MainStreet Financial Planning

NOVEMBER 8, 2024

As December unfolds, it’s easy to overlook year-end tax planning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.

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Harness Wealth

APRIL 17, 2025

Items costing less than $2,500 can typically be expensed immediately, while more substantial investments may require depreciation over time according to IRS guidelines. Understanding these limitations and planning accordingly can help maximize QBI benefits while maintaining compliance with IRS regulations.

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Taxes Tax Planning Professional Services Planning 52

Harness Wealth

MARCH 14, 2025

Many firms use unencrypted email or physical drop-offs to receive sensitive tax data, leaving confidential information exposed to possible breaches. Without a secure system in place, firms face the risk of hacked email accounts, lost or misplaced documents, and even compliance violations with the IRS and financial regulations.

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Taxes Compliance Tax Planning Clients 52

Harness Wealth

APRIL 30, 2025

In today’s dynamic economy, millions have embraced a diverse portfolio of income streamsfrom traditional employment to creative side hustles, equity compensation, and investment ventures. This makes income classification a crucial factor in tax planning, loss utilization strategies, and overall financial health.

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Midstream Marketing

DECEMBER 6, 2024

Running focused social media campaigns that highlight their services and share their skills in areas like tax planning or retirement planning. Compliance and Security for RIAs Compliance and data security matter a lot in the financial services industry. Also, improve your email templates and social media content.

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Harness Wealth

APRIL 30, 2025

To maximize the value you ultimately receive from your exit, incorporating comprehensive tax planning into your strategy is highly advantageous. net investment income tax, compared to ordinary income rates of up to 37%. Expert guidance helps ensure compliance while optimizing outcomes for all stakeholders.

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Wealth Management

JULY 2, 2025

Lothes focuses on estate planning for high net worth individuals including estate, gift and generation-skipping transfer tax planning, will and trust preparation, estate and trust administration, and charitable giving. Number 8860726. Lothes is a partner at Gilmore, Rees & Carlson, P.C., located in Wellesley, Massachusetts.

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Harness Wealth

APRIL 30, 2025

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.

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Harness Wealth

DECEMBER 30, 2024

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?

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Harness Wealth

APRIL 17, 2025

As Doug Waite of LexTax explains, “Whether to take itemized or standard deduction all depends on if your itemized deductions (medical, state and local taxes, mortgage and investment interest expense, charitable contributions, and certain miscellaneous expenses) exceed your standard deduction.”

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Taxes Tax Planning Education Medical 52

Harness Wealth

MARCH 27, 2025

Secondary transactions (or Secondaries as theyre known) involve the buying and selling of pre-existing investments in private funds or stakes in the portfolio companies those funds own. Secondaries are typically traded before the fund or business is sold in a traditional wayessentially, being the resale market for private investments.

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Harness Wealth

APRIL 28, 2025

Private equity and alternative investments create unique tax reporting complexities that demand attention. Inside these investment structures, K-1 and 1099 forms represent fundamentally different approaches to reporting income and losses, each with its own set of rules and implications.

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Harness Wealth

APRIL 16, 2025

Tax planning 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. To qualify for tax-free treatment under IRC Section 368 , attention to detail is essential.

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Taxes Tax Planning Startup Compliance 52

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. The LP allows for passive investment while protecting limited partners from personal liability beyond their contributions.

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Inside Information

JANUARY 31, 2025

Depending on a firms tech strategy, she wrote, advisors may have to log in to the CRM, custodian, portfolio accounting, planning software, tax planning software, estate planning software, social security maximizer software, etc.,

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Wealth Management

JUNE 11, 2025

Whether clients support the policies with cash gifts or split-dollar, the discussion of options will necessarily involve a combination of insurance planning, tax planning, income and gift tax-oriented wealth transfer planning and investment planning. Number 8860726.

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Harness Wealth

JULY 14, 2025

Real estate investment is one of the more common—and arguably more consistent—avenues to wealth creation, delivering capital appreciation, rental income, and portfolio diversification. Table of Contents Understanding real estate taxes What are the most tax-efficient ownership structures? Net Investment Income Tax (NIIT): A 3.8%

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Harness Wealth

FEBRUARY 5, 2025

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 tax compliance.

