Nerd's Eye View

JULY 24, 2024

Beyond the confirmation of the general post-death RMD rules, the 260-page Final Regulations document offers a slew of other regulatory guidance for specific circumstances where the new rules for Eligible and Non-Eligible Designated Beneficiaries apply.

Distribution 246

Distribution Retirement Accounting Tax Planning 246

Harness Wealth

OCTOBER 24, 2024

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. To plan your tax timeline, see our article, 2025 Tax Deadline Information for Individual Filers.

Taxes 52

Taxes Insurance Insurance Coverage Medical 52

MainStreet Financial Planning

JANUARY 31, 2024

We are a Financial Planning Firm, that has been around for over 21 years dedicated to providing comprehensive and personalized financial solutions for our clients, including tax planning and preparation, and estate document preparation. Please also note that the name of our financial planning firm is spelled differently.

Financial Planning 52

Financial Planning Planning Tax Planning Commission 52

Integrity Financial Planning

FEBRUARY 26, 2023

You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return. It’s best to be patient and ensure that you have all the documents that you need for submitting your taxes. [1] Make sure you sign your documents!

Taxes 98

Taxes Numbers Financial Planning Planning 98

Carson Wealth

MARCH 26, 2024

By Mike Valenti, CPA, CFP®, Director,Tax Planning LLCs can provide legal protections and a level of anonymity, either or both of which can be beneficial for business owners, investors, and others with valid intentions. From the business : Legal business name and all DBA names Physical address (not a P.O.

License 129

License Tax Planning CFP Taxes 129

Harness Wealth

FEBRUARY 13, 2023

Whether you’re planning for an upcoming liquidity event , such as an IPO, or you’re interested in bringing more sophistication to your overall tax strategy, Harness Tax offers a range of services to meet your needs. We’ll provide a shortlist of tax experts who specialize in your profile and needs. How does it work?

Taxes 52

Taxes Tax Planning Planning Accounting 52

Million Dollar Round Table (MDRT)

JULY 21, 2022

This is the time to do comprehensive financial planning: retirement planning, investment planning, tax planning and estate planning. You can help her make those large purchases and housing decisions that she put off during the grief stage.

Charitable Planning 81

Charitable Planning Estate Planning Retirement Planning Tax Planning 81

Ballast Advisors

SEPTEMBER 5, 2024

While POA documents can be customized to grant specific gifting powers, it’s crucial to ensure these align with both federal and state laws to avoid unintended tax consequences. Inheritance Tax Planning Inheritance taxes, including estate and gift taxes, are pivotal in estate planning discussions.

Estate Planning 40

Estate Planning Taxes Planning Tax Planning 40

Darrow Wealth Management

JANUARY 29, 2024

And since trust documents aren’t part of the public record, all this can be done with discretion. When you die, the person you appoint as successor trustee will be legally responsible for distributing the assets in the living trust according to the terms you’ve specified in the trust document.

Estate Planning 79

Estate Planning Distribution Taxes Wealth Management 79

Darrow Wealth Management

NOVEMBER 5, 2024

Unfortunately, the Commonwealth also passed a ‘millionaire tax’, which adds a 4% surtax to taxable income over $1M , even for one-time sudden wealth events. To expand the tax benefits past the 10x/$10M limits, consider planning strategies such as gifting stock to family members. Form 8949 and Schedule D).

Taxes 65

Taxes Wealth Management Tax Planning Assets 65

Harness Wealth

SEPTEMBER 23, 2024

The Challenge: Tax Firms and CPAs Struggle to Expand Client Relationships Today, there is a significant opportunity for tax practices and CPAs to expand and deepen their tax-client relationships by offering more valuable, long-term services, including comprehensive tax planning.

Taxes 52

Taxes Clients Compliance Tax Planning 52

Harness Wealth

MARCH 10, 2023

However, if the investment is sold before the three-year mark, the standard tax rate would apply, and the manager would need to pay tax on their carried interest. K-1 forms are reported on an individual’s tax return. Harness Wealth can help investors with cost-basis tracking and tax planning for portfolio companies.

Taxes 52

Taxes Tax Planning Startup Portfolio 52

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.

