Harness Wealth

JANUARY 24, 2023

While living in any of these states (or territories) can save you money on taxes, it’s important to consider other factors such as cost of living, job opportunities, and quality of life before making a decision to relocate.

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Startup Tax Planning Taxes Planning 52

Harness Wealth

NOVEMBER 12, 2024

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. This is a product of Harness Tax LLC.

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Harness Wealth

FEBRUARY 7, 2023

If you’re a startup employee, chances are you earn stock options or grants as part of your compensation package. Startups typically follow a three to four year vesting schedule, with shares gradually being distributed monthly after one full year on the job (that one-year mark is known as the cliff).

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Startup Taxes Tax Planning Commission 52

Darrow Wealth Management

JULY 30, 2024

For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. It can also preclude some tax planning strategies down the road.

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Taxes Tax Planning Startup Valuation 79

Harness Wealth

APRIL 17, 2023

Equity compensation is a popular strategy used by startups to attract and retain top talent, and it can sometimes result in significant financial rewards for founders and employees alike. However, realizing the value of equity can be rare, particularly when the company has no immediate plans to go public. How Do Tender Offers Work?

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Startup Taxes Risk Tolerance Consulting 52

Brown Advisory

OCTOBER 12, 2021

The QSBS Tax Exemption: A Valuable Benefit for Startup Founders and Builders ajackson Tue, 10/12/2021 - 08:00 The Qualified Small Business Stock (QSBS) tax exemption may allow you to avoid 100% of the capital gains taxes incurred when you sell a stake in a startup or small business. Large Public Co.

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Startup Taxes Clients Planning 52

Brown Advisory

OCTOBER 12, 2021

The QSBS Tax Exemption: A Valuable Benefit for Startup Founders and Builders. The Qualified Small Business Stock (QSBS) tax exemption may allow you to avoid 100% of the capital gains taxes incurred when you sell a stake in a startup or small business. Tue, 10/12/2021 - 08:00. you are a non-corporate taxpayer.

Startup 52

Startup Taxes Clients Planning 52

Harness Wealth

MARCH 11, 2024

As a company founder, early startup employee, or small business owner, you may find yourself in a higher tax bracket as your business grows or you realize gains from equity compensation. But that doesn’t mean you simply have to accept a higher tax bill.

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Startup Taxes Medical Retirement 59

Darrow Wealth Management

NOVEMBER 17, 2022

The surtax will increase the Massachusetts tax liability by $68,000 on the sale of their home. A tech employee at a startup has stock options. Further, both examples ignore other sources of income, such as wages, pre-tax retirement account distributions, dividends, etc., that could increase the tax due from the surtax.

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Taxes Wealth Management Tax Planning Planning 96

Harness Wealth

OCTOBER 5, 2024

What to Consider Before Selling in a Secondary Sale How to Sell Private Company Stock The Pros and Cons of a Secondary Sale If you work for a private company, especially a startup or tech firm, you may own stock or stock options as part of your compensation.

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Startup Sales Taxes Consulting 52

Harness Wealth

MAY 31, 2022

Whether you’re making $50,000 or $5,000,000 of W-2 income, there are only so many actions you can take to dramatically change your tax burden. With company equity, the tax treatment of those profits can be radically different. We built Equity Tax Insights to help startup employees better navigate these big choices.

Taxes 52

Taxes Tax Planning Startup Planning 52

Darrow Wealth Management

JULY 30, 2024

For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. It can also preclude some tax planning strategies down the road.

Taxes 52

Taxes Tax Planning Startup Valuation 52

Harness Wealth

SEPTEMBER 18, 2024

These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions. And you’ll see in our Q&A below, that tax advisors can bring estate planning into the conversation early on in a client relationship.

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Taxes Clients Planning Estate Planning 52

Darrow Wealth Management

MARCH 24, 2024

6 tax strategies for incentive stock options and AMT Triggering the alternative minimum tax isn’t the end of the world, but you don’t want to do it by accident. The cash crunch is quick to rain on a potential tax planning parade. How Incentive Stock Options are Taxed 3.

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Taxes Tax Planning Planning Financial Advisor 59

Harness Wealth

OCTOBER 5, 2023

From quarterly estimated tax planning to equity compensation and crypto tax planning, diversifying your service offerings can not only set you apart from the competition, it can also help you significantly grow your revenue and retain clients.

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Taxes Tax Planning Accounting Clients 59

Harness Wealth

MARCH 10, 2023

Under this structure, fund managers can defer paying taxes on their carried interest for up to three years after the profits are realized. For instance, suppose a fund manager invests in a startup that generates $1 million in profits in 2023. K-1 forms are reported on an individual’s tax return.

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Taxes Tax Planning Startup Portfolio 52

Harness Wealth

DECEMBER 14, 2022

In particular, I believe Harness’ unique insight around the complexity and importance of tax planning is very differentiated and powerful. One of the key unlocks for startup employees is thoughtful tax planning for their equity and crypto investments, and Harness has managed to bring tax to the forefront of their experience.

Certified Financial Planner 52

Certified Financial Planner Tax Planning Taxes B2B 52

Darrow Wealth Management

MARCH 24, 2024

6 tax strategies for incentive stock options and AMT Triggering the alternative minimum tax isn’t the end of the world, but you don’t want to do it by accident. The cash crunch is quick to rain on a potential tax planning parade. How Incentive Stock Options are Taxed 3.

Taxes 52

Taxes Tax Planning Planning Financial Advisor 52

Cordant Wealth Partners

NOVEMBER 18, 2024

We also get you up to speed on the tax benefits of using a DAF. If you've heard of a DAF and are curious about incorporating it into your giving and tax planning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made.