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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.

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Harness Wealth

JANUARY 9, 2025

The approach comes with more limited investment options. While a Mega Backdoor offers greater potential for individual contributions, pursuing the strategy can be a complex process as not all 401(k) plans support the necessary features. Each step must be executed correctly to avoid penalties or unexpected tax liabilities.

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Taxes Planning Retirement Retirement Planning 52

Harness Wealth

JANUARY 29, 2025

Tax-loss harvesting is a powerful strategy that investors can use to reduce their taxable income. This type of strategy typically involves selling underperforming investments at a loss to offset capital gains (or ordinary income) to optimize portfolio returns. Is tax-loss harvesting right for you?

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Harness Wealth

MARCH 27, 2025

By shifting state tax payments to the entity level, business owners bypass the double taxation that arises when these taxes are paid individually and subjected to the SALT deduction limit. Simplified tax filing PTET’s consolidation of state tax payments streamlines administrative processes and minimizes compliance costs.

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Harness Wealth

JANUARY 10, 2025

Additionally, understanding the specific tax implications of staking rewards, mining income, and crypto-to-crypto trades will help you avoid any unexpected liabilities. Crypto investors should consult a tax professional to ensure full compliance with IRS regulations. Do You Need an LLC to Claim Tax Write-Offs?

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Midstream Marketing

NOVEMBER 6, 2024

Are you aiming at young workers who need help with investing? Or are you focusing on older people who are concerned about estate planning for retirement or retirement income planning? This can show your skills in sustainable investing or share good feedback from happy clients. Change your plan based on what you see.

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Carson Wealth

JANUARY 28, 2025

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.

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Harness Wealth

JULY 16, 2025

Instead of billing for time spent, fees are aligned with the tangible benefits clients receive—whether it’s strategic tax planning that reduces their liabilities, expert consulting that guides key decisions, or proactive advice that helps clients deal with complex financial landscapes. How is AI affecting pricing?

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Harness Wealth

APRIL 17, 2025

However, when exercised, holders must calculate the spread between strike price and fair market value for Alternative Minimum Tax purposes. Documentation significantly impacts ISO tax planning. Companies provide Tax Form 3921 in January to detail the information needed for accurate calculations. Net Investment Income Tax.

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Harness Wealth

APRIL 16, 2025

This situation became particularly acute with large conversions that generated substantial tax liabilities. Some investors employed sophisticated tax planning strategies involving initial conversion of larger amounts followed by selective recharacterization of underperforming portions.

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Harness Wealth

FEBRUARY 19, 2025

Ensure BOI reporting compliance and remain updated with the latest BOI regulations with a tax advisor from Harness. Get started Harness makes it easy to find tax and financial advisors best suited to your needs. Get started Harness makes it easy to find tax and financial advisors best suited to your needs.

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Harness Wealth

FEBRUARY 4, 2025

Alternative investments offer investors access to startups, real estate, and other non-traditional opportunities beyond stocks and bonds. 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.

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Harness Wealth

MARCH 20, 2025

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.

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Harness Wealth

JULY 14, 2025

Most tax preparation software includes built-in accuracy checks, automatic calculations, and comprehensive error detection, helping reduce common mistakes and potential audit triggers. The intelligent pricing structure of tax preparation software creates a cost-efficient scaling system that adapts to your needs.

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Taxes Tax Planning Electronics Education 52

Carson Wealth

JUNE 26, 2025

Retirement-related behavioral and financial changes raise many tax planning 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.

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Wealth Management

JUNE 11, 2025

In this role, he advises clients on all aspects of estate & gift tax planning, asset titling, family governance, philanthropy and business succession strategies. Number 8860726.

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Taxes Wealth Management Estate Planning Distribution 165

Nerd's Eye View

NOVEMBER 30, 2022

Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.

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Harness Wealth

MAY 12, 2025

Vermont, abbreviated as VT, has its own set of tax forms designed to address the unique tax laws and requirements for residents and non-residents alike. Navigating these forms correctly is essential to ensure compliance and to maximize any potential refunds or credits. Both are valuable tools in effective tax planning.

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Taxes Electronics Tax Planning Compliance 52

Nerd's Eye View

SEPTEMBER 6, 2024

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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