Harness Wealth

APRIL 16, 2025

The Tax Cuts and Jobs Act of 2017 eliminated recharacterization, transforming Roth conversions into permanent decisions requiring thorough analysis before execution. Roth IRAs offer unique advantages including tax-free growth, no required minimum distributions during the owner’s lifetime, and potential tax benefits for heirs.

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Harness Wealth

MAY 14, 2025

By exploring these nuances, you can better appreciate the tax advantages and responsibilities that come with running a Co-op. Understanding Co-op Taxes Key Tax Deductions and Credits Tax planning tips for a Co-op Final Thoughts on Understanding Co-op Taxes Partner with Harness for Expert Tax Support What Is a Cooperative (Co-op)?

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Taxes Tax Planning Distribution Compliance 52

WiserAdvisor

AUGUST 31, 2023

A financial advisor can help with maximizing your retirement income through tax planning After retirement, your income sources may become limited to pensions, Social Security benefits, and investment income. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income.

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Harness Wealth

MAY 8, 2025

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. LPs are governed by a partnership agreement that outlines the roles, responsibilities, profit distribution, and other operational details.

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Harness Wealth

JANUARY 9, 2025

Backdoor Roth 401(k) $23,000 ($30,500 if 50+) Allows conversion of 401(k) funds to Roth, increasing tax diversification Required Minimum Distributions apply. It also requires an individuals 401(k) plan to allow after-tax contributions and in-service withdrawals. Complex setup process.

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Taxes Planning Retirement Retirement Planning 52

Harness Wealth

MAY 19, 2025

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. Unlike other business structures such as sole proprietorships or partnerships, a C Corp is subject to corporate income tax on its profits.

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Taxes Tax Planning Compliance Planning 52

Carson Wealth

NOVEMBER 3, 2022

Use a qualified charitable distribution (QCD) from your individual retirement account (IRA). If you are age 70 ½ or older, you can transfer money from your IRA to a charity as a qualified charitable distribution (QCD), which makes it tax-free up to $100,000 ($200,000 if you file jointly).

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Harness Wealth

MAY 7, 2025

Additionally, partnerships are beneficial for family businesses or groups of investors who want to combine their efforts while maintaining a straightforward tax structure. The ability to customize the partnership agreement allows partners to define roles, responsibilities, and profit distribution in a way that best fits their needs.

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Harness Wealth

MAY 7, 2025

Additionally, partnerships are beneficial for family businesses or groups of investors who want to combine their efforts while maintaining a straightforward tax structure. The ability to customize the partnership agreement allows partners to define roles, responsibilities, and profit distribution in a way that best fits their needs.

Taxes 52

Taxes Tax Planning Compliance Consulting 52

Harness Wealth

APRIL 28, 2023

If you earn income from various sources throughout the year, such as equity windfalls, venture capital fund distributions, crypto investments, and sales, or small business income, you will need to pay estimated quarterly taxes. Failing to make these payments on time can result in penalties and interest charges.

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Harness Wealth

MAY 2, 2025

Understanding LLC Taxes Key Tax Deductions and Credits Common Tax Deductions for an LLC Tax Planning Tips for an LLC Final Thoughts on Understanding LLC Taxes Partner with Harness for Expert Tax Support What Is a Limited Liability Company (LLC)?

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Taxes Tax Planning Compliance Strategic Planning 52

Harness Wealth

MAY 2, 2025

Understanding LLC Taxes Key Tax Deductions and Credits Common Tax Deductions for an LLC Tax Planning Tips for an LLC Final Thoughts on Understanding LLC Taxes Partner with Harness for Expert Tax Support What Is a Limited Liability Company (LLC)?

Taxes 52

Taxes Tax Planning Compliance Strategic Planning 52

Harness Wealth

SEPTEMBER 18, 2024

These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions. And you’ll see in our Q&A below, that tax advisors can bring estate planning into the conversation early on in a client relationship.

