Harness Wealth

APRIL 30, 2025

This article will explore how to navigate complex tax situations arising from multiple income sources, examining various income types, reporting requirements, self-employment obligations, and strategic approaches to record-keeping and tax planning that can help protect your financial interests.

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Taxes Tax Planning Compliance Planning 52

Harness Wealth

APRIL 30, 2025

Employee Stock Ownership Plans (ESOPs) An ESOP allows owners to gradually sell their shares to employees through a qualified retirement plan. This can be an effective way to preserve company culture, reward loyal staff, and capitalize on significant tax benefits.

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Taxes Planning Tax Planning Sales 52

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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Startup Taxes Tax Planning Transportation 52

Harness Wealth

JANUARY 29, 2025

In this article, well examine the most effective end-of-year tax strategies to help maximize your deductions and reduce your taxable income. These contributions not only provide immediate tax relief but help secure longer-term financial stability during retirement. Available to taxpayers aged 70.5

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Harness Wealth

APRIL 30, 2025

They receive copies of W-2s from employers, 1099s from clients, and other income-reporting documents. To avoid scrutiny, maintain detailed logs of business-related expenses , making sure that all deductions are directly related to business activities and are supported by proper documentation, such as receipts and itineraries.

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Harness Wealth

JANUARY 9, 2025

Backdoor strategies are retirement contribution methods that allow individuals to bypass income limits and contribute to tax-advantaged retirement accounts. The strategies typically involve making after-tax contributions to a traditional IRA or 401(k), then converting those funds into a Roth IRA or Roth 401(k).

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Taxes Planning Retirement Retirement Planning 52

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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FMG

JUNE 17, 2025

Document Request Follow-up “Hi [Client Name], just checking in on those documents we discussed. Event Invitation Follow-up “Hi [Client Name], thanks for your interest in our retirement planning workshop. Text me with any questions – I typically respond within 30 minutes during business hours.”

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Harness Wealth

APRIL 16, 2025

Roth IRA conversions present a significant challenge for retirement planners: pay taxes now or later? Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. One of the Roth IRA’s most compelling features?

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Taxes Retirement Retirement Planning Distribution 52

Harness Wealth

MARCH 6, 2025

This contract serves as documentation for the IRS, substantiating your self-employment. A good rule of thumb is to set aside at least 30% of every payment you receive to cover your estimated tax obligationshowever, this percentage may need to be adjusted based on your individual tax bracket.

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Taxes Consulting Professional Services Tax Planning 52

Harness Wealth

JULY 14, 2025

If the total positive UBTI across all applicable investments in a retirement account equals $1,000 or more, the tax-exempt entity is required to file Form 990-T and pay tax on the UBTI. This is an important consideration for high-income individuals using tax-advantaged retirement accounts for alternative investments.

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Darrow Wealth Management

NOVEMBER 11, 2024

Although any investor with earned income can make a non-deductible contribution to an IRA (up to $7,000 in 2024-2025 if under age 50) and still take advantage of tax-deferred growth, it still may not be advisable. Many people end up paying taxes twice. The IRS doesn’t track your after-tax basis, even when you file the right tax forms.

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Nerd's Eye View

DECEMBER 30, 2024

And as 2024 draws to a close, we wanted to highlight 24 of the most popular and insightful articles that were featured throughout the year (that you might have missed!).

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Harness Wealth

APRIL 17, 2025

ISO taxation explained The tax treatment of ISOs begins with their grant, which triggers no immediate regular income tax obligation. 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.

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Taxes Tax Planning Planning Sales 52

Harness Wealth

FEBRUARY 4, 2025

These costs are typically outlined in the fund’s Private Placement Memorandum (PPM) or offering documents. Tax Complexity: Many alternative investments issue Schedule K-1s instead of Form 1099, meaning investors may face additional tax reporting requirements, potential delays in tax filings, and increased preparation costs.

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Taxes Investing Investments Startup 52

Harness Wealth

MARCH 20, 2025

Home office space deductions Business equipment deductions Travel expense deductions Vehicle mileage deductions Business meal deductions License fee deductions Health insurance deductions Retirement contribution deductions How do I claim home office tax deductions? How Harness can help FAQs Am I eligible for home office tax deductions?

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Harness Wealth

JANUARY 28, 2025

In this guide, we’ll explore the key tax changes in effect for 2025, how theyll influence your filing status, retirement savings, investment, and estate planningand offer strategic advice to help high-income and high-net-worth individuals prepare more effectively for upcoming coming tax changes.

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Taxes Planning Retirement Accounting 52

Discipline Funds

DECEMBER 29, 2024

Once youve got your shorter-term expenses calculated you can begin to focus on more long-term goals like retirement and unknowns. These should be more aggressive allocations that adhere to a long-term plan across a multi-year and multi-decade time period. Retirement Planning Review your retirement goals and objectives.

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Carson Wealth

FEBRUARY 27, 2025

Like gardening or working out, tax planning is one of those activities where you get out what you put in. Tax planning is similar in the sense that you can put work in on the front end that youll reap benefits from later. Many of us just do tax preparation, dropping off a shoebox of documents with a CPA for the weekend.

