Advisor Perspectives

DECEMBER 10, 2023

Funds will begin paying out their 2023 distributions this month which could lead to a tax bill for your clients. While capital gains distributions will likely be lower this year than in recent years, interest income is expected to be higher.

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Carson Wealth

FEBRUARY 29, 2024

But when does gifting become a tax issue? Let’s take a closer look at estate and gift taxes and how you can approach them with a financial planning mindset. Taxes on Giving??? Why do you have to pay taxes on money you’re giving away? This continued until the federal government wised up and imposed a federal gift tax.

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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. This might be the time to consider an adjustment.

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Darrow Wealth Management

OCTOBER 24, 2022

For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if you can avoid paying tax on RMDs. And while there isn’t just one best way for everyone to take required minimum distributions, there’s probably one way that works best for you.

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Darrow Wealth Management

AUGUST 8, 2022

” This meant annual required minimum distributions (RMDs) were out. Another key aspect that the 2019 Secure Act changed was the required minimum distribution age. Assuming the changes pass, some beneficiaries will have missed a required distribution. Individuals born before July 1, 1949 will retain an RMD age of 70 1/2.

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Fortune Financial

JULY 28, 2022

Anyone who owns company stock will eventually have to decide how to distribute their assets — typically when there is a job change or retirement involved. When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . Cost Tradeoff.

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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. Table of Contents What Are Estimated Quarterly Taxes?

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MainStreet Financial Planning

MARCH 7, 2023

It is March…that means you have just about 5 weeks left to get organized and submit your tax return. The tax deadline is April 18, 2023 (some taxpayers in disaster areas in California, Georgia and Alabama have an extended deadline). Gathering all your documents is crucial to complete a tax return free of mistakes.

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Mullooly Asset Management

JULY 28, 2022

“If my required minimum distributions are 5% of my account, does that mean my account will be empty in 20 years?” ” In this week’s podcast, Tom and Casey debunk this common misconception by explaining the math behind required minimum distributions.

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Abnormal Returns

FEBRUARY 7, 2024

open.spotify.com) Taxes What happens if you don't file and/or pay your taxes. financialducksinarow.com) Who pays taxes on Social Security benefits? morningstar.com) The upside of a qualified charitable distribution or QCD. (peterlazaroff.com) Morgan Housel on the art of spending money.

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Getting Your Financial Ducks In A Row

APRIL 18, 2022

We discussed the IRA Qualified Charitable Distribution (QCD) option for folks age 70½ or better in other articles. You can always make charitable contributions of any money you wish… the question is, what will such a move do for you tax-wise? Tax on this amount is $4,545 (2022 tax tables). Photo credit: jb.

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Covisum

NOVEMBER 21, 2023

In the dynamic landscape of retirement planning, the article " Managing Taxes in Retirement using the Effective Marginal Tax Rate " published in Advisor Perspectives by Dr. Wade Pfau and Joe Elsasser, CFP(R), provides valuable insights into tax-efficient distribution strategies.

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Carson Wealth

JANUARY 25, 2023

Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.

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Darrow Wealth Management

MAY 6, 2024

If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. If your parent hasn’t yet taken their required minimum distribution (RMD) from retirement accounts for the year, it can go into the estate account. The attorney typically does this.

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Ballast Advisors

NOVEMBER 27, 2023

Here are some things to consider as you weigh potential tax moves between now and the end of the year. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. Doing so may enable you to postpone payment of tax on the income until next year.

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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. Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.

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Harness Wealth

MARCH 5, 2024

Tax advisors, and other tax professionals , offer services from preparing and filing annual tax returns to comprehensive tax strategies that help minimize taxes and preserve wealth over time. In this guide, we’ll explore the average fees of tax advisors in the US for 2024.

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Advisor Perspectives

OCTOBER 1, 2023

When those changes involve tax law, it is extremely important for clients to meet with their financial professional, tax advisor, and legal advisor to discuss any adjustments that may need to be made to their financial, retirement, or estate plan. My guests today are two members of the MassMutual team.

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Carson Wealth

DECEMBER 28, 2022

While everyone has different financial goals and objectives, one smart strategy can be to reap the benefits of tax-advantaged accounts to help mitigate your tax burden, whether for today or down the road. What Are Tax-Advantaged Accounts? . There are two types of tax-advantaged accounts: . Tax-Deferred Accounts .

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Advisor Perspectives

SEPTEMBER 27, 2023

When those changes involve tax law, it is extremely important for clients to meet with their financial professional, tax advisor, and legal advisor to discuss any adjustments that may need to be made to their financial, retirement, or estate plan. My guests today are two members of the MassMutual team.

