Firms Not Offering Tax, Retirement Planning Are Getting it Wrong
Wealth Management
OCTOBER 4, 2023
Advisors are overdelivering services such as health care, estate and business planning, while falling short in the areas their clients most desire.
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Small Business Retirement Plans – SEP-IRA vs. Solo 401(k)
The Chicago Financial Planner
NOVEMBER 27, 2022
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. You deserve a comfortable retirement. If you don’t plan for your own retirement who will? You need to start a retirement plan today.
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Health Savings Accounts – The Other Retirement Plan
The Chicago Financial Planner
OCTOBER 21, 2021
Health savings accounts (HSA) provide another vehicle to save for retirement. Many of you have the option to enroll in high-deductible insurance plans that allow the use of a health savings account via your employer. High deductible health insurance plans . A portion of the premiums for a tax-qualified long-term care policy.
IRS Issues New Guidance on Retirement Plan Early Distributions
Wealth Management
JUNE 26, 2024
Notice 2024-55 clarifies two exceptions to the 10% additional tax.
Weekend Reading For Financial Planners (February 1–2)
Nerd's Eye View
JANUARY 31, 2025
Also in industry news this week: While RIA M&A deal flow hit record levels in 2024 (both in terms of volume and the speed of completing them), firm valuations saw relatively modest gains In its latest annual regulatory oversight report, FINRA joined the SEC in flagging the potential risks to firm and client data from the use of third-party vendors (..)
Weekend Reading For Financial Planners (December 28–29)
Nerd's Eye View
DECEMBER 27, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that according to a recent study by DeVoe & Company, only 42% of RIAs surveyed have written succession plans and either have begun to implement them or have already done so.
#FASuccess Ep 432: Crafting “Input Deliverables” That Show Financial Planning Value To Clients Without Creating Busy-Work, With Seth Scott
Nerd's Eye View
APRIL 8, 2025
Seth is the founder of Heartwood Financial Planning, an advisory firm affiliated with PlanMember Securities Corporation that is based in Fresno, California, and oversees approximately $100 million in assets under management for 850 client households. Welcome everyone! Welcome to the 432nd episode of the Financial Advisor Success Podcast!
Weekend Reading For Financial Planners (November 30–December 1)
Nerd's Eye View
NOVEMBER 29, 2024
Also in industry news this week: While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress' agenda as well Fidelity is planning to change the default for its existing RIA non-retirement (..)
Weekend Reading For Financial Planners (March 29–30)
Nerd's Eye View
MARCH 28, 2025
Also in industry news this week: A recent survey indicates that younger "DIY" investors are more likely to be interested in working with a human advisor than their older counterparts, suggesting an opportunity for advisors to tap into this demographic (perhaps by setting minimum planning fees that ensure these clients can be served profitably today (..)
The Most Tax-Friendly States For Retirees: How To Compare State Income Tax Options For Retiring Clients
Nerd's Eye View
SEPTEMBER 29, 2022
As an individual begins planning for retirement, one of the factors often considered is whether (and where) they might relocate to enjoy their retirement. a state’s income tax rules can have a significant impact on where they might choose to live. When evaluating their potential options across the U.S.,
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How to Make Charitable Giving Part of Your Financial Plan
Carson Wealth
DECEMBER 20, 2024
Strategic charitable giving not only benefits the recipient but can also create significant tax advantages for the giver. While many people approach their financial planning with careful strategy, its easy to overlook the same level of intention when it comes to charitable giving. It just needs to be given to a qualified 501(c)(3).
Planning For Adoption: Understanding Different Pathways And Their Costs, Tax Breaks, And Financial Assistance Available
Nerd's Eye View
AUGUST 2, 2023
Which means that financial advisors can play an important role in adoption planning – helping clients strategically plan for the costs involved in the process, including accessing tax credits that can significantly defray these expenses.
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Navigating the Thrift Savings Plan: Planning Opportunities To Support Federal Employees, Military Servicemembers, And Veterans
Nerd's Eye View
FEBRUARY 8, 2023
government is the largest employer in the country, it can be especially helpful for advisors to be familiar with the ins and outs of (and recent changes to) the Federal government’s own defined contribution plan: the Thrift Savings Plan (TSP). But given that the U.S. While many features of the TSP (e.g.,
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Will my Social Security be Taxed?
The Chicago Financial Planner
FEBRUARY 8, 2023
You’ve paid Social Security taxes over the course of your working life and you’ve earned these benefits. Many retirees and others collecting Social Security wonder about the tax treatment of their benefit. The answer to the question in the title is that your Social Security benefits may be subject to taxes.
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Your Retirement Plan and Where You Live
Getting Your Financial Ducks In A Row
APRIL 3, 2023
We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans. But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.
