Nerd's Eye View

AUGUST 23, 2023

However, the caveat with current CGAs has been that they could only be funded with after-tax dollars before the donor’s death, meaning that if an individual only had tax-deferred funds (e.g., Second, they reduce the donor's tax bill in the year the CGA is created by excluding the amount contributed to the CGA from taxable income.

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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.

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Taxes Medical Consulting Education 98

MainStreet Financial Planning

NOVEMBER 25, 2024

The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $176,100 from $168,600. The individual tax brackets for ordinary income have been adjusted by inflation. On average, tax parameters that are adjusted for inflation will increase about 2.80%.

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Taxes Planning Retirement Planning Accounting 98

The Big Picture

DECEMBER 4, 2024

Would you like to diversify but also defer paying big capital gains taxes? I’m Barry Ritholtz and on today’s edition of at the money we’re going to discuss how to manage concentrated equity positions with an eye towards diversification and managing big capital gains taxes. None of these solutions are optimal.

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Taxes Portfolio Accounting Management 130

Darrow Wealth Management

NOVEMBER 11, 2024

Because many taxpayers earn too much to make pre-tax IRA contributions as they have a 401(k) at work. Although any investor with earned income can make a non-deductible contribution to an IRA (up to $7,000 in 2024-2025 if under age 50) and still take advantage of tax-deferred growth, it still may not be advisable. Yes and no.

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Taxes Distribution Retirement Retirement Planning 95

Nerd's Eye View

AUGUST 7, 2024

Although the 'one big pot' mindset might be the simplest approach to estate distribution, it may not be the one that results in the most wealth being passed down or the most equitable distribution of assets between each beneficiary.

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Estate Planning Taxes Assets Planning 246

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning 246

Tax Planning Planning Taxes Retirement Planning 246

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning 246

Tax Planning Planning Taxes Retirement Planning 246

Carson Wealth

FEBRUARY 27, 2025

Like gardening or working out, tax planning is one of those activities where you get out what you put in. Tax planning is similar in the sense that you can put work in on the front end that youll reap benefits from later. Tax planning is similar in the sense that you can put work in on the front end that youll reap benefits from later.

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Taxes Tax Planning Distribution Planning 98

Nerd's Eye View

SEPTEMBER 11, 2024

Among all the different types of retirement account beneficiaries, those who are the surviving spouse of the original account owner receive the most preferential tax treatment when it comes to distributing the account's assets after the owner's death. But the SECURE 2.0

Accounting 246

Accounting Retirement Distribution Taxes 246

Nerd's Eye View

JUNE 26, 2024

And so the conundrum of people with "too much" savings in their 529 plan – either because they overestimated how much they needed to save, or because they chose a different path entirely that didn't involve going to college – has been how to get funds out of the plan without sacrificing a large part of their value to taxes and penalties.

Education 189

Education Retirement Taxes Distribution 189

Carson Wealth

DECEMBER 20, 2024

Strategic charitable giving not only benefits the recipient but can also create significant tax advantages for the giver. You can deposit money into the account now, receive the tax benefit, and then make the donation in your own time. Theres no time limit on when you need to make the donation.

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Financial Planning Planning Estate Planning Taxes 109

Nerd's Eye View

AUGUST 2, 2023

Which means that financial advisors can play an important role in adoption planning – helping clients strategically plan for the costs involved in the process, including accessing tax credits that can significantly defray these expenses. The costs of adopting a child can vary significantly depending on the method of adoption.

Taxes 246

Taxes Planning Financial Advisor Strategic Planning 246

The Chicago Financial Planner

OCTOBER 21, 2021

Saving for retirement is a major undertaking for most of us. Health savings accounts (HSA) provide another vehicle to save for retirement. An HSA can serve as an additional retirement savings vehicle on top of your IRA or 401(k) to help cover healthcare and other retirement expenses. Prescription drugs and insulin.

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Retirement Planning Accounting Retirement Planning 193

Advisor Perspectives

NOVEMBER 13, 2023

Research on tax-efficient retirement distribution strategies aims to sequence withdrawals from taxable, tax-deferred, and tax-exempt accounts to maximize after-tax spending.

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Taxes Retirement Management Distribution 126

The Big Picture

FEBRUARY 27, 2023

Recall last week , we were discussing thinking about the impact of retiring Baby Boomers on the equity markets and of rising rates on housing. The demographic question touches on a big issue: $6 trillion dollars in 650,000 (401k) retirement plans held by 10s of millions of Americans.

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Distribution Retirement Retirement Planning Taxes 325

Carson Wealth

JANUARY 5, 2023

Qualified retirement plans – such as 401(k)s, 403(b)s and IRAs – offer clear tax advantages. Traditional 401(k)s, 403(b)s, and IRAs offer a tax deferral on contributions and growth until distribution. To prevent individuals from taking advantage of the tax-deferred growth in perpetuity, there are certain rules in place.

