Nerd's Eye View

NOVEMBER 15, 2024

Also in industry news this week: NASAA has proposed an amendment to its broker-dealer conduct model rule that would restrict the use of the terms “advisor” and “adviser” for broker-dealers and their registered representatives who are not also investment advisers or investment adviser representatives A recent study suggests that (..)

Financial Planner 234

Financial Planner Asset Allocation Taxes Tax Planning 234

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

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

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 52

Tax Planning Taxes Planning Education 52

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

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. As a whole, these regulations introduce significantly more complexity to the process of tax planning around retirement accounts, particularly after the death of the account's original owner.

Distribution 246

Distribution Retirement Accounting Tax Planning 246

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

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

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 138

Retirement Taxes Distribution Tax Planning 138

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

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

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

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

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

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 242

Taxes Retirement Clients Estate Planning 242

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

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 206

Financial Planner Tax Planning CFP Taxes 206

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 234

Financial Advisor Estate Planning Nonprofit Financial Planner 234

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 171

Financial Planner Tax Planning Clients Accounting 171

Cordant Wealth Partners

NOVEMBER 18, 2024

We also get you up to speed on the tax benefits of using a DAF. If you've heard of a DAF and are curious about incorporating it into your giving and tax planning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made.

Taxes 52

Taxes Tax Planning Nonprofit Accounting 52

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

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 245

Taxes Accounting Clients Retirement Planning 245

Harness Wealth

OCTOBER 2, 2024

To attract new clients and foster long-term relationships, tax advisors could consider adopting digital marketing strategies. For example, “comprehensive tax planning” or “long-term tax strategies for small businesses” can, over time, help you attract the right visitors.

Taxes 52

Taxes Tax Planning Marketing Marketing 52

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

SEPTEMBER 26, 2024

Retiring early is also even more difficult without taxable assets as you’ll need to bridge the gap before penalty-free distributions from 401(k)s or IRAs begin, perhaps to cover medical expenses. Dividends, interest, or capital gains distributions from mutual funds and ETFs received during the year are taxable annually.

Retirement 52

Retirement Accounting Taxes Distribution 52

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

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

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 Education Consulting 83

Tobias Financial

JULY 5, 2024

However, a period of lower income in 2024 could present valuable tax planning opportunities. One potential benefit of a job layoff is a temporary drop in your federal income tax bracket, which can create opportunities for future tax savings.

Taxes 52

Taxes Tax Planning Wealth Advisor CFP 52

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

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

Harness Wealth

APRIL 28, 2023

If you earn income from various sources throughout the year, such as equity windfalls, venture capital fund distributions, crypto investments, and sales, or small business income, you will need to pay estimated quarterly taxes.

Taxes 52

Taxes Distribution Startup Assets 52

Harness Wealth

SEPTEMBER 18, 2024

These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions. And you’ll see in our Q&A below, that tax advisors can bring estate planning into the conversation early on in a client relationship.

Taxes 52

Taxes Clients Planning Estate Planning 52

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

Carson Wealth

JUNE 28, 2023

Your retirement income plan may be sending up bubbles, too, whether around Social Security, retirement account distributions, taxes or somewhere else – and these holes need to be patched up right away. So, to help your retirement plan be more airtight, let’s look at a few of the common leaks.

Retirement Planning 52

Retirement Planning Retirement Planning Distribution 52

Covisum

MAY 17, 2022

However, with the rules and information surrounding the timing of Social Security benefits and taxes, painting a clear picture of what to expect can be challenging. Let’s look at how to help clients with taxable Social Security.

Retirement 52

Retirement Clients Tax Planning Distribution 52