Nerd's Eye View

AUGUST 23, 2023

Act, passed in December 2022, created the ability for individuals over age 70 1/2 to make a one-time Qualified Charitable Distribution (QCD) of up to $50,000 of IRA funds into a CGA, with the amount distributed to the CGA being excludable from the donor's taxable income. But the SECURE 2.0 legislation at the end of 2022.

Taxes 246

Taxes Retirement Clients Estate Planning 246

Nerd's Eye View

JANUARY 31, 2024

This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.

Financial Advisor 246

Financial Advisor Estate Planning Nonprofit Financial Planner 246

Nationwide Financial

MARCH 6, 2023

Make sure they take their required minimum distributions Clients who are age 73 or over must take required minimum distributions (RMDs) from their qualified plans and IRAs. Businesses There are several steps that business owners may want to take in 2022 to minimize taxes.

Tax Planning 78

Tax Planning Taxes Planning Distribution 78

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. Part of this value is understanding the detailed nuances that make a strategy effective and implementing it correctly, avoiding issues with the IRS down the line.

Taxes 246

Taxes Accounting Clients Retirement Planning 246

Carson Wealth

AUGUST 1, 2024

Making the right decisions around claiming Social Security — based on your spending needs, longevity and tax planning — could mean the difference between meeting your retirement goals or not. Distributions from IRAs and 401(k)s are often taxable. As such, they raise your tax rates and taxable income.

Retirement 143

Retirement Taxes Distribution Tax Planning 143

Tobias Financial

DECEMBER 20, 2023

As we begin our countdown to 2024, it is a great time to ensure your year-end tax plan is in place. Tax planning is a vital component of meeting your overall financial goals. Our team of professionals is here to assist with your financial and tax planning needs. You can access the webinar recording here.

Tax Planning 52

Tax Planning Taxes Planning Distribution 52

Nerd's Eye View

JULY 12, 2024

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 (..)

Financial Planner 189

Financial Planner Tax Planning Clients Accounting 189

Darrow Wealth Management

AUGUST 8, 2022

” This meant annual required minimum distributions (RMDs) were out. Another key aspect that the 2019 Secure Act changed was the required minimum distribution age. Assuming the changes pass, some beneficiaries will have missed a required distribution. Individuals born before July 1, 1949 will retain an RMD age of 70 1/2.

Distribution 79

Distribution Taxes Retirement Accounting 79

Darrow Wealth Management

OCTOBER 24, 2022

For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if you can avoid paying tax on RMDs. Here are some of the most common RMD questions and planning opportunities for investors. How to take RMDs and avoid any taxes (legally of course).

Distribution 64

Distribution Taxes Retirement Accounting 64

MainStreet Financial Planning

DECEMBER 8, 2022

We would like to take this opportunity to remind you about your annual Required Minimum Distribution (RMD). As you may know, the Internal Revenue Service (IRS) requires that you take an annual distribution from your retirement accounts starting with the year in which you turn 72 years old and every year thereafter. Annual deadlines.

Distribution 52

Distribution Retirement Taxes Retirement Planning 52

Wealth Management

FEBRUARY 3, 2023

This week, Orion announced they were making it easier for those in need of free financial planning to find help, TIFIN and Morningstar partnered to enhance their AI-powered distribution platform and eMoney responded to recently-passed legislation with tax planning upgrades.

Taxes 98

Taxes Tax Planning Distribution Financial Planning 98

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.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

Harness Wealth

FEBRUARY 26, 2023

Cost-saving tax planning can be much more difficult to implement after your company is well-established and has reached the stage where an IPO, merger, or acquisition becomes a likely event. The first three options are pass-through entities, so profits and losses are distributed to the owners who are taxed on them.

Tax Planning 52

Tax Planning Startup Taxes Planning 52

Covisum

JANUARY 9, 2023

is significant legislation signed into law on December 20, 2022, and is expected to have several impacts on retirement income planning. It contains several provisions designed to improve Americans' retirement security, including later required minimum distributions (RMDs), 529-to-Roth rollovers, and other tax planning opportunities.

Retirement 93

Retirement Planning Tax Planning Distribution 93

Harness Wealth

MARCH 29, 2023

For example, if you convert $50,000 and it grows to $100,000 in a Roth IRA over the next several years, that essentially results in $50,000 tax-free dollars. Keeping your funds in a traditional IRA only defers taxation on the full amount until the funds are distributed at some point in the future.

Tax Planning 52

Tax Planning Taxes Planning Marketing 52

Fortune Financial

JULY 28, 2022

Anyone who owns company stock will eventually have to decide how to distribute their assets — typically when there is a job change or retirement involved. When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). .

Taxes 98

Taxes Planning Retirement Planning Distribution 98

Harness Wealth

DECEMBER 8, 2022

There are three buckets of estate planning to consider: the estate planning everyone should do, which includes will creation, the estate planning for those that want to preserve assets for beneficiaries, and estate planning for strategic tax planning. at the federal level. Get started here.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

Darrow Wealth Management

SEPTEMBER 11, 2024

Here are the distribution rules. This article focuses on the distribution rules for non-eligible designated beneficiaries as that is most common. Which non-eligible designated beneficiaries have required minimum distributions? Now the question is: which beneficiaries are also subject to required minimum distributions?

Accounting 82

Accounting Retirement Distribution Taxes 82

Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning.

