Harness Wealth

APRIL 28, 2025

This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on tax planning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments.

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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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Nerd's Eye View

NOVEMBER 1, 2023

There are many tax planning 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.

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Financial Symmetry

APRIL 9, 2025

Tax planning might not top everyone’s list of leisure activities, but in the middle of tax season, theres a hidden opportunity. In this episode, we talk about five strategies you can use during tax season to create opportunities to help you reach your financial goals.

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Tobias Financial

DECEMBER 20, 2023

As we begin our countdown to 2024, it is a great time to ensure your year-end tax plan is in place. Tax planning is a vital component of meeting your overall financial goals. Our team of professionals is here to assist with your financial and tax planning needs. You can access the webinar recording here.

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Nerd's Eye View

JULY 12, 2024

Also in industry news this week: 2 House committees this week advanced legislation that would halt implementation of the Department of Labor's new Retirement Security Rule, which, combined with ongoing lawsuits, threaten to derail the regulation either before or soon after it becomes effective in late September A Federal judge has put the future of (..)

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Harness Wealth

JANUARY 29, 2025

Qualified Charitable Distributions (QCDs) QCDs are direct transfers of funds from an individual retirement account (IRA) to a qualified charity. or older, QCDs offer a strategic way to contribute to charity while meeting required minimum distribution (RMD) obligations. Available to taxpayers aged 70.5

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MainStreet Financial Planning

DECEMBER 8, 2022

We would like to take this opportunity to remind you about your annual Required Minimum Distribution (RMD). As you may know, the Internal Revenue Service (IRS) requires that you take an annual distribution from your retirement accounts starting with the year in which you turn 72 years old and every year thereafter. Annual deadlines.

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Yardley Wealth Management

FEBRUARY 18, 2025

Traditional Investment Strategies The Role of Income Tiers and Priority Levels Case Studies Key Considerations Conclusion Introduction Waterfall Wealth Management is a financial strategy designed for high-net-worth individuals seeking a structured, prioritized approach to wealth distribution.

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Tobias Financial

JUNE 2, 2025

Estate planning is one of the most important steps in securing your financial legacy, but its also among the most complex. Understanding how assets will be distributed, navigating tax implications, and aligning these decisions with your personal goals can feel overwhelming.

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Harness Wealth

APRIL 17, 2025

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. DAFs also introduce welcome simplification at tax time by consolidating multiple charitable activities under a single receipt.

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Cordant Wealth Partners

NOVEMBER 18, 2024

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 tax planning 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.

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Harness Wealth

FEBRUARY 26, 2023

Cost-saving tax planning can be much more difficult to implement after your company is well-established and has reached the stage where an IPO, merger, or acquisition becomes a likely event. The first three options are pass-through entities, so profits and losses are distributed to the owners who are taxed on them.

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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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Taxes Tax Planning Compliance Planning 52

Covisum

JANUARY 9, 2023

is significant legislation signed into law on December 20, 2022, and is expected to have several impacts on retirement income planning. It contains several provisions designed to improve Americans' retirement security, including later required minimum distributions (RMDs), 529-to-Roth rollovers, and other tax planning opportunities.

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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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Darrow Wealth Management

APRIL 21, 2025

No required minimum distributions (RMDs) for the original account owner Unlike IRAs and qualified retirement plans, a Roth IRA is unique in that required minimum distributions are not required during the original account owners lifetime. A spouse may also elect to defer RMDs if they inherit the account.

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Harness Wealth

APRIL 30, 2025

With proper planning, certain tax obligations can be legally deferred, reduced, or in some cases eliminated entirely. To maximize the value you ultimately receive from your exit, incorporating comprehensive tax planning into your strategy is highly advantageous.

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Yardley Wealth Management

FEBRUARY 4, 2025

In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations. From maximizing deductions to managing capital gains, we’ll cover everything you need to know about smart tax planning.

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Darrow Wealth Management

SEPTEMBER 26, 2024

Retiring early is also even more difficult without taxable assets as you’ll need to bridge the gap before penalty-free distributions from 401(k)s or IRAs begin, perhaps to cover medical expenses. Dividends, interest, or capital gains distributions from mutual funds and ETFs received during the year are taxable annually.

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Harness Wealth

MARCH 29, 2023

For example, if you convert $50,000 and it grows to $100,000 in a Roth IRA over the next several years, that essentially results in $50,000 tax-free dollars. Keeping your funds in a traditional IRA only defers taxation on the full amount until the funds are distributed at some point in the future.

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Carson Wealth

MARCH 21, 2025

Donations to endowment funds are tax-deductible, giving them a place in your overall financial management and tax plan. An endowment offers benefits that can extend beyond tax deductions and financial efficiency. The usage policy establishes the purposes for which the charity can use the fund distributions.

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Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning.

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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

MARCH 27, 2025

Instead, partners (investors) are taxed directly on their share of the fund’s income, gains, losses, and deductions, regardless of whether those amounts are actually distributed. Each partner receives a Schedule K-1, which reports their share of the fund’s tax items. FIRPTA planning using a U.S.

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Integrity Financial Planning

SEPTEMBER 11, 2023

This will allow you to bunch your donations in a single year but then distribute them over a long period of time. [1] 1] The benefit to this is that you can still gain the tax advantage of a large, itemized donation but can distribute your donations over more than just one year. [1]

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Yardley Wealth Management

FEBRUARY 1, 2022

The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.

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Yardley Wealth Management

FEBRUARY 1, 2022

The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade. Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.

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Tax Planning Taxes Planning Healthcare 40

Darrow Wealth Management

NOVEMBER 17, 2022

The simple examples above only illustrate the state tax impact, but federal tax implications will also apply. Further, both examples ignore other sources of income, such as wages, pre-tax retirement account distributions, dividends, etc., that could increase the tax due from the surtax.

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Darrow Wealth Management

NOVEMBER 20, 2023

If you are expecting sudden wealth from the sale of a business or other liquidity event, then it may not make sense to do a conversion in the same tax year, but could be worth considering alongside cash allocation discussions. The example above assumes the couple does not need the full distribution from the IRA to meet lifestyle expenses.

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Yardley Wealth Management

AUGUST 27, 2024

What Are Qualified Charitable Distributions (QCDs)? For those over 70½, you might already be familiar with Qualified Charitable Distributions (QCDs). For years, QCDs have allowed people to donate directly from their IRAs without paying taxes on those distributions.

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Darrow Wealth Management

DECEMBER 23, 2022

Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. Raise the required minimum distribution age. In the new bill, the age when retirees must begin drawing from non-Roth tax-deferred retirement accounts would increase to 73 in 2023 and 75 in 2033.

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James Hendries

SEPTEMBER 20, 2022

The initial distribution of shares to your relatives would be classified as a gift, and the annual income from the gift would be taxed to the relative. You can make federal gift tax-free gifts of up to $16,000 per year per recipient under the annual gift tax exclusion. an affiliate of LPL Financial.

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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 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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Walkner Condon Financial Advisors

MAY 31, 2024

A little bit of effort and forward thinking during our summer and fall months will lead to a much more palatable and, potentially, financially advantageous tax season the following year. The reason for this is quite simple – tax planning requires actual planning. Timing: Ideally earlier in the year.

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Darrow Wealth Management

JULY 1, 2024

This tax benefit is scheduled to sunset at the end of 2026. Tax planning for 2026 Depending on your situation, income, and goals, your planning options will vary. As with anything in tax planning, it’s important not to let the tax-tail wag the dog.

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