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

Abnormal Returns

MARCH 15, 2023

(open.spotify.com) Christine Benz and Jeff Ptak talk with Robert Powell about generating income in retirement. wsj.com) Retirement Retirement planning is a moving target. humbledollar.com) Retirement is, in part, about declaring career victory. (humbledollar.com) Retirement is, in part, about declaring career victory.

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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?” This can result in additional tax owed, plus penalties and interest.

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Taxes Medical Distribution Accounting 98

Financial Symmetry

MARCH 3, 2025

If youve been confused when filing your taxes when its time to handle your backdoor Roth contribution, youre not alone. The tricky form 8606 can cause headaches and frustration when preparing your taxes. This method allows individuals whose income exceeds the Roth IRA contribution limits to still take advantage of its tax benefits.

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MainStreet Financial Planning

JANUARY 23, 2025

For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Review Your Estate Planning Documents Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. If you notice any errors, you can easily request a correction online.

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Estate Planning Budgeting Taxes Insurance 77

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

Harness Wealth

MARCH 6, 2025

Freelancers and contractors may enjoy greater flexibility and independence than full-time employees, however, this autonomy brings increased tax responsibility. Unlike W-2 employees, freelancers and independent contractors are responsible for managing their own tax obligations, which can be a complex process.

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Taxes Consulting Professional Services Tax Planning 52

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.

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Tax Planning Taxes Planning Estate Planning 52

Nerd's Eye View

FEBRUARY 2, 2024

Also in industry news this week: A recent study from advisor digital marketing firm Snappy Kraken suggests firms that invest in Search Engine Optimization (SEO), have a regular cadence of emails to their subscriber list, and include video content in these messages tend to get greater returns from their marketing efforts CFP Board has created a guide (..)

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MainStreet Financial Planning

MARCH 7, 2023

It is March…that means you have just about 5 weeks left to get organized and submit your tax return. The tax deadline is April 18, 2023 (some taxpayers in disaster areas in California, Georgia and Alabama have an extended deadline). Gathering all your documents is crucial to complete a tax return free of mistakes.

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Nerd's Eye View

NOVEMBER 21, 2022

tax and estate planning) for all of their clients in each given time period, with designated seasons for meeting prep and separate seasons for client meetings. With this approach, the advisor can focus on particular planning areas (e.g.,

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Harness Wealth

FEBRUARY 4, 2025

However, unlike stocks and bonds, alternative investments, or alts as theyre commonly known, have unique tax treatments and complex reporting requirements that investors should carefully consider before investing. Well also go into some potential strategies to optimize tax efficiency. How Are Alternative Investments Taxed?

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Taxes Investing Investments Startup 52

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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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.

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Distribution Accounting Retirement Tax Planning 190

Carson Wealth

APRIL 9, 2025

From tax season preparations to professional development and a few well-deserved breaks, heres a look at what weve been up to. Navigating Tax Season The Carson Wealth team has been busy assisting clients through tax season, helping coordinate with CPAs, providing 1099s, and making sure everything is in place for a smooth filing process.

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Carson Wealth

JULY 3, 2024

Get Help with Tax Planning Tax planning is a critical component of financial management. Proper tax planning can save your business money and ensure compliance with regulations. More importantly, be prepared to pay the proper taxes throughout the year. All taxpayers are required to meet Tax Safe Harbor.

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Carson Wealth

MARCH 14, 2024

By Matt Kory, Vice President, Retirement Programs Changing careers is an emotional move – there’s excitement for the new opportunity, sadness about leaving your favorite coworkers behind, depression if you weren’t ready to leave, worry about how to financially bridge the unemployment gap and anticipation of the new career all at once.

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Harness Wealth

JANUARY 9, 2025

Backdoor strategies are retirement contribution methods that allow individuals to bypass income limits and contribute to tax-advantaged retirement accounts. The strategies typically involve making after-tax contributions to a traditional IRA or 401(k), then converting those funds into a Roth IRA or Roth 401(k).

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Taxes Planning Retirement Retirement Planning 52

Carson Wealth

AUGUST 25, 2022

How much do I need for retirement?” Your financial needs in retirement can depend on dozens of factors – some known and some unknown. One or two million dollars may seem like a lot of money to have set aside for retirement. A Retirement Reality Check. The concept of retirement continues to evolve with the world around us.

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Ballast Advisors

JUNE 18, 2024

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.

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Insurance Coverage Insurance Taxes Financial Planning 52

Darrow Wealth Management

MAY 6, 2024

If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estate planning documents located? A real estate tax lien can delay closing.

