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In recent years, financial advisors have increasingly embraced taxplanning as a core element of delivering value to clients. Despite this growing interest in tax conversations, most advisors are still quick to distinguish their services as "taxplanning", not "tax advice" – a distinction largely driven by liability concerns.
As a result, financial advisors should start honing the services Gen X members will likely benefit from the most, including retirement planning, estate and taxplanning and mortgage refinancing. Number 8860726. Gen X, or those currently aged between 45 and 60 years, will receive nearly $13.9 trillion annually.
based accounting firm, is taking a page from large registered investment advisors by bringing together taxes and wealth management. Minopoli, who is also a partner in the new RIA, had previously been the chief investment officer of a team managing a $30 billion portfolio for the Knights of Columbus Asset Advisors.
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. million ($27.22
Understanding TaxCompliance 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.
RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth Jalina Kerr of Charles Schwab shares how the most adaptive firms are expanding beyond portfolio management, into areas like estate and taxplanning.
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Insurance and financial fee deductions Insurance represents a necessary expense for protecting your business assets and operations, with premiums for various types of coverage qualifying as fully deductible business expenses. Bonus Depreciation continues to evolve, with 2025 offering a 40% deduction rate for eligible new and used property.
Consider tax-advantaged options , such as ESOPs, which allow for capital gains tax deferral when proceeds are reinvested, or stock sales that may qualify for preferential long-term capital gains treatment. The most common exit options include mergers and acquisitions, asset sales, stock sales, and employee ownership plans.
An IRS audit is a formal review of your financial records to verify their accuracy and compliance with tax laws. The IRS carefully scrutinizes these deductions to ensure compliance with strict valuation and documentation requirements. While FinCEN handles FBAR filings, the IRS enforces compliance for both.
Taxplanning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. Get it right, and you will have set yourself up for a smooth transition and maximized returns.
What are tax-efficient alternative investment structures? Tax strategies for high-income filers How Harness can help FAQs What are alternative investments? Alternative investments encompass a broad range of assets beyond traditional stocks, bonds, and cash.
The key differences between 83(i) and 83(b) elections The benefits and risks of an 83(i) election The eligibility criteria for an 83(i) election How to file an 83(i) election 83(i) compliance requirements for companies Is an 83(i) election right for you? What is an 83(i) election?
Other reasons involve changes in investment strategy, portfolio rebalancing, or a simple desire to exit a specific asset class. Capital gains can result from the sale or exchange of capital assets, such as fund interests or portfolio company stock. What tax strategies optimize secondary investments? FIRPTA planning using a U.S.
Internal Revenue Code (IRC) allows businesses to deduct the full purchase price of certain depreciable assets, including vehicles, in the year of purchase rather than depreciating them over time. Are Capital Gains from Cryptocurrency Tax-Free? Do You Need an LLC to Claim Tax Write-Offs? Are crypto gains tax-free?
Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. Understanding these requirements is essential to maintain compliance and optimize tax outcomes.
If the foreign taxes you paid exceed this limit, the excess foreign tax can generally be carried forward for up to ten years or carried back one year (via an amended return). Maintaining accurate records of foreign income and taxes paid is therefore vital to calculating the correct FTC and maintaining taxcompliance.
Tax-loss harvesting is especially useful during volatile market conditions, as price fluctuations can create opportunities to realize losses without significantly disrupting an investor’s overall portfolio strategy. The tax treatment of this loss will depend on how long the asset has been held.
This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on taxplanning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments. Different types of income maintain their distinct tax treatment as they pass through to a partner.
Related: Planning for Older Clients and Those with Disabilities Many GRATs include a so-called “swap” power in which the grantor is permitted to substitute assets of equivalent value with the GRAT. Number 8860726. Prior case law in the Southern District of New York (Morales v. Quintiles Transnational Corp. 2d 369 (S.D.
