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

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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Talon Wealth

OCTOBER 26, 2023

Retirement planning is a critical part of financial security that many women still overlook. However, remember that as a woman, you have a longer life expectancy than a man, which means retirement planning is even more important. Consider early retirement tax planning.

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Retirement Planning Retirement Planning Medical 98

WiserAdvisor

MARCH 13, 2024

Within this framework, the concept of the five pillars of retirement planning emerges as a valuable strategy. These pillars provide a comprehensive framework for building a resilient and sustainable plan. Another important aspect of investment planning is its role in combating inflation.

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Retirement Planning Retirement Planning Estate Planning 105

Nerd's Eye View

JANUARY 31, 2024

In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges.

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Financial Advisor Estate Planning Nonprofit Financial Planner 246

Nerd's Eye View

SEPTEMBER 6, 2022

Read More.

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Tax Planning Financial Advisor Retirement Clients 246

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

Abnormal Returns

AUGUST 5, 2024

kitces.com) Taxes Following the RMD rules for inherited IRAs may not be optimal. investmentnews.com) On the importance of tax planning in the first few years of retirement. papers.ssrn.com) Four steps to create a digital estate plan. (riabiz.com) The SEC Onsite SEC examinations are ramping up. forbes.com)

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Retirement Planning Estate Planning Wealth Advisor Tax Planning 173

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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Taxes Planning Retirement Planning Tax Planning 52

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.

Taxes 52

Taxes Medical Distribution Tax Planning 52

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.

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Financial Planning Planning Retirement Planning Tax Planning 142

Nerd's Eye View

DECEMBER 25, 2023

And as 2023 draws to a close, we wanted to highlight 25 of the most popular and insightful articles that were featured throughout the year (that you might have missed!).

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Integrity Financial Planning

AUGUST 3, 2022

Why does tax planning matter for your retirement plan? Brian talks through the difference it can make and why you should pay attention to it now as a part of your financial plan. When it comes to taxes, should you use the same person that files taxes to do tax planning and retirement planning for you?

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Tax Planning Taxes Planning Retirement Planning 52

Nerd's Eye View

OCTOBER 7, 2024

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 (..)

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Clients B2B Estate Planning Planning 246

Fortune Financial

JULY 28, 2022

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). . You cannot sell the securities within the retirement plan, then move cash to a brokerage account and purchase the same shares at that point. Cost Tradeoff.

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Taxes Planning Retirement Planning Distribution 98

Nationwide Financial

MARCH 6, 2023

Even if a client believes they would not be subject to estate or gift tax under current law, you may want to re-examine the value of their assets to determine whether they exceed a lower exemption amount. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.

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Tax Planning Taxes Planning Distribution 78

Darrow Wealth Management

NOVEMBER 17, 2022

In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.

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Taxes Wealth Management Tax Planning Planning 107

Carson Wealth

AUGUST 1, 2024

As such, one of the most important retirement income resources is Social Security, which provides retirees inflation-adjusted income for life. 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.

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Retirement Taxes Distribution Tax Planning 142

Integrity Financial Planning

JULY 17, 2023

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. There are also Roth 401(k)s that have a similar tax treatment but are subject to some different rules.

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Retirement Taxes Retirement Planning Accounting 97

Darrow Wealth Management

JULY 1, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.

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Taxes Tax Planning Planning Estate Planning 101

Advisor Perspectives

NOVEMBER 12, 2024

Retirement plan savers looking to mitigate the risk of higher taxes in the future may benefit from making after-tax contributions to employer plans, which may be transferred to Roth accounts. Our Bill Cass details a “mega backdoor” Roth strategy.

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Taxes Tax Planning Retirement 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. Employee matters.

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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

Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Taxes Retirement Consulting Financial Planning 92

Integrity Financial Planning

MARCH 15, 2023

Financial planning can be complicated. Have you thought about taxes or estate planning or when to withdraw and from where? From retirement income to tax strategies on an investment property, Brian shares what options you might have. (0:12) 4:06) Tax planning plays a key role in financial planning. (7:42)

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Retirement Planning Retirement Planning Financial Planning 52

Darrow Wealth Management

OCTOBER 21, 2022

The IRS has released the 2023 contribution limits for retirement plans and other cost-of-living adjustments. The agency also released tax brackets for ordinary income and long-term capital gains. Income Limits for Tax-Deductible IRA Contributions & Roth IRA Contribution Eligibility. Income Tax Rates in 2023.

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Taxes Retirement Planning Wealth Management Retirement 78

Nationwide Financial

JANUARY 25, 2023

Last year’s considerable losses and market fluctuations underscore the need for clients to assess their retirement plans to ensure it aligns with their objectives, financial situations, timelines, and attitudes toward market volatility. You can help them start the year right by conducting a retirement checkup.

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Risk Tolerance Retirement Planning Asset Allocation Retirement 102

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.

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Retirement Planning Retirement Planning Distribution 52

Darrow Wealth Management

JANUARY 30, 2023

just upended retirement planning…again. The age when retirees must begin drawing from non-Roth retirement accounts increases to 73 in 2023, then 75 in 2033. Raising the age when withdrawals must begin is great as it gives investors more planning opportunities. The Secure Act 2.0

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Distribution Tax Planning Retirement Taxes 95

Integrity Financial Planning

AUGUST 21, 2023

One of those options might be to set up a defined contribution plan such as a 401(k). [1] 1] A 401(k) will allow you to set aside some of your assets into a tax-advantaged account that can have market exposure and the potential to grow over time. [2] 4] This is a tax-advantaged account, much like a 401(k). [5]

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Retirement Retirement Planning Accounting Taxes 95

Darrow Wealth Management

NOVEMBER 2, 2023

The IRS has released the 2024 contribution limits for retirement plans and other cost-of-living adjustments.

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Retirement Planning Wealth Management Taxes Retirement 105

Yardley Wealth Management

MARCH 1, 2022

The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. Part 3: Tax-Wise Financial Planning In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. Life happens. You buy a business.

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Financial Planning Taxes Planning Tax Planning 52

Yardley Wealth Management

MARCH 1, 2022

The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. Part 3: Tax-Wise Financial Planning. In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. . Tax-Planning Possibilities.

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Financial Planning Taxes Planning Tax Planning 52

Darrow Wealth Management

SEPTEMBER 26, 2024

If you have time to dig into the details, here’s a primer on what you can do after maxing out a 401(k) including the tax advantages of each account type. If you have time to dig into the details, here’s a primer on what you can do after maxing out a 401(k) including the tax advantages of each account type.

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Accounting Retirement Distribution Taxes 94

Integrity Financial Planning

NOVEMBER 1, 2022

It doesn’t factor in your healthcare coverage situation, it isn’t designed to avoid the 3 strikes of tax planning , and it doesn’t account for the location and liquidity of your wealth and savings. There are many moving parts to a retirement plan that must be considered if your goal is to make the most of your savings.

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Retirement Planning Retirement Financial Planning Planning 95

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. Help her focus on immediate needs, pay bills, monitor cash flow and review her investment portfolio.

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Charitable Planning Estate Planning Retirement Planning Tax Planning 97

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.

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