XY Planning Network

JANUARY 6, 2023

So much occurred in 2022, and we're excited (and anxious) to see what 2023 has in store! 4 MIN READ. Another year has come and gone in what feels like a blink of an eye.

Taxes

Covisum

JANUARY 9, 2023

is significant legislation signed into law on December 20, 2022, and is expected to have several impacts on retirement income planning. It contains several provisions designed to improve Americans' retirement security, including later required minimum distributions (RMDs), 529-to-Roth rollovers, and other tax planning opportunities.

Retirement

Advisor Perspectives

NOVEMBER 21, 2022

Believe it or not, 2022 is almost over. That means it’s time to start thinking about end-of-year tax planning strategies…

Tax Planning

MainStreet Financial Planning

JUNE 27, 2022

Acts, what that means to you and your Tax Planning in Retirement. also known as Securing a Strong Retirement Act of 2022 (HR2954), builds on the SECURE Act and its significant changes to retirement. Lastly, Larry will take your questions on Tax Planning in Retirement so you can avoid unintended tax consequences in retirement.

Tax Planning

MainStreet Financial Planning

MAY 31, 2022

Tax Planning: Things to work on before year-end. Though it may seem that we’ve just put last tax season to rest, now is the time to work on adjustments to optimize your 2022 taxes! Don’t wait until April 15th, 2023, to think about your taxes…there are things that need to get done by year-end!

Tax Planning

Tobias Financial

AUGUST 15, 2022

Tobias Financial Advisors is proud to announce that our Wealth Advisor Franklin “Franko” Gay serves on the National FPA NexGen Task Force and is one of the planners responsible for this year’s content at the 2022 FPA NexGen Gathering in Las Vegas from August 23 rd to 25 th. To learn more details, visit: [link].

Wealth Advisor

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. Further, both examples ignore other sources of income, such as wages, pre-tax retirement account distributions, dividends, etc.,

Taxes

James Hendries

SEPTEMBER 20, 2022

If your gift exceeds the annual exclusion amount, the excess may be subject to gift tax. However, gift tax due may be offset by your $12,060,000 (in 2022, $11,700,000 in 2021) basic (applicable) exclusion amount, if it is available. We suggest that you consult with a qualified tax or legal professional.

Tax Planning

Million Dollar Round Table (MDRT)

JULY 10, 2022

By Mike Beirne, MDRT Round the Table editor Try these ideas from the 2022 MDRT Annual Meeting speakers about referrals, communications and marketing. Both sessions aim to educate about the value and benefits of financial and tax planning, but no selling occurs. 1) Give the referral process a push.

Tax Planning

Nationwide Financial

JANUARY 25, 2023

Suppose they made emotional investment decisions during the market volatility of 2022. On the other hand, not having a plan can lead to emotional investment decisions during periods of high volatility – something every investor should avoid. The chart below illustrates the potential consequences of not rebalancing.

Risk Tolerance

Darrow Wealth Management

OCTOBER 24, 2022

Usually, to benefit from charitable giving, taxpayers need to itemize their tax deductions. Like any tax planning strategy involving charitable giving, you must be charitably inclined for it to make sense. Your 2023 required distribution is based on your account balance from 12/31/2022. Yes, you can reinvest your RMD.

Distribution

Zoe Financial

JUNE 5, 2023

Best Online Financial Advisor 2022 Series A Led by Softbank Most Innovative Companies 2022 2019 Annual Fintech Competition Winner Featured by: The post Market Drama appeared first on Zoe Financial. We believe financial advice should come from unbiased and certified professionals.

Marketing

Zoe Financial

MAY 23, 2023

Best Online Financial Advisor 2022 Series A Led by Softbank Most Innovative Companies 2022 2019 Annual Fintech Competition Winner Featured by: The post Market Drama appeared first on Zoe Financial. We believe financial advice should come from unbiased and certified professionals.

Marketing

Darrow Wealth Management

DECEMBER 5, 2022

If you want to make a gift for the 2022 tax year – act now. A donor-advised fund is the easiest way to donate stock to charity. You can set up a fund easily at institutions like Schwab, Fidelity, or Vanguard. It takes time to open and complete your gift.

Taxes

Darrow Wealth Management

NOVEMBER 20, 2023

For example, a 73-year-old couple with pre-tax retirement account balance of $2,000,000 on December 31st 2022 would have to take RMDs of $75,472. Ignoring any other taxable income or deductions, this puts married taxpayers filing jointly in a 12% marginal tax bracket for 2023. But there are other ways to go about tax planning.

Retirement

Carson Wealth

FEBRUARY 16, 2024

By Mike Valenti, CPA, CFP ® , Director of Tax Planning It’s that time of year again! W-2s, 1099s and mortgage statements have been to hit your mailbox: a daily reminder that it is, once again, Tax Season. Overall, it was a relatively quiet year on the tax front. Although Congress isn’t done yet! More on that later.)

Taxes

James Hendries

AUGUST 10, 2022

Contributions to your HSA, and any interest or earnings, grow tax. Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical Here are the key tax numbers for 2022 and 2023. High-deductible health plan: self-only coverage. Health Savings Accounts. Annual contribution limit.

Accounting

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.

Retirement

Integrity Financial Planning

APRIL 24, 2023

If you have been recently married and you’d like to file jointly, you have to have been married by December 31 st , 2022 to do so. If you were married on January 1st, 2023 or later, you will not be able to file jointly for 2022 (even though your taxes are due in 2023). [1] Determine if you can file jointly.