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Distribution Retirement Planning Taxes 98

Carson Wealth

JUNE 2, 2023

by Jake Anderson, Paraplanner Retirement accounts like 401(k)s and IRAs allow individuals to save for their future in a tax advantaged manner. IRA and 401(k) contributions are often tax deductible and gains are tax deferred – meaning you may only pay taxes when you withdraw money from your account.

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Distribution Accounting Retirement Retirement Planning 98

Carson Wealth

MARCH 7, 2024

By Jake Anderson, CFP ® , Wealth Planner When helping clients begin retirement planning, the same questions often arise: What should my retirement plan look like? Your lifestyle, goals, family situation, and risk tolerance will give a unique signature to your retirement plan. How much should I be saving?

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Retirement Planning Retirement Planning Risk Tolerance 143

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.

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Taxes Medical Distribution Tax Planning 52

Nerd's Eye View

JANUARY 31, 2024

In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges.

Financial Advisor 246

Financial Advisor Estate Planning Nonprofit Financial Planner 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.

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Assets Estate Planning Taxes Wealth Management 98

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.

Distribution 190

Distribution Accounting Retirement Tax Planning 190

Nerd's Eye View

DECEMBER 15, 2023

Also in industry news this week: Most businesses that operate in the U.S., Also in industry news this week: Most businesses that operate in the U.S., Also in industry news this week: Most businesses that operate in the U.S.,

Financial Planner 246

Financial Planner Retirement Taxes Insurance 246

Darrow Wealth Management

JANUARY 30, 2023

just upended retirement planning…again. The age when retirees must begin drawing from non-Roth retirement accounts increases to 73 in 2023, then 75 in 2033. However, it doesn’t mean that delaying IRA distributions is the right move for everyone. The Secure Act 2.0 When should you start taking money from IRAs?

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Distribution Tax Planning Retirement Taxes 95

Harness Wealth

NOVEMBER 12, 2024

As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end tax planning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today. Starting at $2,500.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

Carson Wealth

AUGUST 1, 2024

As you move toward retirement, you can’t be content just to accumulate assets. You need to develop a retirement income plan that can help guide you when it comes time to turn savings into sustainable retirement income. of Social Security benefits are paid to retired workers and their dependents.

Retirement 142

Retirement Taxes Distribution Tax Planning 142

Nerd's Eye View

NOVEMBER 18, 2022

A potential compromise during the lame-duck Congressional session could see a boost to the child tax credit and extended tax breaks for businesses. From there, we have several articles on tax planning: How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions.

Financial Planner 246

Financial Planner Tax Planning CFP Taxes 246

Abnormal Returns

MAY 24, 2023

wsj.com) Aging What you can learn from a 'retirement mastermind group.' humbledollar.com) Distributions What do required minimum distributions measure? nytimes.com) What can we learn from past Presidents' tax returns? (peterlazaroff.com) Trusts What is the difference between a personal representative and trustee?

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Distribution Financial Planning Education Retirement 245

Nerd's Eye View

MAY 1, 2023

This month's edition kicks off with the news that robo-advisor Betterment entered into a $9M settlement with the SEC for misrepresenting its tax-loss harvesting practices in its client agreements and marketing materials compared with its actual practices (e.g.,

Taxes 245

Taxes Retirement Planning Advertising Retirement 245

Carson Wealth

MARCH 28, 2024

Retirement planning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirement account, also known as an IRA. Maybe you have a growing family.

Retirement Planning 141

Retirement Planning Retirement Planning Taxes 141

Nerd's Eye View

NOVEMBER 1, 2023

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

Taxes Accounting Clients Retirement Planning 246

Getting Your Financial Ducks In A Row

APRIL 3, 2023

We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans. But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.

Retirement Planning 113

Retirement Planning Retirement Planning Taxes 113

Carson Wealth

DECEMBER 5, 2024

The Tax Impact of Charitable Giving The personal financial and income tax impact from charitable giving can affect the size of the gift and the timing of giving. If a family has a large taxable income year, they may be willing to increase donations to reduce their income tax liability.

Taxes 112

Taxes Nonprofit Accounting Assets 112

Nerd's Eye View

APRIL 19, 2024

Also in industry news this week: The Office of Management and Budget (OMB) has completed its review of the Department of Labor's new "fiduciary rule ", indicating that it could be released in the coming days or weeks (though, like its predecessors, its ultimate disposition is likely to be determined in the courts) The IRS announced this week that it (..)

Financial Planner 246

Financial Planner CFP Financial Advisor Retirement Planning 246

Nationwide Financial

AUGUST 24, 2022

Key Takeaways: Preparing for retirement is important. Knowing their monthly expenses, social security plans, long term tax implications, and more can be important steps in helping clients prepare for retirement. Like a lot of people my age, I find myself thinking more and more often about retirement these days.

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Retirement Planning Taxes Retirement Planning 122

Nerd's Eye View

NOVEMBER 23, 2022

Among the several different types of retirement plans that are available to self-employed workers, solo 401(k) plans can offer the most flexibility and the ability to contribute the highest amount of tax-advantaged savings.

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Planning Distribution Assets Retirement Planning 246