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MazumaBusinessAccounting

JUNE 30, 2021

But there are also many tax benefits business owners can take advantage of to maximize their profits. Here’s a quick guide that covers important tax deductions for your business. A deduction, or write-off, is a business expense that can help lower your taxes. How much will that deduction actually save you on your taxes?

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Taxes Insurance Education Retirement 98

MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. Determining how long to keep financial records depends on several factors, including the record type and whether it’s for personal or business documentation. Plus, these documents can serve as proof of identity. Err on the side of caution.

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Certification Taxes Medical Accounting 98

Steve Sanduski

APRIL 8, 2025

In a nutshell: Bill Keen named his book Keen on Retirement: Engineering the Second Half of Your Life. Bill, Matt, and their team have become such experts in these companies’ retirement and benefit programs that even their HR professionals call Keen Wealth with questions. And then pivoting over into, ‘Who does your taxes?

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Clever Girl Finance

NOVEMBER 16, 2022

When you're wondering how long to keep financial records, there are documents that you will need to keep forever “just in case” they are needed. These are important documents, and there are varied reasons why you could need them. The documents that you need to file with the local registrar may also be available online.

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Certification Taxes Insurance Banking 105

Harness Wealth

OCTOBER 24, 2024

What do you need to optimally complete and file your taxes? This article covers a comprehensive list of the most common forms, documents, and information needed to file taxes. If you need a cheat sheet, download our 1-page tax prep checklist. Use this tax prep checklist as a tool to save time ahead of tax filing.

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Taxes Insurance Insurance Coverage Medical 52

Your Richest Life

JANUARY 20, 2023

which brings several changes to the retirement system, is now law. Whether you’re decades from retirement or quickly approaching it, some of these changes will likely impact you and your financial plan. Before this change, matches on employer plans were pre-tax. document here. The Secure Act 2.0, Secure Act 2.0:

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Retirement Planning Retirement Accounting Planning 105

Carson Wealth

NOVEMBER 3, 2022

And while the holidays are traditionally a time to reflect on our blessings and help those less fortunate than ourselves, there’s another factor influencing the timing of these donations — and that’s the goal of minimizing a tax bill. Three Tax-Advantaged Donation Strategies to Consider. Create a donor-advised fund (DAF).

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Good Financial Cents

JANUARY 24, 2023

While they do share some similarities, there are enough distinct differences between the two where they can just as easily qualify as completely separate and distinct retirement plans. Either plan is an excellent choice, particularly if you’re not covered by an employer-sponsored retirement plan. Not exactly.

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Retirement Planning Retirement Taxes Distribution 122

Carson Wealth

JANUARY 3, 2023

Before we dive into the estate planning documents you need to have, it helps to understand how property passes after a death. Some types of accounts – such as retirement plans, college savings accounts, annuity or life insurance contracts – allow the owner to appoint a beneficiary. What Documents Do You Need for Estate Planning? .

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Carson Wealth

APRIL 25, 2024

Retirement planning: Calculate retirement needs and contribute regularly to retirement accounts. Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. What Could Happen if You Don’t Have a Financial Plan?

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Advisor Perspectives

FEBRUARY 6, 2025

Prepare for 2024 taxes by organizing forms, documenting charitable contributions, maximizing retirement savings and reporting rental income.

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Taxes Planning Retirement 52

Fortune Financial

APRIL 11, 2024

The reality for those with various employers is that untracked retirement savings might lead to missed financial growth opportunities and instability. Diligent oversight and management of these retirement accounts is essential for anyone aiming to build a solid financial foundation for a comfortable and secure retirement.

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The Big Picture

DECEMBER 14, 2023

Dave Nadig : Well the key thing about a mutual fund that’s different from an ETF is primarily how the money gets in and out and then how it’s taxed. So if you buy it at 400 and sell it at 500, you have a personal $100 gain that you report on your taxes. Barry Ritholtz : Explain. Dave Nadig : Absolutely.

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Taxes Distribution Accounting Portfolio 182

Darrow Wealth Management

MARCH 31, 2023

But that doesn’t mean the actual assets are just split down the middle, and some assets are much more favorable from a tax perspective than others. Once the divorce is finalized, a crucial (but often overlooked) part of the process is updating estate documents and beneficiary designations. Cash assets have no tax implications.

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Financial Planning Planning Estate Planning Assets 97

Darrow Wealth Management

APRIL 25, 2023

While it’s possible to organize financial documents ahead of time, there’s no way to truly prepare for the death of a spouse. Typically, joint bank accounts will be updated to reflect ownership in your name only, the same for non-retirement investment accounts. Once you take action, it can’t be undone.

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Estate Planning Accounting Taxes Retirement 85

James Hendries

JANUARY 22, 2023

Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we’ve listed some key information you need when preparing this year’s taxes.

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