Investing For Nonimmigrant Visa Holders: Understanding Visa Types, Investment Challenges, And Tax Implications
Nerd's Eye View
MAY 17, 2023
Like native-born workers, foreign workers need to think about saving for retirement, planning for their children’s college, managing healthcare costs, and all manner of other financial goals. For example, the tax benefits of certain accounts can sometimes work in the other direction if a non-U.S.-born
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6 Signs It’s Time to Ditch DIY Retirement Planning
Carson Wealth
MARCH 28, 2024
Retirement planning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirement account, also known as an IRA.
401(k)s Will Be Gone Within a Decade
Wealth Management
FEBRUARY 21, 2024
The intellectual case for getting rid of tax-advantaged retirement plans is strong, and the political case is catching up.
Why Moving To A Lower-Tax State Doesn’t Always Result In Lower State Taxes On Deferred Income
Nerd's Eye View
MARCH 13, 2024
Most of the time, people are subject to state taxes in the states where they live and/or earn their income. So when moving to a lower-tax state or another, their income tax burden likewise shifts to the new state along with them.
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Establishing Solo 401(k) Plans For Self-Employed Workers: Options, Contribution Limits, Deadlines, And More!
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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SEP IRA for the Self-Employed: Tax & Retirement Planning for Small Business Owners
Darrow Wealth Management
SEPTEMBER 19, 2024
Unlike most types of retirement plans, the SEP IRA is funded by the employer. Here’s more on what a SEP IRA is, tax benefits, contribution limits, and important deadlines. The SEP IRA is a straightforward and cost-effective way for small business owners to save for retirement. What is a SEP IRA?
The U.S. Housing Market vs. The Australian Housing Market
A Wealth of Common Sense
FEBRUARY 6, 2025
Bill Sweet joined me on the show this week to discuss questions about the tax benefits of owning rental properties, the tax implications of an inheritance, retirement planning for military service members and how tariffs work. Further Reading: The U.S. Housing Market vs. The Canadian Housing Market The post The U.S.
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Adviser links: dissolving structures
Abnormal Returns
FEBRUARY 24, 2025
thinkadvisor.com) Cutting IRS workers is going to make life more difficult for tax preparers (and payers). advisorperspectives.com) Retirement planning models are just uncertainty piled on uncertainty. (citywire.com) How Jacob Turner turned a professional baseball career into a wealth management business. crr.bc.edu)
Adviser links: limited progress
Abnormal Returns
JANUARY 15, 2024
citywire.com) Taxes There simply aren't enough tax preparers to go around. obliviousinvestor.com) It's hard to say you are a holistic financial adviser without tax management. thinkadvisor.com) Retirement Baby Boomers were supposed to retire in penury. (riabiz.com) Avise is a cooperative platform for advisers.
Personal finance links: a psychological decision
Abnormal Returns
APRIL 10, 2024
(morningstar.com) Dan Haylett talks with Eric Brotman, who is the founder and CEO of BFG Financial Advisors, about retirement as 'graduation.' humansvsretirement.com) Estate planning Why you should update your estate plans periodically. obliviousinvestor.com) Estate planning should most importantly include talking about it.
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All the Tax Benefits You Need for Your Small Business
Harness Wealth
APRIL 17, 2025
Tax deductions can save you thousands annually by reducing your taxable income through legitimate business expenses. Understanding these deductions is more critical than ever as tax laws evolve, presenting new opportunities for savings. Understanding this distinction is crucial for maximizing your tax benefits effectively.
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Personal finance links: a healthy relationship with money
Abnormal Returns
FEBRUARY 28, 2024
Podcasts Peter Lazaroff with five reasons you need a financial plan that have nothing to do with money. morningstar.com) Rick Ferri talks all things taxes with Kaye Thoma of Fairmark.com (bogleheads.podbean.com) Housing What's the bear case for housing prices? wsj.com) Retirement How rising interest rates affect retirement planning.
Tax Savings Tips for Startups
Harness Wealth
APRIL 16, 2025
Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.
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Adviser links: a positive experience
Abnormal Returns
NOVEMBER 6, 2023
ft.com) Creative Planning has closed on its purchase of Goldman Sachs' ($GS) PFM unit. citywire.com) Creative Planning is expanding its reach in the retirement plan space. papers.ssrn.com) Taxes A 2023 year-end tax planning guide. investmentnews.com) M&A The RIA model continues to take share.
8 Financial Planning Tips for Small Business Owners
Carson Wealth
JULY 3, 2024
Set up separate plans and goals for your business and your personal finances. It helps you plan for future expenses, allocate resources efficiently and stay on track with your financial goals. Identifying these risks early and having a plan to mitigate them can save your business from significant setbacks.