Taxes

MainStreet Financial Planning

DECEMBER 8, 2022

The choice to defer is only permitted for tax year you turn 72 in, the year of your first RMD. For example, if you choose to defer your 2022 RMD until April 1, 2023, you will still need to withdraw your 2023 annual RMD by December 31, 2023). Moving forward, all annual RMDs will need to be taken by December 31 of each year.

Distribution

Darrow Wealth Management

JANUARY 9, 2023

was signed into law December 29th, 2022, bringing more major changes to tax law. 529 plan to Roth IRA rollovers. Starting with the 2017 Tax Cuts and Jobs Act, then the 2019 Secure Act 1.0, it’s clear that investors need to be adaptive in tax planning. The Secure Act 2.0 At the very least, the Secure Act 2.0

Accounting

eMoney Advisor

DECEMBER 13, 2022

Yet many still have complex needs requiring more sophisticated and personalized investment, estate, and tax planning services. million households in three key groups who want customized, actionable advice on budgeting, saving, investing, insurance, and planning to help provide peace of mind regarding their finances.

Budgeting

WiserAdvisor

OCTOBER 11, 2022

While these can be avoided, there is another cash outflow that can considerably lower your savings and returns and is also hard to avoid – tax. Tax planning is essential. Tax is charged on every penny you earn. in June 2022. This means you will be taxed on a lower tax slab. reached 9.1% Washington.

Financial Planning

James Hendries

SEPTEMBER 7, 2022

in the first quarter of 2022 and by 0.9% 1) Investor’s Business Daily, July 12, 2022. (2) 2) The Wall Street Journal, July 17, 2022. (3-5) Bureau of Economic Analysis, 2022. (7) 7) Reuters, July 15, 2022. (8–9, Bureau of Labor Statistics, 2022. (10) 10) The Wall Street Journal, July 14, 2022. (11)

Economy

Brown Advisory

NOVEMBER 5, 2021

Without downplaying the importance of appropriate action around year-end tax planning, our purpose in this letter is to encourage clients to step back, take a breath and consider using this time to focus on the long term. But, there are other considerations to keep in mind, like changes in tax exposure.

Planning

eMoney Advisor

FEBRUARY 16, 2023

If the services you currently provide focus on investment management and basic financial planning, advice related to estate planning and settlement, wealth transfer, and tax planning are good value-added services to investigate. ” SpectremGroup , 2021. November 1.

Financial Planning

eMoney Advisor

DECEMBER 27, 2022

Legacy covers estate and tax planning, and business succession planning if applicable, connecting with self-actualization in Maslow’s pyramid. Sources: 1 eMoney Leading with Planning Research, May 2022, Advisors n=360. Those seeking professional advice may do so by consulting with a professional advisor.

Financial Planning

Zajac Group

JUNE 15, 2022

Why not make best use of your tax-planning powers when you do? At a glance, it would seem qualified dispositions are the way to go: Qualified dispositions: Proceeds are taxed at (usually lower) long-term capital gains rates. Disqualified dispositions: Proceeds are subject to various (usually higher) tax rates.

Taxes

Steve Feinberg

JUNE 22, 2022

We’ve always been proud of the work we do at Appletree Business Services , from bookkeeping to payroll and tax-keeping packages, but it’s also satisfying to hear that your work has been recognized by some of the luminaries in your field.

Accounting

Harness Wealth

MAY 12, 2025

In 2022, the number of exam participants reached its lowest point since 2006. Delivering accurate and timely compliance requires enough personnel with the necessary expertise, and the shortage is compromising this fundamental aspect of tax practice. How does the accountant shortage impact firms during tax season?

Taxes

Park Place Financial

MARCH 10, 2022

At Park Place Financial, our wealth management advisors can review your financial profile in detail to find tax-saving opportunities that can benefit your future. These income tax planning services help ensure you avoid paying more than you are legally obliged to, providing a greater level of financial security during retirement.

Portfolio

Darrow Wealth Management

DECEMBER 23, 2022

There are many components of the 2022 Act that will impact employers that aren’t outlined below. Congress published the final details of the bill today, which is expected to pass as part of a larger year-end spending bill. Here are some of the biggest changes in the Secure Act 2.0, though not an exhaustive list. The Secure Act 2.0

Retirement

Brown Advisory

FEBRUARY 23, 2022

Founders and Builders: What I Wish I Knew mhannan Wed, 02/23/2022 - 04:08 The Founders + Builders What I Wish I Knew webinar series is designed around the theme of “what I wish I knew” from a founder’s perspective.

Strategic Planning

Brown Advisory

FEBRUARY 23, 2022

Wed, 02/23/2022 - 04:08. Topics included: - How to set up your company now to prepare for an exit in the future - Understanding whether your planned wealth creation event will support your goals: How much is enough? - Founders and Builders: What I Wish I Knew. What I Wish I Knew About Bringing My Team Back to The Office.

Strategic Planning

WiserAdvisor

JANUARY 27, 2023

2023 may see several changes with respect to retirement plans, Social Security, etc., under the Securing a Strong Retirement Act of 2022 (SECURE 2.0). Pay attention to tax planning Tax planning is another critical aspect of high-net-worth wealth management.

Wealth Management

eMoney Advisor

FEBRUARY 9, 2023

Financial Planning Needs: Retirement planning Education and family planning Obtaining appropriate insurance coverage Business and tax planning Significant asset purchases Strategies for Serving Clients in This Stage: Clients at this stage are experiencing life events — both large and small — that will impact their financial planning needs.

Financial Planning

Harness Wealth

MARCH 23, 2023

To avoid an underpayment penalty, estimated tax payments are based on the lesser of: 110% of your prior year tax (called the Safe Harbor Method ) 90% of your projected current year tax If your income is less than $150,000, you can use 100% of your prior year tax for safe harbor.

Taxes