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Taxes Tax Planning Distribution Planning 105

WiserAdvisor

JULY 1, 2025

Below are the essential steps to creating an effective and exhaustive estate plan: Step 1: Define your estate planning goals The foundation of any estate plan lies in understanding what you want it to achieve. Start by asking: What do I want my estate plan to accomplish? Start with your assets.

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Nerd's Eye View

OCTOBER 7, 2024

This month's edition kicks off with the news that digital estate planning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)

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Carson Wealth

JULY 3, 2024

Develop a risk management plan to implement strategies that minimize or eliminate risks, and protect your business with appropriate insurance coverage, such as liability, property and business interruption insurance. Get Help with Tax Planning Tax planning is a critical component of financial management.

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Million Dollar Round Table (MDRT)

JULY 21, 2022

This is the time to do comprehensive financial planning: retirement planning, investment planning, tax planning and estate planning. You can help her make those large purchases and housing decisions that she put off during the grief stage.

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Charitable Planning Estate Planning Retirement Planning Tax Planning 96

Fortune Financial

APRIL 11, 2024

The reality for those with various employers is that untracked retirement savings might lead to missed financial growth opportunities and instability. Diligent oversight and management of these retirement accounts is essential for anyone aiming to build a solid financial foundation for a comfortable and secure retirement.

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MazumaBusinessAccounting

JULY 15, 2021

Strategizing around how to pay yourself, your taxes, and other expenses. While there is a lot we could cover on the topic of business planning, for today we are going to focus on 3 important financial elements. Tax Planning. Calculating tax rates can be tricky for small business owners. Plan for Retirement.

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Harness Wealth

FEBRUARY 13, 2023

Whether you’re planning for an upcoming liquidity event , such as an IPO, or you’re interested in bringing more sophistication to your overall tax strategy, Harness Tax offers a range of services to meet your needs. We’ll provide a shortlist of tax experts who specialize in your profile and needs. How does it work?

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Clever Girl Finance

MARCH 19, 2024

No one cares more about your financial well-being than you, so having a personal financial plan is important. Knowing how to make a financial plan will allow you to save money, afford the things you want, and achieve long-term goals like saving for college and retirement. Table of contents What is a financial plan?

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Harness Wealth

OCTOBER 24, 2024

This article covers a comprehensive list of the most common forms, documents, and information needed to file taxes. If you need a cheat sheet, download our 1-page tax prep checklist. To plan your tax timeline, see our article, 2025 Tax Deadline Information for Individual Filers.

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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. This means the corporation files its own tax return and pays taxes on its profits at the corporate tax rate.

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Taxes Tax Planning Compliance Planning 52

Darrow Wealth Management

AUGUST 28, 2023

With many sellers relying on the sale to fund their retirement and lifelong financial goals, getting it right from the start is critical. It’s not uncommon for business owners to assume they’ll never retire at some point during their life. On the bright side, you only need to get through it once.

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Darrow Wealth Management

JANUARY 9, 2023

Here are the top five Roth-related retirement changes following the passing of Secure Act 2.0. 529 plan to Roth IRA rollovers. Then, employers need to update plan documents, so again, it may take time to truly be in effect. Planning for change. is just another massive change in tax law in the last few years.

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Accounting Taxes Tax Planning Distribution 59

Harness Wealth

MAY 13, 2025

The process begins with gathering all necessary documents, selecting the correct form, calculating deductions and credits, and finally submitting the return either online or by mail. Having these documents organized before beginning your tax return will save time and reduce errors. Both are valuable tools in tax planning.

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Harness Wealth

MAY 19, 2025

It is important to use the most current version of the forms, as tax laws and form requirements can change annually. Checking the Minnesota Department of Revenue website before filing is recommended to ensure you have the latest documents. Familiarity with these can help taxpayers maximize their refunds or minimize taxes owed.

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Harness Wealth

MAY 17, 2025

Step-By-Step Guide to Filing Filing Delaware taxes involves several key steps, from gathering documents to submitting the completed return. Each step requires attention to detail and an understanding of Delawares tax rules. Having these documents organized will facilitate accurate reporting.

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Cordant Wealth Partners

AUGUST 16, 2024

Other pay : Certain employees can be eligible for “pay in lieu of redeployment” (9 weeks) and an “additional separation bonus” (8 weeks) It’s important to note that severance payouts are taxed as ordinary income in the year of payout. Tax planning for a transition out of Intel is critical.

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Fortune Financial

JUNE 2, 2023

Unlocking the Power of Net Unrealized Appreciation (NUA) Many workers receive company stock as part of their compensation package or can take advantage of a company 401(k) plan, choosing from a menu of mutual funds, exchange-traded funds and company stock for their investments. What is Net Unrealized Appreciation?

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Retirement Planning Distribution Retirement Taxes 52

Harness Wealth

MAY 18, 2025

The Ohio Department of Taxations official website is the primary source for downloading the latest versions of all state tax forms. This ensures you have access to the most current and accurate documents for your filing year. Having these documents organized before you start will save time and reduce stress.

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