Financial Advisor 52

Financial Advisor Tax Planning Taxes Clients 52

Harness Wealth

OCTOBER 8, 2024

Key Takeaways: T ax Season Start: The IRS will likely begin accepting 2024 tax returns between January 15 and 31, 2025. Key Deadlines: The federal tax filing deadline (Tax Day) is April 15, 2025, with an extension deadline of October 15, 2025. Document Deadlines: Most key tax forms (W-2, 1099, etc.)

Taxes 52

Taxes Electronics Insurance Startup 52

Zoe Financial

FEBRUARY 14, 2023

Similarly, filing taxes includes many steps and details everyone needs to know about. However, once you get into the best practices, you can plan ahead and maximize your tools in preparation for every tax season. Tax planning can be overwhelming , but it doesn’t have to be. January 23 – Tax season began.

Taxes 52

Taxes Tax Planning Financial Advisor Planning 52

Harness Wealth

OCTOBER 25, 2024

Filing taxes for the first time as a new limited liability company (LLC) owner can feel overwhelming. Between understanding your tax obligations, gathering the required documentation, and making the right deductions, the process may seem daunting.

Taxes 52

Taxes Distribution Insurance Consulting 52

Carson Wealth

APRIL 25, 2024

Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. Estate Planning: Draft essential documents such as wills, trusts, and powers of attorney to ensure the orderly transfer of assets.

Financial Planning 96

Financial Planning Planning Retirement Insurance Coverage 96

Harness Wealth

OCTOBER 16, 2024

Unlike an endowment, taxes really matter. It’s a shift of mindset from the earlier days, when they were building their wealth, and we were more focused on income tax planning. What we often see is people are too late to think about estate taxes. Q: How do you work with tax advisors throughout a client’s relationship?

Wealth Management 52

Wealth Management Taxes Clients Management 52

Darrow Wealth Management

OCTOBER 1, 2024

There are no changes to the tax treatment of these assets. In the trust document, a spouse or other family member can be a co-trustee, and you can also name a successor trustee. Limiting access can provide estate tax planning benefits for some). During your life, you can add, use, or remove assets in the trust.

Assets 93

Assets Estate Planning Distribution Fiduciary Duty 93

Harness Wealth

JULY 29, 2024

In addition to freezing estate tax values, this ability to exchange assets between grantor and trust is a valuable income tax planning tool as it allows a grantor to remove low-basis assets from the trust in exchange for an equivalent value of high-basis assets contributed by the grantor.

Estate Planning 59

Estate Planning Taxes Planning Tax Planning 59

Darrow Wealth Management

JANUARY 9, 2023

Then, employers need to update plan documents, so again, it may take time to truly be in effect. Planning for change. is just another massive change in tax law in the last few years. Starting with the 2017 Tax Cuts and Jobs Act, then the 2019 Secure Act 1.0, The Secure Act 2.0 At the very least, the Secure Act 2.0

Accounting 59

Accounting Taxes Tax Planning Distribution 59

Harness Wealth

MARCH 5, 2024

It’s important to note that tax advisors include three types of tax professionals : Certified Public Accountants (CPAs) Enrolled Agents (EAs) Tax Attorneys All three may offer different fee structures depending on the services offered and their firm’s unique expertise.

Taxes 52

Taxes Tax Planning Ethics Education 52

XY Planning Network

JANUARY 23, 2023

Clients are often slow to respond, don’t provide the requested documents, completely ghost… well, you get the idea. While not everyone avoids taxes, there are a significant number of people who do. In fact, I would say it happens almost 100% of the time. However, this can feel a bit like a professional minefield.

Taxes 73

Taxes Clients Numbers Fee Only 73

Park Place Financial

MARCH 16, 2022

At Park Place Financial, we help HNWIs navigate various aspects of the estate planning process, from the drafting of wills and trusts to the assigning of health care proxies and durable powers of attorney. Income Tax Planning. As HNWIs have higher incomes, they also have increased taxes. Retirement Planning.

Financial Planner 52

Financial Planner Estate Planning Certified Financial Planner Retirement Planning 52

Cordant Wealth Partners

AUGUST 16, 2024

Other pay : Certain employees can be eligible for “pay in lieu of redeployment” (9 weeks) and an “additional separation bonus” (8 weeks) It’s important to note that severance payouts are taxed as ordinary income in the year of payout. Tax planning for a transition out of Intel is critical.

