Harness Wealth

JANUARY 29, 2025

These contributions not only provide immediate tax relief but help secure longer-term financial stability during retirement. 401(k) Plans: Contribute the maximum allowable amount for 2024 : $23,000 if youre under 50, or $30,500 if youre 50 or older. Timing RMDs : Begin taking RMDs by April 1 of the year after you turn 73.

Taxes

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. This generous limit, with phase-out beginning at $3.05

Startup

Talon Wealth

NOVEMBER 12, 2024

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. If their income is over $44,000, up to 85% could be taxed!

Taxes

Darrow Wealth Management

NOVEMBER 11, 2024

Updated for 2024 – 2025. Because many taxpayers earn too much to make pre-tax IRA contributions as they have a 401(k) at work. Many people end up paying taxes twice. There are income limits for contributions to a traditional IRA that qualify for a tax deduction. In the vast majority of cases the answer is no.

Taxes

Nerd's Eye View

DECEMBER 30, 2024

Each week in Weekend Reading For Financial Planners, we seek to bring you synopses and commentaries on 12 articles covering news for financial advisors including topics covering technical planning, practice management, advisor marketing, career development, and more.

Financial Advisor

Discipline Funds

DECEMBER 29, 2024

Calculate your 2024 after tax income and expected after tax 2025 income. Compare this to your 2024 expenses and expected 2025 expenses. Are you saving or contributing 10-20% of your income to a dedicated savings plan? 2024 was a great year for risk assets. Are you on track to retire when you want to?

Financial Planning

Carson Wealth

FEBRUARY 27, 2025

Like gardening or working out, tax planning is one of those activities where you get out what you put in. Tax planning 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.

Taxes

Abnormal Returns

NOVEMBER 6, 2023

(citywire.com) Creative Planning is expanding its reach in the retirement plan space. papers.ssrn.com) Taxes A 2023 year-end tax planning guide. thinkadvisor.com) The 10 best financial advisor conferences to attend in 2024. citywire.com) Choreo is buying the wealth management business of BDO USA.

Wealth Management

Nerd's Eye View

OCTOBER 7, 2024

Welcome to the October 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

Clients

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!). Read More.

Financial Advisor

Darrow Wealth Management

NOVEMBER 2, 2023

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

Retirement Planning

Darrow Wealth Management

DECEMBER 23, 2022

IRAs: the $1,000 catch-up limit will be indexed by inflation for tax years starting in 2024. would permit employers to make matching contributions to an employee’s 401(k) and 403(b) retirement plan, even if the worker isn’t saving themselves. 529 plan to Roth IRA rollovers. The Secure Act 2.0 Other Roth changes.

Retirement

Darrow Wealth Management

SEPTEMBER 26, 2024

This infographic has more on how a brokerage account is taxed. Tax planning opportunities in retirement If you only have assets in tax-deferred accounts, you may have fewer tax planning options in retirement. See 2024 limits to determine whether you’re eligible.

Accounting

Darrow Wealth Management

JULY 1, 2024

Lowering the estate and gift tax limits The current exemption was raised dramatically in 2018. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 This tax benefit is scheduled to sunset at the end of 2026. Last reviewed June 2024 The post Major Tax Changes Are Coming in 2026.

Taxes

Darrow Wealth Management

NOVEMBER 20, 2023

If you think retirement planning moves stop at retirement, think again. Although it won’t make sense in every situation, retirement can be a unique opportunity for Roth conversions for some investors. But there are other ways to go about tax planning.

Retirement

WiserAdvisor

FEBRUARY 19, 2024

Blind spots in retirement planning are those aspects that are often overlooked, either intentionally or subconsciously. From seemingly harmless low-interest debt to underestimating the emotional impact of transitioning out of the workforce, various factors can disrupt your peace of mind during your retirement years.

Retirement

Harness Wealth

MARCH 11, 2024

By working with a tax professional, you can apply tax strategies to reduce your taxable income or defer paying taxes. 20 tax reduction strategies for high-income earners in 2024 Tax strategy is complex, and there are numerous ways of reducing taxable income depending on your situation.

Startup

Darrow Wealth Management

JANUARY 9, 2023

The ability to do 529 plan to Roth IRA rollovers goes into effect January 2024. No required minimum distributions (RMDs) in Roth 401(k) plans. Starting in 2024, individuals who left assets in a Roth employer plan won’t be subject to mandatory distributions during their life. Prior to the passing of Secure Act 2.0,

Accounting

Darrow Wealth Management

JULY 1, 2024

Lowering the estate and gift tax limits The current exemption was raised dramatically in 2018. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 This tax benefit is scheduled to sunset at the end of 2026. Last reviewed June 2024 The post Major Tax Changes Are Coming in 2026.

Taxes

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning

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. For the tax year 2024, individuals can contribute a sum of $4,150 and families can contribute $8,300 to their HSA.

Retirement Planning

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.

Retirement

Discipline Funds

DECEMBER 20, 2023

Calculate your 2023 after tax income and expected after tax 2024 income. Compare this to your 2023 expenses and expected 2024 expenses. Are you saving or contributing 10-20% of your income to a dedicated savings plan? Retirement Planning Review your retirement goals and objectives.

Financial Planning

Carson Wealth

APRIL 25, 2024

Retirement planning: Calculate retirement needs and contribute regularly to retirement accounts. Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. Why most of us retire earlier.”

Financial Planning

Darrow Wealth Management

SEPTEMBER 11, 2024

Roth 401(k)s can only bypass annual distributions if 100% of the retirement plan was in a Roth account. If there’s a mix of pre-tax and Roth funds, RMDs will apply. As a result, tax planning is critical, particularly if you’ve inherited a large 401(k) or IRA.

Accounting

Harness Wealth

APRIL 29, 2025

You are the one who is responsible for managing self-employment taxes, quarterly estimated payments, and tracking business expenses entirely on your own. This provision allows eligible self-employed individuals to deduct up to 20% of their business income, potentially resulting in substantial tax savings.

Tax Planning

Indigo Marketing Agency

JANUARY 25, 2025

Whether its tax planning, practice management, or technology trends, Michael remains a go-to resource for cutting-edge knowledge. Samantha was also a finalist in the 2024 Wealthies. ( His workshops, PBS specials, and books help financial professionals master tax-efficient strategies for their clients.

Financial Advisor