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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.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Republicans in the House of Representatives this week released their long-awaited taxplan to address the impending sunset of many measures in the 2017 Tax Cuts and Jobs Act.
The IRA and Roth IRA contribution limits are unchanged but income eligibility for tax-deductible IRA contributions and Roth IRA contributions have changed. Also updated: health savings accounts, flexible spending accounts, estate and gifting limits, qualified charitable distributions and other cost-of-living adjustments.
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.
Tax-loss harvesting – i.e., selling investments at a loss to capture a tax deduction while re-investing the proceeds to maintain market exposure – is a popular strategy for financial advisors to increase their clients’ after-tax investment returns. With these three tools (i.e.,
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. Taking Too Much Income.
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The post Tax Strategies for High-Income Earners 2025 appeared first on Yardley Wealth Management, LLC. Tax Strategies for High-Income Earners in 2025. In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations.
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. Part of this value is understanding the detailed nuances that make a strategy effective and implementing it correctly, avoiding issues with the IRS down the line.
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 taxplanning 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.
Tax deductions can save you thousands annually by reducing your taxable income through legitimate business expenses. Understanding these deductions is more critical than ever as tax laws evolve, presenting new opportunities for savings. Understanding this distinction is crucial for maximizing your tax benefits effectively.
Tax season can be overwhelming, but understanding how to leverage deductions and credits can significantly impact your bottom line. While both mechanisms help reduce what you owe, they operate in fundamentally different ways that affect your final tax bill. And tax law is not static. of your AGI. of your AGI.
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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.
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Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.
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Donor-advised funds (DAFs) have emerged as powerful tools that deliver this exact combination, providing immediate tax advantages while offering flexibility to recommend grants to qualified organizations over time. At their core, donor-advised funds are specialized 501(c)(3) charitable accounts housed within public charities.
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While this will help seniors keep pace with rising prices, it also creates taxplanning opportunities for advisors and raises the possibility that the Social Security Trust Fund could be depleted sooner than expected. Why accounting firms have become hot acquisition targets for RIAs.
This article will explore how to navigate complex tax situations arising from multiple income sources, examining various income types, reporting requirements, self-employment obligations, and strategic approaches to record-keeping and taxplanning that can help protect your financial interests. What is an RSU?
For many small tax firms, the process of collecting client tax documents can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work.
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Exercise strategy: Timing: Consider the tax implications of exercising vested options before or after the IPO, timing of sales, and taxplanning opportunities. Cash flow: Depending on the type of equity you have, exercising can be challenging given tax implications and having cash to buy the stock.
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Privacy protection through offshore accounts: Many high-net-worth individuals maintain offshore accounts in other countries. These accounts typically offer stronger privacy protections as well as favorable tax regimes that can enhance your wealth preservation strategy. However, it is important to use them ethically.
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Welcome to the October 2023 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!
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