Planning 52

Planning Retirement Taxes Accounting 52

Harness Wealth

JUNE 23, 2023

Will and Trusts A will is a legally-binding document that outlines your wishes regarding the distribution of your assets after your passing, allowing you to designate an executor to administer your estate and a guardian for any minor children. This document should not be considered tax, legal or financial planning advice.

Estate Planning 52

Estate Planning Financial Planning Planning Taxes 52

Sara Grillo

OCTOBER 21, 2022

The list of financial paraplanner job responsibilities may include, but are not limited to: Entering data into financial planning software Preparing deliverables when assisting with financial plan preparation Interacting with clients to perform ancillary functions such as data gathering Helping financial planners with tax return preparation Helping (..)

Insurance 98

Insurance Financial Planner Fee Only Financial Advisor 98

Zajac Group

MARCH 3, 2023

Also, as we’ll cover further down, delivery isn’t always when you might assume, which can impact your tax planning if you’re caught unaware. Tax Payments: It’s important to complete tax planning at delivery, and to cover any additional taxes due beyond the statutory withholding.

Taxes 52

Taxes Tax Planning Planning Executive Compensation 52

James Hendries

DECEMBER 11, 2022

A business owner would be keen to review several factors in preparing year-end documents and preparing for the following year. Tax Planning – Have necessary steps been taken toward filing required business and individual tax returns, so they get filed on time?

Planning 52

Planning Taxes Insurance Accounting 52

Harness Wealth

JUNE 5, 2024

Preferably someone holding stock options (ISOs or NSOs) with limited understanding of the tax implications of their holdings,” Kelley explains. Onboarding tax clients with ease “Client onboarding is pretty quick with Harness. His team consists of Gabe, from the Harness Concierge team , and Francis, a senior tax associate at Harness.

Taxes 64

Taxes Clients Planning Tax Planning 64

Zajac Group

SEPTEMBER 22, 2022

This means using an exercise and sell of shares to cover the cost of the stock purchase, potential tax withholdings, and (for ISOs) potential AMT payments. Careful financial and tax planning is advised. When your RSUs vest, your company will usually withhold some of your RSU shares to cover some of the anticipated tax bill.

Taxes 52

Taxes Sales Planning Assets 52

Darrow Wealth Management

NOVEMBER 11, 2024

If you don’t report, track, and file the form, when you take the money out, you’ll pay federal income tax on the same dollar twice. To prove that you’ve already paid tax on nondeductible contributions, you must keep the documentation forever.

Taxes 84

Taxes Distribution Retirement Retirement Planning 84

Darrow Wealth Management

AUGUST 28, 2023

The documentation just isn’t typically necessary in the regular course of business. Your estate planning attorney can help ensure your post-close financial situation and goals are reflected in your current estate plan and trust structure. You may need audited financial statements.

Sales 78

Sales Estate Planning Wealth Advisor Taxes 78

MazumaBusinessAccounting

JULY 15, 2021

Strategizing around how to pay yourself, your taxes, and other expenses. While there is a lot we could cover on the topic of business planning, for today we are going to focus on 3 important financial elements. Tax Planning. Calculating tax rates can be tricky for small business owners.

Business Planning 105

Business Planning Taxes Planning Retirement 105

Discipline Funds

DECEMBER 20, 2023

Do so before year-end and plan for next year’s RMD now. Tax Planning Talk to your CPA now about your 2023 taxes and whether there’s anything you can do before year-end to help your tax bill. If you have old trust and will documents now is a good time to review and change them as needed.

Financial Planning 76

Financial Planning Planning Asset Allocation Retirement Planning 76

Fortune Financial

APRIL 11, 2024

Search for Unclaimed Funds and Gather Documentation: Start by locating any previous plan statements you may have, as they will provide your account number and the plan administrator’s contact information. These could have been physically mailed to you or are potentially filed away in your email via a digital format.

Retirement 59

Retirement Retirement Planning Financial Advisor Education 59

Cordant Wealth Partners

DECEMBER 2, 2022

It’s important to note, severance payouts are taxed, and taxed as ordinary income in the year of payout. So, if you separate from the company near the end of the year, earning both a full year of salary plus severance payouts, you could be pushed into a higher tax bracket. Tax planning for a transition out of Intel is critical.

Planning 52

Planning Retirement Taxes Accounting 52