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What's unique about Daniel, though, is how his firm has expanded its tax focus to include "in-house" tax return preparation for its clients as a one-stop shop, but actually outsources the tax preparation work itself to trusted CPAs that he pays out of his own revenue (rather than bringing this service fully in-house) so that he can focus his staff (..)
We start with several articles on retirementplanning: 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 (..)
Over the last 60 years, the top Federal marginal tax bracket has steadily decreased from over 90% in the 1950s and 60s to 'just' 37% today. While it's true that the top marginal tax rate has decreased dramatically since the mid-20th century, the difference in the actual tax paid by most Americans has been far more modest.
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
Podcasts Christine Benz and Amy Arnott talk the state of retirement with Anne Tergensen of the WSJ. podcasts.apple.com) Taxes A year-end taxplanning checklist. kindnessfp.com) How to think about taxes in early retirement. humbledollar.com) How to retire without regrets. Quit playing.
Also in industry news this week: NASAA has proposed an amendment to its broker-dealer conduct model rule that would restrict the use of the terms “advisor” and “adviser” for broker-dealers and their registered representatives who are not also investment advisers or investment adviser representatives A recent study suggests that (..)
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.,
Also in industry news this week: According to a recent survey, advisors are putting an increasing share of client assets into model portfolios, allowing for customization and time savings that advisors appear to be using to provide more comprehensive planning services RIA M&A deal volume saw an annual record in 2024 as a lower cost of capital, (..)
Charles Lubar, retired senior counsel from McDermott Will & Emery, details the complexities in dealing with tax implications of projects involving the Muppets and Michael Jackson.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirementplanning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirementplanning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
Podcasts Khe Hy talks with Christine Benz author of "How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement." podcasts.apple.com) RetirementRetirement is a great time to do some creative taxplanning. humbledollar.com) Should you take advantage of super-catch-up retirement provisions?
Like gardening or working out, taxplanning is one of those activities where you get out what you put in. Taxplanning is similar in the sense that you can put work in on the front end that youll reap benefits from later. Many of us just do tax preparation, dropping off a shoebox of documents with a CPA for the weekend.
Each year it is important to review your plan to ensure you are taking advantage of all the tax breaks and incentives available to you. Annual inflation adjustments and new laws create opportunities to save for retirement or reduce your tax bill. The post TaxPlanning Checklist appeared first on Carson Wealth.
kitces.com) What it means to be a great adviser to retired clients. thinkadvisor.com) A year-end taxplanning checklist. (advisorperspectives.com) A three-part approach to developing a 'statement of financial purpose.' kindnessfp.com) Why it's so easy to lose focus. advisorperspectives.com)
As December unfolds, it’s easy to overlook year-end taxplanning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.
However, the caveat with current CGAs has been that they could only be funded with after-tax dollars before the donor’s death, meaning that if an individual only had tax-deferred funds (e.g., Second, they reduce the donor's tax bill in the year the CGA is created by excluding the amount contributed to the CGA from taxable income.
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 taxplanning 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.
justincastelli.io) Taxes Some speculation on what is next for the TCJA. kitces.com) Taxplanning and wealth management go hand-in-hand. downtownjoshbrown.com) How tax deferment can backfire. advisorperspectives.com) 7 areas where advisers may be falling short with retired clients.
awealthofcommonsense.com) Early in retirement is the time to do some taxplanning. Top clicks this week High yields come with risk. Don't let anyone tell you otherwise. wsj.com) Three reasons why the stock market declines. whitecoatinvestor.com) Three reasons to buy Josh Brown's new book "You Weren’t Supposed To See That."
Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. CPA, EA, or JD) to prepare tax returns and represent clients before the IRS, there has also been the impression that there is simply not enough time for one person to do both.
podcasts.apple.com) Taxes The 0% capital gains bracket is an opportunity. whitecoatinvestor.com) Why it's important to do taxplanning before you start taking Social Security. nytimes.com) Retirement Six myths in retirement including 'You don't need a financial advisor.' wsj.com) A first hand account of retirement.
crr.bc.edu) How does inflation impact retirement? citywire.com) How turning wealth into annuitized income in retirement boosts spending. thinkadvisor.com) How to do taxplanning right. (standarddeviationspod.com) Brad Barrett talks all things Social Security with Mike Piper. kitces.com) Don't be this guy.
(ritholtz.com) Rick Ferri talks with Christine Benz about her new book "How to Retire, 20 Lessons for a Happy, Successful, and Wealthy Retirement." morningstar.com) Sam Dogen talks in ins and outs of early retirement with Khe Hy. sites.libsyn.com) Retirement Why spending decisions in retirement are challenging.
A sabbatical refers to a period of time in which someone takes an extended, planned break from work prior to retirement, often as an opportunity to focus on their wellbeing and/or to gain valuable perspectives of life outside of work.
In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction. Certain charitable gift deductions moved from 50% to 60%.
Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you.
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.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey indicates that clients of financial advisors are more confident than others about their financial preparedness for retirement and are more likely to have a financial plan in place that can weather the ups (..)
(citywire.com) Creative Planning is expanding its reach in the retirementplan space. papers.ssrn.com) Taxes A 2023 year-end taxplanning guide. citywire.com) Choreo is buying the wealth management business of BDO USA. investmentnews.com) M&A The RIA model continues to take share.
Andy is the owner of Tenon Financial, a virtual independent RIA that oversees $70 million in assets under management for 43 retired client households. Welcome back to the 297th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Andy Panko. Read More.
Understanding Tax Compliance and Risk Management Ultra-high-net-worth individuals face unique tax challenges, including high rates and ever-changing complex tax codes. If managed improperly or inefficiently, tax issues could significantly erode your familys wealth and even lead to legal complications. And, if the U.S.
In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirementplanning. This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges.
taps.substack.com) Advisers Wade Pfau on why taxplanning in retirement is so challenging. (citywire.com) Motivational interviewing is in large part about listening. kitces.com) How to send a follow-up e-mail. thinkadvisor.com) There is no one-size-fits-all for managing a couple's finances.
Every year brings changes in tax rules, and 2025 is no exception. Whether you are saving for retirement, running a business, or planning for your family’s future, these updates could affect your financial decisions throughout the year. For married couples, this means more of your income will be taxed at lower rates.
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.
million in assets to both retire and pass on a legacy interest (though many have yet to establish an estate plan), according to a recent survey. Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5
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.
Also in industry news this week: A survey indicates that while financial advisors remain the most trusted source of financial advice, they might increasingly encounter client questions and ideas that originated from social media Following the transition of advisors and clients from TD Ameritrade and amid competition from competing RIA custodians, Charles (..)
How you handle taxes and when you are taxed are two of the most important factors when it comes to retirementplanning. There are also Roth 401(k)s that have a similar tax treatment but are subject to some different rules.
A potential compromise during the lame-duck Congressional session could see a boost to the child tax credit and extended tax breaks for businesses. From there, we have several articles on taxplanning: How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions.
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets. This increases the tax basis, which determines capital gains or losses when the asset is sold.
There are many taxplanning 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.
Podcasts Michael Kitces talks divorce planning with Michelle Klisanich who is a Wealth Advisor for Financially Wise Divorce. kitces.com) Matt Zeigler talks with Wade Pfau about managing sequence of returns risk in retirement. kitces.com) Taxes Following the RMD rules for inherited IRAs may not be optimal. forbes.com)
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