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10 High-Income Tax Planning Strategies to Complete Before 2025: A Year-end Checklist

Harness Wealth

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. Find your next tax advisor at Harness today. Starting at $2,500.

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What is an 83(i) Election and How Do You You File One?

Harness Wealth

However, as appealing as these forms of compensation may be, they can result in sizable and unexpected tax bills. Along with the 83(b) election, there is a less well-known provisionthe 83(i) election that offers other tax advantages to certain types of employees. Table of Contents What is an 83(i) election?

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83(b) Election for Stock Options and Restricted Stock

Darrow Wealth Management

For individuals with stock-based compensation, an 83(b) election has the potential to greatly reduce taxes on stock options or restricted stock. When you purchase unvested stock compensation and make the election, you recognize the taxable gain now (if any), instead of when the shares vest. What is an 83(b) election?

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Your Future, Your Way: Navigating Estate & Retirement Planning as an Investor

Zoe Financial

Getting Started: What First-Time Planners Should Know Even for seasoned investors, key decisions around taxes, estate structure, and long-term income planning can carry significant implications. She wants to minimize taxes while aligning her legacy with charitable values.

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Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events

Darrow Wealth Management

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. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.

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How Tax Practices Can Stand Out in the Harness Marketplace to Attract New Tax Clients

Harness Wealth

Key Takeaways: The Harness Marketplace allows your tax firm to be paired with high-value tax clients whose unique needs align with your expertise. 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.

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Zoe’s Tell-All: 2023 Tax Season

Zoe Financial

Zoe’s Tell-All: 2023 Tax Season Published February 14th, 2023 Reading Time: 5 minutes Written by: The Zoe Team If you’re a golfer, you know a lot goes into the brilliant game. Similarly, filing taxes includes many steps and details everyone needs to know about. Tax planning can be overwhelming , but it doesn’t have to be.

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