Whether clients support the policies with cash gifts or split-dollar, the discussion of options will necessarily involve a combination of insurance planning, taxplanning, income and gift tax-oriented wealth transfer planning and investment planning. Number 8860726.
When you have the resources to make an impact, this type of planning helps you pinpoint what you want to accomplish for your family, community, and society. Steps to Setting Up a Philanthropy Fund Taking the proper steps in the beginning can give your charitable giving plan a solid foundation.
Despite removing the recharacterization safety net, the Tax Cuts and Jobs Act left intact the fundamental benefits that make Roth conversions attractive: tax-free growth potential, freedom from required minimum distributions, and tax-free qualified withdrawals.
Property taxes: These local taxes are based on assessed property value and are generally deductible, though federal limitations may apply to total state and local tax (SALT) deductions. Capital gains tax: Profits from selling property are subject to capital gains tax.
In this article, well explore all the details of alternative investments, the reasons behind their growth as an investment choice, and how their tax treatment differs from traditional assets. Well also go into some potential strategies to optimize tax efficiency. What Are the Tax Strategies for Alternative Investments?
Similarly, individuals with lower home-related expenses, like mortgage interest or property taxes, may find the simplified method’s flat-rate deduction comparable to, or even more advantageous than, the standard method. It’s important to be familiar with these rules to ensure compliance and reduce the risk of an audit.
By leveraging sophisticated deduction-finding tools and personalized suggestions based on an individual’s financial profile, these programs actively help identify and claim all eligible tax breaks, often discovering opportunities that might otherwise be missed.
Retirement-related behavioral and financial changes raise many taxplanning questions and opportunities. A trusted tax professional can help you implement these and other strategies to help you minimize taxes in retirement, helping your money last longer and you realize your goals.
The MCC Trust agreement included terms about the distribution of trust assets: 3.2. The marital deduction doesn’t eliminate or reduce the tax on the transfer of marital assets out of the marital unit, but instead permits deferral until the death of the surviving spouse. Number 8860726.
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Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that the Treasury Department has finalized rules requiring most SEC-registered RIAs to implement risk-based Anti-Money Laundering and Countering the Financing of Terrorism programs, including a requirement to report suspicious (..)
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Podcasts Christine Benz and Jeff Ptak talk with Tim Steffen, director of taxplanning for Baird. riabiz.com) Compliance Many clients want to text with their adviser. morningstar.com) Michael Kitces and Carl Richards talk about repurposing lessons from clients for content. Budge looks to solve this.
They can help you diversify your money across various asset classes and reduce your portfolio’s risk while aiming for consistent returns. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income. Taxplanning is not solely about federal taxes.
Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. Understanding these requirements is essential to maintain compliance and optimize tax outcomes.
However, understanding the tax implications of operating as a Sole Proprietorship is crucial to ensure compliance and optimize financial outcomes. Taxes for a Sole Proprietorship differ significantly from those of other business structures, such as LLCs or corporations. What Is a Sole Proprietorship?
Partners use the information on Schedule K-1 to report their share on their individual tax returns. Timely and accurate filing of these forms is crucial to avoid penalties and ensure compliance. This means that partners with higher personal income may pay more tax on their share of partnership income than those in lower brackets.
Partners use the information on Schedule K-1 to report their share on their individual tax returns. Timely and accurate filing of these forms is crucial to avoid penalties and ensure compliance. This means that partners with higher personal income may pay more tax on their share of partnership income than those in lower brackets.
Whether you are starting a new business or evaluating your current structure, gaining a clear understanding of C Corp taxation will help you make informed decisions and optimize your tax strategy. This means the corporation files its own tax return and pays taxes on its profits at the corporate tax rate.
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A DAF is an excellent way to achieve an immediate tax deduction without feeling obligated to give an entire gift at once. With a DAF, you contribute assets — cash, real estate, stock, even cryptocurrency — to a fund you establish through a custodial account, which then becomes a charitable account you personally control.
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