Personal finance links: shaming and blaming
Abnormal Returns
FEBRUARY 21, 2024
(youtube.com) Retirement Why planning in retirement is so challenging. Rowe Price about non-financial considerations in retirement. morningstar.com) People work in retirement for any number of reasons. awealthofcommonsense.com) Taxes Do you know how to pay taxes on your Series I savings bonds?
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Weekend Reading For Financial Planners (January 27-28)
Nerd's Eye View
JANUARY 26, 2024
The survey also suggests that a firm's tech stack can affect its ability to attract and retain clients, with 93% of advisors who said they work with state-of-the-art technology reporting that they have added new clients as a result of another firm's bad technology, and 58% of all advisors surveyed reporting they had lost new business due to bad technology. (..)
Why Your Social Security Income Might Be Taxed – And How to Plan for It!
Talon Wealth
NOVEMBER 12, 2024
Even though retirees have contributed throughout their careers, a portion of those benefits could still be taxed, depending on your total income. Here’s how it breaks down for 2023-2024: If a couple’s total retirement income is between $32,000 and $44,000, up to 50% of Social Security benefits could be taxable.
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9 Year-End Planning Tips from a Wealth Planner
Carson Wealth
DECEMBER 8, 2023
Petersen, CPA, CFP ® , CP, Affluent Wealth Planning The holidays are upon us! That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. One consideration this year is that we’re two years from the expiration of the Tax Cuts and Jobs Act of 2017 (TJCA).
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Adviser links: getting really clear
Abnormal Returns
APRIL 1, 2024
(youtube.com) Christine Benz and Amy Arnott talk with Peter Mallouk, President and CEO of Creative Planning, about the 'messy' business of financial advice. morningstar.com) Thomas Kopelman and Jacob Turner talk with Ankur Nagpal about tax considerations when selling a business. thinkadvisor.com) Not everyone is happier in retirement.
Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It’s Even Worth Doing)
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. Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.
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5 Ways to Transform Tax Season Into an Opportunity with Grayson Blazek, Ep #237
Financial Symmetry
APRIL 9, 2025
Tax planning might not top everyone’s list of leisure activities, but in the middle of tax season, theres a hidden opportunity. In this episode, we talk about five strategies you can use during tax season to create opportunities to help you reach your financial goals.
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Personal finance links: taking actual risks
Abnormal Returns
MARCH 15, 2023
wsj.com) Retirement Retirement planning is a moving target. humbledollar.com) Retirement is, in part, about declaring career victory. kindnessfp.com) When does it make sense to get help with your taxes? (thisisthetop.substack.com) Consumers are piling into CDs.
Personal finance links: investing accordingly
Abnormal Returns
DECEMBER 14, 2022
Podcasts Christine Benz and Jeff Ptak talks with Jamie Hopkins of Carson Wealth about some common retirement planning questions. ft.com) Who really benefits from 529 plans? nytimes.com) Planning Doug Boneparth, "Cash flow lives at the heart of financial organization." morningstar.com) 20 thing to do before year-end.
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The Latest In Financial #AdvisorTech (May 2023)
Nerd's Eye View
MAY 1, 2023
This month's edition kicks off with the news that robo-advisor Betterment entered into a $9M settlement with the SEC for misrepresenting its tax-loss harvesting practices in its client agreements and marketing materials compared with its actual practices (e.g.,
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Weekend Reading For Financial Planners (Oct 1-2)
Nerd's Eye View
OCTOBER 1, 2022
A new bill would make many parts of the Tax Cuts and Jobs Act of 2017 permanent, including its changes to tax brackets, the higher standard deduction, and the cap on state and local tax deductions. What advisory firms can do to make the most out of client testimonials and avoid negative reviews on third-party websites.
Adviser links: estate tax intricacies
Abnormal Returns
JULY 18, 2022
(standarddeviationspod.com) A talk with Tony and Dina Isola about the awful situation facing teachers saving for retirement. ngpf.org) Christine Benz and Jeff Ptak talk with Justin Fitzpatrick who is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. barrons.com).
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When is the Best Time for a Roth Conversion?
Darrow Wealth Management
APRIL 21, 2025
While a Roth conversion may never make sense for some individuals, for others, early retirement years may be the best time to convert pre-tax accounts to tax-free Roth. Your current and projected future tax rate is often a main component of the decision, but there are other considerations and benefits as well.
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Weekend Reading For Financial Planners (Nov 5-6)
Nerd's Eye View
NOVEMBER 4, 2022
From there, we have several articles on investment planning: While I Bonds have received significant attention during the past year, TIPS could be an attractive alternative for many client situations. ” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely.
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