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Taxes Clients Planning Estate Planning 52

Diamond Consultants

MAY 24, 2022

So, the ability to provide a truly holistic offering all-under-one-roof – including not only investments but tax planning, family office services, trusts, and the ability to advise on assets held away – is seen by clients as a real benefit.

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Fortune Financial

SEPTEMBER 25, 2023

Certified Public Accountant (CPA) CPAs specialize in tax planning and accounting. While they may not be exclusively wealth managers, their expertise in tax matters can be invaluable in managing your taxes efficiently. Tax Planning Effective tax planning can significantly impact your overall financial well-being.

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Fortune Financial

SEPTEMBER 25, 2023

Certified Public Accountant (CPA) CPAs specialize in tax planning and accounting. While they may not be exclusively wealth managers, their expertise in tax matters can be invaluable in managing your taxes efficiently. Tax Planning Effective tax planning can significantly impact your overall financial well-being.

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Harness Wealth

OCTOBER 23, 2023

If you’re a CPA who works with clients on more than just annual tax returns, you’re likely already providing accounting advisory services. This emerging discipline offers a wealth of opportunities for both clients and accounting firms, and focuses on providing strategic guidance and future-focused tax planning throughout the year.

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Accounting Taxes Strategic Planning Estate Planning 52

Zoe Financial

APRIL 4, 2023

Failure to make this election in the first year and complete annual reporting, can trigger punitive treatment under IRC 1291, which is known as the excess distribution regime. Protect your investments by communicating with your investment provider and ensuring compliance with all necessary reporting requirements.

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Harness Wealth

MAY 18, 2023

However, in the past three decades, the confluence of tech innovation, and the democratization of financial product distribution and private capital have led to a boom in the independent registered investment advisor (RIA) channel. What do entrepreneurial advisors need?

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Wealth Management

JUNE 11, 2025

The second amendment to the revocable trust agreement directed the following distributions: • 2 million dollars to the trustee of the MCC Trust, to be held for Maria’s benefit. The MCC Trust agreement included terms about the distribution of trust assets: 3.2. Number 8860726. Administration of Trust Estate for Beneficiary.

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Nerd's Eye View

JULY 24, 2024

When the original SECURE Act was passed in December 2019, it brought sweeping changes to the post-death tax treatment of qualified retirement accounts. As a whole, these regulations introduce significantly more complexity to the process of tax planning around retirement accounts, particularly after the death of the account's original owner.

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Sara Grillo

APRIL 11, 2022

These services often include recommendations on investments, financial planning, retirement, Social Security, Medicare, tax planning, and other wealth-related topics. He also has considerably less of a compliance, operational, and administrative burden because he is not taking custody or discretion of his clients’ assets.

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Harness Wealth

FEBRUARY 4, 2025

These include legal fees, administrative costs, audit expenses, compliance costs, and operational fees. A qualified tax advisor can help you: Navigate complex tax reporting requirements , including K-1 forms for private equity, hedge funds, and real estate partnerships. This article is a product of Harness Tax LLC.

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WiserAdvisor

MARCH 13, 2024

With proper planning and professional advice, you can enjoy a secure and fulfilling retirement while effectively managing your healthcare costs and ensuring peace of mind for the future. Pillar 3: Tax planning Tax planning is indispensable for optimizing your retirement finances and safeguarding your wealth for the future.

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Harness Wealth

MARCH 25, 2025

With that said, detailed records, including receipts and mileage logs, are essential for substantiating all deductions and ensuring IRS compliance. Travel nursing and taxes Travel nurses face a specific tax challenge, primarily due to their pay structure and the concept of a “tax home.”

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Medical Taxes Tax Planning Education 52

Harness Wealth

APRIL 29, 2025

The impact is particularly pronounced for C corporations, where asset sales can trigger double taxationfirst at the corporate level when assets are sold and again when the proceeds are distributed to shareholders.

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