Harness Wealth

FEBRUARY 19, 2025

Ensure BOI reporting compliance and remain updated with the latest BOI regulations with a tax advisor from Harness. Get started Harness makes it easy to find tax and financial advisors best suited to your needs. EIN/Tax ID: Enter the company’s EIN or other applicable tax identification number.

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Harness Wealth

FEBRUARY 4, 2025

These include legal fees, administrative costs, audit expenses, compliance costs, and operational fees. These costs are typically outlined in the fund’s Private Placement Memorandum (PPM) or offering documents. Minimize tax liabilities through strategies such as tax-loss harvesting, 1031 exchanges , and proper entity structuring.

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Harness Wealth

DECEMBER 30, 2024

The key differences between 83(i) and 83(b) elections The benefits and risks of an 83(i) election The eligibility criteria for an 83(i) election How to file an 83(i) election 83(i) compliance requirements for companies Is an 83(i) election right for you? To file the election, employees should prepare documentation similar to a 83(b) election.

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Harness Wealth

FEBRUARY 5, 2025

If the foreign taxes you paid exceed this limit, the excess foreign tax can generally be carried forward for up to ten years or carried back one year (via an amended return). Maintaining accurate records of foreign income and taxes paid is therefore vital to calculating the correct FTC and maintaining tax compliance.

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Sara Grillo

OCTOBER 21, 2022

Also, nothing in this podcast or blog can be interpreted as legal or compliance advice. For advise on such matters, contact a legal or compliance advisor. The opinions expressed herein do not necessarily represent the views of Sara Grillo or Grillo Investment Management, LLC.

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Harness Wealth

SEPTEMBER 23, 2024

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. The more a firm can either automate processes or outsource tasks, the more time it’ll have to build deeper client relationships.

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Indigo Marketing Agency

MARCH 24, 2023

Expertise in Tax Planning & Compliance: A CPA can help you identify tax-saving opportunities and help keep your clients in compliance with tax laws, reducing the risk of costly penalties and fees. This can allow you both to work together to come up with solutions before tax season.

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Carson Wealth

NOVEMBER 3, 2022

Always check with your tax planner to make sure you have the correct documentation should the IRS come knocking. Typically, contributions of money or goods will require a letter from the charity confirming how much of your gift was tax-deductible. Get the Requisite Paperwork. Then verify you have the required forms.

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Harness Wealth

JANUARY 9, 2025

Mega Backdoor Roth 401(k): In this case, you convert your after-tax contributions directly into a Roth 401(k) within your employer’s plan. Remaining compliant Implementing a Mega Backdoor strategy requires precision to ensure compliance with IRS rules and to maximize its benefits.

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Harness Wealth

SEPTEMBER 18, 2023

Operational Support: From scheduling calls to assisting with tax return e-filing, the Harness Concierge team will provide the assistance you need to run your firm efficiently, allowing you to focus on what you do best – serving your clients. This document should not be considered tax or legal advice.

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Taxes Accounting Clients Management 59

Carson Wealth

MAY 4, 2023

Stock options can be either qualified or non-qualified, and the primary difference is how they are taxed. In practice, ISOs create complex tax compliance and planning issues for both employers and employees. As previous years have been relatively predictable, Liam and Dana are not concerned with tax planning.

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Taxes Sales Planning Tax Planning 52

Harness Wealth

MARCH 17, 2023

These changes may affect your overall tax liability, depending on your income and the specific DeFi activities you engage in. It is essential to stay informed about these updates and adjust your tax planning strategies accordingly. It is provided for information purposes only.

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Harness Wealth

APRIL 28, 2023

Making accurate and timely estimated tax payments helps you manage your taxable income, avoid penalties, and ensure you’re in compliance with the IRS. This income may be subject to estimated quarterly tax payments. Failing to make these payments on time can result in penalties and interest charges.

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Sara Grillo

MAY 8, 2023

A tax advantaged asset Death benefit Tax planning needs Cash value growth Cash value liquidity benefits #2 Use a realistic (low) crediting rate in the illustration The assumed interest rate in an illustration is what is driving the long term performance. BOBBY SAMUELSON: Illustrations are a distraction.

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Harness Wealth

MAY 18, 2023

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. What do entrepreneurial advisors need? Harness Wealth Advisors LLC solely acts as a paid promoter for unaffiliated registered investment advisors. It is provided for information purposes only.

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Harness Wealth

MARCH 20, 2025

Similarly, individuals with lower home-related expenses, like mortgage interest or property taxes, may find the simplified method’s flat-rate deduction comparable to, or even more advantageous than, the standard method. It’s important to be familiar with these rules to ensure compliance and reduce the risk of an audit.

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Harness Wealth

MARCH 25, 2025

To minimize your tax liability, its important to document every business expense, such as: Travel : airfare, lodging, rental cars Professional fees : licensing, malpractice insurance Education : continuing medical education or certifications Note: Record all expenses associated with your work as an independent contractor.

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Medical Taxes Tax Planning Education 52

Harness Wealth

JANUARY 17, 2025

Tax season brings challenges for many, especially those with complex financial situations like equity compensation, multiple income streams, or significant investments. From identifying deductions to ensuring compliance, navigating tax complexities can quickly become overwhelming.

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