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Taxes Tax Planning Nonprofit Accounting 52

Harness Wealth

NOVEMBER 27, 2023

Core components of CAS involve bookkeeping, payroll, tax planning & compliance services customized for each client. For example, a startup founder who has recently expanded their business may find it challenging to manage growing payroll needs.

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Accounting Clients Compliance Taxes 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.

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Taxes Tax Planning Ethics Education 52

Harness Wealth

OCTOBER 8, 2024

The Harness Marketplace attracts employees, founders, and investors in tech, healthcare, management consulting, and other high-earning industries who need help managing complex tax needs. Be specific to attract your ideal tax client: When it comes to what sets your firm apart, be very clear.

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Taxes Clients Tax Planning Healthcare 52

Harness Wealth

MARCH 18, 2022

In this article on evaluating startup offers, we discuss: What’s typically shared about equity? How much will I be able to net after taxes? If early exercised, might the shares be eligible for Qualified Small Business tax treatment? This could make your gains tax free. . How does company equity work?

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Valuation Taxes Tax Planning Startup 52

Harness Wealth

MARCH 23, 2023

Related reading: What are quarterly tax payments? The best approach for each decision may differ based on certain unique considerations (business model, industry, growth plans, personal financial situation, etc.)

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Taxes Startup Tax Planning Valuation 52

Harness Wealth

FEBRUARY 20, 2024

Employed by law firms, corporate legal departments, or running their own practices, tax attorneys can be looked to for legal tax issues and disputes, along with comprehensive tax planning and preparation. They may also help clients who were granted stock options or RSUs by their employer.

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Taxes License Education Tax Planning 52

Harness Wealth

JUNE 9, 2023

While it may seem like a luxury that is only available to the wealthy, anyone is capable of building an effective financial plan and putting it into action. Without effective personal financial management, you risk losing money to poor budgeting, poor tax planning, or even just to inflation.

Financial Planning 52

Financial Planning Planning Financial Planner Wealth Management 52

Darrow Wealth Management

NOVEMBER 5, 2024

If you invested in a startup or small business (founders, employee exercise of stock options, business owner), you need to know about qualified small business stock. If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares through the capital gains tax exclusion.

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Taxes Wealth Management Tax Planning Assets 53

Harness Wealth

MARCH 3, 2023

As previously mentioned, there are a growing number of secondary share marketplaces popping up where startup employees can find buyers for shares, cashing out when they choose and on their terms. If you’re one of the many Stripe employees with RSUs, now is the time to start planning ahead for a tender offer.

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Taxes Valuation Startup Sales 52

Harness Wealth

MARCH 24, 2023

In this article, we’ll define some of the most common forms of equity compensation issued by startups and established companies alike, including RSUs, ISOs, NSOs, and more. Harness Wealth specializes in working with startup employees, founders, and other modern workers on unique tax and financial planning strategies for the long term.

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Taxes Startup Wealth Advisor Financial Advisor 52

Bell Investment Advisors

JUNE 16, 2022

Some give up to the annual gift tax exclusion amounts as holiday gifts as part of year-end tax planning. Creative alternatives include educational travel, business startup capital, adoption fees, and fertility treatment. Funding a Roth IRA for a child is an increasingly popular choice.

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Taxes Assets Financial Planner Planning 52

Harness Wealth

OCTOBER 8, 2024

In addition to RSAs and RSUs, many startups offer other stock-based compensation like ISOs and NSOs. Liquidity Event: The second “trigger” is a change in corporate control event, such as an Initial Public Offering (IPO), a tender offer, or a company acquisition.

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Taxes Startup Consulting Planning 52

Harness Wealth

APRIL 28, 2023

It’s also a good idea to keep track of your payments and save any receipts or confirmation numbers as proof of payment and inform your Harness Tax Advisor or other tax professional. Use Form 1040-ES to calculate and pay estimated taxes on any equity compensation or sales.

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Taxes Distribution Startup Assets 52

Harness Wealth

MARCH 9, 2023

Work with a Harness Wealth Advisor If you hold pre-IPO equity in Reddit or any other companies, Harness Wealth can match you with an experienced tax and financial advisor whose goal is to help you make the most of your equity compensation. Before you rush to any decisions, book an Equity Tax Planning Session today.

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Planning Taxes Advertising Tax Planning 52

Harness Wealth

OCTOBER 25, 2024

Tax credits directly reduce your tax bill, so it’s beneficial to explore these options. if you’re a small business owner or startup founder, check out our guide: 20 Ways to Reduce Your Taxes in 2024 Harness Can Help You File Your LLC Taxes Ready to tackle business taxes for your LLC?

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Taxes Distribution Insurance Consulting 52

Harness Wealth

MARCH 23, 2023

If you’re confident your company’s value will only increase and you have the cash to cover exercise costs and the possible associated income taxes, then it might be worthwhile to file.

Taxes 52

Taxes Startup Planning Management 52

Harness Wealth

OCTOBER 24, 2024

Let a tax advisor from Harness help compile and file tax forms for your household, all while maximizing your state and federal tax returns. Tax professionals on the Harness platform specialize in working with startup employees, business owners, investors, and other professionals with complex tax situations.

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Taxes Insurance Insurance Coverage Medical 52

Harness Wealth

OCTOBER 8, 2024

Find Your Next Tax Advisor at Harness Let a tax advisor from Harness help compile and file tax forms for your household, all while maximizing your state and federal tax returns. Annual tax filing with Harness starts at $1,500. Get started with Harness today.

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Taxes Electronics Insurance Startup 52