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MarketWatch

FEBRUARY 15, 2023

TPG’s fourth-quarter after-tax distributable earnings of 59 cents a share beat the Wall Street target of 53 cents a share, according to estimates compiled by FactSet. Fourth-quarter net income attributable to TPG Inc. was $24 million, down from $41 million in the year-ago quarter and $37 million in the third quarter. million.

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Abnormal Returns

FEBRUARY 19, 2024

thinkadvisor.com) How tax treatment differs across states for 529-to-Roth IRA rollovers. advisorperspectives.com) Fidelity Charitable distributed $11.8 (forbes.com) Why older Americans are at-risk of scams. sciencedaily.com) How the pandemic affected life insurance premia. billion in donor-recommended grants in 2023. riaintel.com)

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Carson Wealth

AUGUST 23, 2022

Many investors favor these accounts for their significant tax advantages, which can include tax-deductible contributions. . However, not all retirement plan contributions are tax deductible. Learn how tax advantages vary and when your contributions to retirement savings are tax deductible. .

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Validea

JUNE 1, 2023

In 2022, investors were hit hard by double-digit capital gains distributions in their actively-managed mutual funds as a result of managers reconfiguring portfolios because of market volatility. The post Malkiel: Enhance Index Investing With Tax-Loss Harvesting appeared first on Validea's Guru Investor Blog.

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Validea

MAY 26, 2023

In 2022, investors were hit hard by double-digit capital gains distributions in their actively-managed mutual funds as a result of managers reconfiguring portfolios because of market volatility. The post Malkiel: Enhance Index Investing With Tax-Loss Harvesting appeared first on Validea's Guru Investor Blog.

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Darrow Wealth Management

NOVEMBER 17, 2022

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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Carson Wealth

NOVEMBER 3, 2022

And while the holidays are traditionally a time to reflect on our blessings and help those less fortunate than ourselves, there’s another factor influencing the timing of these donations — and that’s the goal of minimizing a tax bill. Three Tax-Advantaged Donation Strategies to Consider. Create a donor-advised fund (DAF).

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Fortune Financial

JULY 5, 2022

Anyone who owns company stock will eventually have to decide how to distribute those assets when leaving the company or entering retirement. One major thing to consider when doing so is the tax bill that may come along with it. The employer stock is distributed in-kind and is usually moved to a brokerage account. What Is NUA?

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Wealth Management

FEBRUARY 3, 2023

This week, Orion announced they were making it easier for those in need of free financial planning to find help, TIFIN and Morningstar partnered to enhance their AI-powered distribution platform and eMoney responded to recently-passed legislation with tax planning upgrades.

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Nerd's Eye View

JANUARY 31, 2024

This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.

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Integrity Financial Planning

JUNE 16, 2022

Taxes could be one of your biggest expenses in retirement. But once you have an estimate for your tax burden in retirement, you can consider ways to minimize it. The first step towards creating a tax minimization strategy in retirement is looking at how your different sources of income will be taxed.

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Carson Wealth

MARCH 7, 2024

Set Up Another Retirement Account Individual Retirement Accounts (IRAs) may offer tax advantaged savings as well. Contributions are taxed on the way in with these accounts. Most likely you are going to be in a lower tax rate now versus when you are older, which makes it a more tax advantageous way to save.

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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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Mullooly Asset Management

NOVEMBER 8, 2022

In this week’s video, Casey discusses what to expect from capital gains distributions in 2022. Investors hate two things: losing money and paying taxes. Casey speaks to the importance of owning tax inefficient investments in tax-deferred accounts and how it really does matter how […].

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Zoe Financial

MAY 16, 2023

Qualified withdrawals from a 529 plan are tax-free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state tax consequences of plan withdrawals and contributions before you invest in a 529 plan. The federal income tax treatment of these plans is identical.

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Nerd's Eye View

APRIL 19, 2024

Also in industry news this week: The Office of Management and Budget (OMB) has completed its review of the Department of Labor's new "fiduciary rule ", indicating that it could be released in the coming days or weeks (though, like its predecessors, its ultimate disposition is likely to be determined in the courts) The IRS announced this week that it (..)

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Walkner Condon Financial Advisors

MARCH 16, 2023

As we are now within 30 days of the April 18 tax filing deadline (April 15 falls on a weekend and April 17 is a federal holiday), it is important to begin organizing your documents and creating a plan to file your taxes, if you have not done so already. Filing Late One of the most common mistakes is filing your tax return late.

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