IRSs ‘Dirty Dozen’ tax scams for 2025. Wealth Taxes in Europe, 2025 ( Cristina Enache , Tax Foundation) Net wealth taxes are recurrent taxes on an individuals wealth, net of debt.
For many small tax firms, the process of collecting client tax documents can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work. Client experience is another area where manual processes fall short.
In our 103rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges of finding an optimal balance between proactively providing value and the consistency of simply being available to respond to clients when they come to their advisor for assistance. and gaining their trust.
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the T3/Inside Information Software Survey is available, providing insights into which technology tools advisors use and their level of satisfaction with them, which highlighted the continued rise of specialized financial planning (..)
In this episode, we talk in-depth about how, despite not implementing an AUM model, Jim’s firm was independently valued at $31 million of enterprise value based on the strength and growth rate of their retainer-based pricing model, how Jim arrived at his retainer-based model that charges $4,000, $6,000, or $10,000 per month to cover the breadth (..)
Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.
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.
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 (..)
For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. In tax lingo, this is known as substantial risk of forfeiture.
Charitable Contributions: Donating appreciated stock to charity while reducing capital gains tax. But if you’re looking to reduce capital gains tax, this strategy won’t help. This strategy is riddled with potential tax consequences as well as tax and estate planning opportunities.
So historically, every $1 million invested would yield annual dividend income of $19,800 on average… before tax. If you own 10,000 shares, you receive $40,000 in dividend income (before taxes) and have a portfolio currently worth $2M. If qualified, the IRS uses more favorable long-term capital gains tax rates.
Also, if you believe your estate might owe estate tax, gifting assets to your heirs throughout your life can be an effective way to reduce those taxes. When using gifting as an estate planning strategy, it can be important to pay attention to two IRS rules: the annual gift tax exclusion and the lifetime gift and estate tax exemption.
Beneficial Ownership Information (BOI) reporting is part of the Corporate Transparency Act (CTA) and requires millions of business entities to report beneficial ownership information, including data about the individuals who ultimately control a company. Table of Contents What is a BOI Report?
Each core offeringsuch as investment management, financial planning, and tax strategieshas its own dedicated page. Visitors can effortlessly find information, whether theyre exploring services, learning about the firms philosophy, or scheduling a consultation. Is it optimized for SEO and mobile devices?
Sector Performance : Energy, healthcare, and communication services are outperforming; technology and consumer discretionary sectors are underperforming. Andres Disclosure: This material provided by Zoe Financial is for informational purposes only. Next Week: PCE Inflation Data Stay tuned for next week. Ready to Grow Your Wealth?
When you have the resources to make an impact, this type of planning helps you pinpoint what you want to accomplish for your family, community, and society. This refers to the potential for your fund or foundation to lose financial value, due to poor investment decisions, insufficient tax planning, etc.
Key Takeaways: CRM system centralizes all client and prospect information, helping tax firms manage client interactions and replacing manual systems like spreadsheets. For example, if client contact information is updated in one system but not another, that can lead to poor client service—a CRM platform can eliminate that issue.
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).
It still offers guiding principles that can inform how we handle our wealth. Fairness: Promote unity by communicating the plan to heirs. Advance Healthcare Directive: Communicate healthcare preferences and designate a proxy who respects your faith-based decisions. Generosity: Pass along wisdom before passing along wealth.
To attract new clients and foster long-term relationships, tax advisors could consider adopting digital marketing strategies. It’s also an important touchpoint to introduce your tax practice’s staff to potential clients, giving you to potential build a personal relationship from the start.
Action Steps: Use simple, direct language that immediately communicates the value of your services. Use bullet points or numbered lists to break down information. Try using shorter, more common words like: We help you save money on taxes and grow your investments. Stick to a single, focused message per ad.
The content is developed from sources believed to be providing accurate information. This Week: Companies Reporting Earnings Tuesday: Microsoft Corporation (MSFT), General Electric Company (GE), Verizon Communications, Inc. (VZ), This information is not intended to substitute for specific individualized tax advice.
The content is developed from sources believed to be providing accurate information. WDAY), Zoom Video Communications, Inc. (ZM) HPQ) Thursday: Hewlett Packard Enterprise Company (HPE) Source: Zacks, February 19, 2024 Companies mentioned are for informational purposes only. The forecasts also are subject to revision.
“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
In his post-announcement press conference, Fed Chair Powell remarked the inflation battle would continue, and upcoming economic data would inform the FOMC’s future rate hike decision. The content is developed from sources believed to be providing accurate information. The FOMC meets again on October 31-November 1, and in December.)
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. Take an inventory of how your practice spends time Reflect on how your own tax practice spends the bulk of its time.
The content is developed from sources believed to be providing accurate information. PEP) Source: Zacks, February 2, 2024 Companies mentioned are for informational purposes only. For tax purposes, it’s critical to divide the expenses of a property into personal and business purposes. The forecasts also are subject to revision.
The content is developed from sources believed to be providing accurate information. TRV), State Street Corporation (STT) Source: Zacks, January 10, 2024 Companies mentioned are for informational purposes only. Married filing jointly: Taxpayers who are married can file a joint tax return with their spouse.
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!
The content is developed from sources believed to be providing accurate information. BLK) Source: Zacks, October 6, 2023 Companies mentioned are for informational purposes only. Gathering as much information as possible will help because the estimator will only be as accurate as the information you enter.
The content is developed from sources believed to be providing accurate information. STZ) Source: Zacks, December 29, 2023 Companies mentioned are for informational purposes only. ” – Bertrand Russell Need Last Year’s Tax Returns? There are ways to get the information you need. Order a tax transcript.
A medical POA can help ensure that healthcare decisions are based on your choices and preferences, even if you cant communicate them yourself. File taxes on your behalf. Even as the parent, you would need POA status to have access to information and be able to step in as a voice for your adult child if needed.
The content is developed from sources believed to be providing accurate information. Source: Zacks, December 22, 2023 Companies mentioned are for informational purposes only. Having it may boost your earned income tax credit, meaning you may owe less tax and could get a larger refund. Armed Forces.
The content is developed from sources believed to be providing accurate information. Source: Zacks, February 15, 2024 Companies mentioned are for informational purposes only. Here’s How It May Affect Your Taxes Taxpayers who work in the gig economy may benefit from a better understanding of how their work affects their taxes.
Theyre not just about sharing information they build trust and make you more relatable. Personalized communication consistently delivers higher engagement and stronger client loyalty. Topics like How Market Volatility Affects Investments or Tax Planning Tips for Year-End are practical and relatable.
The content is developed from sources believed to be providing accurate information. STZ) Source: Zacks, September 29, 2023 Companies mentioned are for informational purposes only. ” –John Steinbeck Who Can Deduct Car Expenses On Their Tax Returns? Please consult your financial professional for additional information.
Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. When it comes to tax considerations for snowbirds, there are several factors to keep in mind.
From quarterly estimated tax planning to equity compensation and crypto tax planning, diversifying your service offerings can not only set you apart from the competition, it can also help you significantly grow your revenue and retain clients.
The content is developed from sources believed to be providing accurate information. Source: Zacks, July 7 , 2023 Companies mentioned are for informational purposes only. Here are some things to know about the tool: IRS Free File can be found at IRS.gov and features some big names in the tax software provider world.
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