Tax Planning 52

Tax Planning Taxes Planning Retirement Planning 52

Zoe Financial

MAY 16, 2023

In general, you won’t be required to pay income taxes to another state simply because you opened a 529 account in that state. But you’ll probably be taxed in your state of residency on the earnings distributed by your 529 plan if the withdrawal is not used to pay the beneficiary’s qualified education expenses.

Tax Planning 40

Tax Planning Taxes Planning Education 40

James Hendries

JULY 13, 2023

It was once common for donors to distribute their wealth through smaller grants to numerous organizations. But the donor or a representative of the donor has advisory privileges regarding the distribution of the funds or the investment of assets in the accounts. [i] A CRT may be partially tax-deductible right away.

Distribution 98

Distribution Taxes Assets Accounting 98

Integrity Financial Planning

SEPTEMBER 11, 2023

This will allow you to bunch your donations in a single year but then distribute them over a long period of time. [1] 1] The benefit to this is that you can still gain the tax advantage of a large, itemized donation but can distribute your donations over more than just one year. [1]

Retirement 98

Retirement Taxes Distribution Tax Planning 98

Yardley Wealth Management

FEBRUARY 1, 2022

The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.

Tax Planning 40

Tax Planning Taxes Planning Healthcare 40

Yardley Wealth Management

FEBRUARY 1, 2022

The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade. Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.

Tax Planning 40

Tax Planning Taxes Planning Healthcare 40

Carson Wealth

JULY 7, 2022

It also helped minimize the tax impact of inherited accounts. . However, the SECURE Act effectively eliminated the stretch strategy by requiring that all inherited IRAs and 401(k)s must be distributed within 10 years after the death of the owner. When done right, this can be a very valuable tax planning strategy.

Accounting 98

Accounting Retirement Distribution Taxes 98

Darrow Wealth Management

NOVEMBER 11, 2024

Here are five reasons we suggest skipping nondeductible IRA contributions: How non-deductible contributions are taxed Never-ending recordkeeping requirements Capital gains tax rates vs ordinary income State tax rules, inherited IRA issues, and RMDs Other accounts may be better retirement planning vehicles 1. Yes and no.

Taxes 84

Taxes Distribution Retirement Retirement Planning 84

Darrow Wealth Management

JANUARY 29, 2024

Control the distribution of your assets When assets go through probate, the court ultimately decides who gets what. If the assets were held in a living trust, you could not only avoid probate (or reduce the probate estate), but also control the timing and distribution of the assets. States have their own estate tax laws.

Estate Planning 79

Estate Planning Distribution Taxes Wealth Management 79

James Hendries

SEPTEMBER 20, 2022

The initial distribution of shares to your relatives would be classified as a gift, and the annual income from the gift would be taxed to the relative. You can make federal gift tax-free gifts of up to $16,000 per year per recipient under the annual gift tax exclusion. an affiliate of LPL Financial.

Tax Planning 52

Tax Planning Taxes Planning Accounting 52

WiserAdvisor

MARCH 13, 2024

With proper planning and professional advice, you can enjoy a secure and fulfilling retirement while effectively managing your healthcare costs and ensuring peace of mind for the future. Pillar 3: Tax planning Tax planning is indispensable for optimizing your retirement finances and safeguarding your wealth for the future.

Retirement Planning 105

Retirement Planning Retirement Planning Estate Planning 105

Walkner Condon Financial Advisors

MAY 31, 2024

A little bit of effort and forward thinking during our summer and fall months will lead to a much more palatable and, potentially, financially advantageous tax season the following year. The reason for this is quite simple – tax planning requires actual planning. Timing: Ideally earlier in the year.

Taxes 105

Taxes Financial Advisor Tax Planning Distribution 105

Darrow Wealth Management

NOVEMBER 17, 2022

The simple examples above only illustrate the state tax impact, but federal tax implications will also apply. Further, both examples ignore other sources of income, such as wages, pre-tax retirement account distributions, dividends, etc., that could increase the tax due from the surtax.

Taxes 96

Taxes Wealth Management Tax Planning Planning 96

WiserAdvisor

AUGUST 31, 2023

A financial advisor can help with maximizing your retirement income through tax planning After retirement, your income sources may become limited to pensions, Social Security benefits, and investment income. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income.

Financial Advisor 90

Financial Advisor Retirement Risk Tolerance Estate Planning 90

Darrow Wealth Management

OCTOBER 1, 2024

Probate is a legal process where certain assets that were owned in the individual’s name are distributed by the probate court. The probate court will use the will to help guide their distributions and other decisions. Limiting access can provide estate tax planning benefits for some).

Assets 93

Assets Estate Planning Distribution Fiduciary Duty 93

Carson Wealth

JANUARY 25, 2023

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?” The short answer to that question is often, “Everything.”

Taxes 98

Taxes Medical Distribution Accounting 98

Darrow Wealth Management

NOVEMBER 20, 2023

If you are expecting sudden wealth from the sale of a business or other liquidity event, then it may not make sense to do a conversion in the same tax year, but could be worth considering alongside cash allocation discussions. The example above assumes the couple does not need the full distribution from the IRA to meet lifestyle expenses.

Retirement 82

Retirement Distribution Taxes Accounting 82

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. Raise the required minimum distribution age. 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.

Retirement 86

Retirement Retirement Planning Distribution Taxes 86

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.

Taxes 83

Taxes Medical Consulting Education 83