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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
For many small tax firms, the process of collecting client taxdocuments can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work.
This month's edition kicks off with the news that digital estate planning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
That's because, depending on the beneficiaries' individual situations, different types of assets will have different tax characteristics when inherited, which might make particular assets better or worse for different beneficiaries depending on their tax circumstances.
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.
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.
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.
As is traditional, the 2025 IRS tax filing deadline is April 15th. In this guide, well explore the 2025 tax extension process, the reasons for requesting an extension, and how a tax advisor from Harness can help you. Table of Contents What is a tax extension? Why do I need a tax extension? This is not the case.
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.
The tax deadline is next month, and if youre like most Americans, you are still preparing to file. Standard and Itemized Deduction for filing 2024 Taxes For the 2024 tax year, the standard deduction increased to $29,200 for married filing jointly, $14,600 for single filers and married filing separately, and $21,900 for heads of household.
Tax season can feel overwhelming, whether you’re filing for the first time or you’ve been doing it for years. Should you tackle your taxes on your own, or is it time to bring in a professional? Lets explore the pros and cons of DIY tax preparation and when seeking expert help might be the right move.
As dynamic as the secondary market may be, secondaries come with complex tax implications that can significantly impact returns if not properly managed. What are the tax implications of secondary transactions? What are the tax challenges in secondary transactions? What tax strategies optimize secondary investments?
Automobile Automobile :Fire victims who need to replace lost or damaged DMV-related documents can do so free of charge at assistance centers in the impacted areas. Document Everything! If your home burned If your home burned, then documenting your homes condition and furnishings may be difficult.
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.
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.
awealthofcommonsense.com) Taxes Do you know how to pay taxes on your Series I savings bonds? nytimes.com) Why you should update your estate documents. (morningstar.com) 11 financial mistakes to avoid including 'Not carrying umbrella coverage.' humbledollar.com) When should you hire a financial advisor? humbledollar.com)
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?
kindnessfp.com) When does it make sense to get help with your taxes? wsj.com) How poorly drafted legal documents can land you in trouble. (humbledollar.com) Retirement is, in part, about declaring career victory. humbledollar.com) Advice How to fire your financial advisor in four steps.
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.
Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. It’s best to be patient and ensure that you have all the documents that you need for submitting your taxes. [1]
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.
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.
Real Estate Investing & Taxes Hosted by: Vida Jatulis , CFP® Guest Speaker : Robert Colon, EA, CFP®, CWS®, CRPC®, Please join MainStreet Financial Planner Vida Jatulis, CFP® and her guest Robert Colon, EA, CFP® for a conversation about taxes and real estate investing.
This month's edition kicks off with the news that VRGL (pronounced “Virgil”) has raised a $15M Series A round to scale up its tool that can scan investment account statements and automatically extract the available information about their holdings to analyze the prospect’s performance, risk, diversification, fees, and taxes, with (..)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that the House Financial Services Committee unanimously passed a bill that would direct the SEC to conduct a study and carry out a rulemaking on the definition of a "small entity" to reduce the compliance burden on small businesses, (..)
One of the best tax deductions for a small business owner is funding a retirement plan. Beyond any tax deduction you are saving for your own retirement. Both plans allow for contributions up your tax filing date, including extensions for the prior tax year. As a fellow small businessperson, I know how hard you work.
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 (..)
All advisors in the Kitces Members Section will be able to earn IAR CE in addition to their credits for CFP, CPA, EA, and various IWI and American College designations as part of their ongoing membership fee (though notably, NASAA is imposing a $3/credit, or $36/year, reporting fee that Kitces will also have to collect on behalf of advisors and remit (..)
Our newest course on Life Insurance Policies adds to our existing programs on reviewing Tax Returns and navigating Estate Documents as well, and we're committed to continue to expand our financial advicer curriculum in the years to come!
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.
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.,
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.
While many RIAs have already tackled some of the bigger issues around the conversion such as informing clients of the changes and updating regulatory documents, there are still some operational intricacies in the TD Ameritrade to Schwab transition process for advisors to address that could cause headaches if they're missed.
MIN READ Admit it: Do you have a shoebox full of “important” papers that you *think* might be needed for your taxes? Preparing” for tax preparation can be daunting. The sheer volume of documents (with weird combinations of letters and numbers) is enough to make anyone stress! Do you know what’s in there? The kitchen counter?
Financial planning and tax planning go hand in hand. Including tax planning as part of your service provides clients a comprehensive view of their finances and helps them achieve their financial goals. Start with Document Sharing The first step is to ask your clients to share their taxdocuments with you.
Whether your taxdocuments are filed away or in a folder on your desktop, you may be wondering, “Just how long do I really need to keep all of this?” ” As with many tax topics, the answer is: it depends! … Continued The post How Long Should I Keep My Tax Records?
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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.
Most notably, while the bulletin states that the fiduciary obligations are generally the same between RIAs and broker-dealers whose fiduciary obligations are triggered under Reg BI, dually registered broker-dealer representatives are also obliged to disclose the capacity in which they are acting (i.e.,
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.
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.
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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