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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
In recent years, financial advisors have increasingly embraced tax planning as a core element of delivering value to clients. But as the profession has evolved toward more holistic planning, tax considerations have likewise expanded into more areas of advice, including Roth conversions, charitable strategies, and small business structuring.
For many small tax firms, the process of collecting client taxdocuments can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work.
Tax deductions can save you thousands annually by reducing your taxable income through legitimate business expenses. Understanding these deductions is more critical than ever as tax laws evolve, presenting new opportunities for savings. Understanding this distinction is crucial for maximizing your tax benefits effectively.
The IRS updates for 2025 are more than routine adjustments—they mark a turning point for tax professionals navigating an increasingly complex regulatory environment. With major shifts in tax brackets, standard deductions, and digital asset reporting, firms will need to rethink how they serve clients across income levels and asset classes.
Tax season can be overwhelming, but understanding how to leverage deductions and credits can significantly impact your bottom line. While both mechanisms help reduce what you owe, they operate in fundamentally different ways that affect your final tax bill. And tax law is not static. of your AGI. of your AGI.
The potential to eliminate up to $10 million in federal capital gains tax per shareholder isn’t just a tax perk; it’s a meaningful wealth planning lever that can reshape outcomes for you and your family. But capturing the full QSBS tax benefit requires more than meeting the basic qualifications.
These less intense periods are important windows that allow your tax firm to evaluate its performance and efficiency, and implement improvements that will not only prepare you better for next year’s peak seasons but pave the way for wider growth in general. Importantly, OCR isn’t a technology that will replace your team members.
For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Review Your Estate Planning Documents Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. If you notice any errors, you can easily request a correction online.
Anthony Venette , Manager, Valuation Services , Withum July 30, 2025 5 Min Read The passage of recent tax legislation has brought welcome clarity to estate planners and private investors alike. However, due to the inclusion of the direct interest, it may use up more of a partner’s gift/estate tax exemption than desired.
As is traditional, the 2025 IRS tax filing deadline is April 15th. In this guide, well explore the 2025 tax extension process, the reasons for requesting an extension, and how a tax advisor from Harness can help you. Table of Contents What is a tax extension? Why do I need a tax extension? This is not the case.
These alternative investments can offer distinct advantages in the shape of portfolio diversification and the potential for higher returns, but they can come with equally distinct tax complications that need to be carefully planned for. What are the key tax strategies for alternative investments in 2025?
What's unique about Seth, though, is how he has created what he calls an "input deliverable" that allows him to demonstrate value more tangibly to his ideal prospects by helping them solve a key tax planning pain point… but without the time-consuming busywork of having to create a separate output for each individual client household.
Freelancers and contractors may enjoy greater flexibility and independence than full-time employees, however, this autonomy brings increased tax responsibility. Unlike W-2 employees, freelancers and independent contractors are responsible for managing their own tax obligations, which can be a complex process.
Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.
When you are preparing for retirement, you should keep in mind both financial strategies and what tax benefits you may gain. Older citizens can get helpful guidance from the Income Tax Department’s special brochure for retirement taxation matters. Key Tax Advantages for Retirees 1.
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. What is an RSU?
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B Resonant Capital Merges with Tax, Accounting Firm QBCo Brennan’s experience is indicative of many young advisors working in the RIA space. Another is working with clients across adjacent areas, including estate planning and tax strategies. Related: $2.2B
Managing multi-state tax clients is no longer a niche issue—it’s a defining challenge of modern tax practice. As businesses expand across borders and remote work redefines physical presence, tax professionals are expected to navigate a patchwork of state rules that rarely align.
The tax deadline is next month, and if youre like most Americans, you are still preparing to file. Standard and Itemized Deduction for filing 2024 Taxes For the 2024 tax year, the standard deduction increased to $29,200 for married filing jointly, $14,600 for single filers and married filing separately, and $21,900 for heads of household.
Tax season can feel overwhelming, whether you’re filing for the first time or you’ve been doing it for years. Should you tackle your taxes on your own, or is it time to bring in a professional? Lets explore the pros and cons of DIY tax preparation and when seeking expert help might be the right move.
If youve been confused when filing your taxes when its time to handle your backdoor Roth contribution, youre not alone. The tricky form 8606 can cause headaches and frustration when preparing your taxes. This method allows individuals whose income exceeds the Roth IRA contribution limits to still take advantage of its tax benefits.
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end tax planning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today. Starting at $2,500.
The Internal Revenue Service is ushering in a new era of tax enforcement. Beyond merely catching tax evaders, the initiative aims to create a more efficient, data-driven approach to ensuring tax compliance across all economic sectors. The landscape is shifting, but with change comes opportunity. The result?
April 15 marks the IRS tax return filing deadline for 2025. Although this is the traditional tax filing deadline, given the spate of recent natural disasters (such as the California wildfires and Hurricane Milton), the IRS is granting certain filing and payment extensions beyond this date.
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.
As dynamic as the secondary market may be, secondaries come with complex tax implications that can significantly impact returns if not properly managed. What are the tax implications of secondary transactions? What are the tax challenges in secondary transactions? What tax strategies optimize secondary investments?
AI’s ability to enhance efficiency, accuracy, and productivity is providing tax firms with a remarkably cost-effective way to improve their operations and drive growth. While tax return preparation is an obvious area (which we’ll discuss later), firms should also look at tasks such as client communication and document management.
In this article, well examine the nature of IRS audits, the common audit red flags that result in IRS scrutiny, and how professional tax advisors can help reduce the risk of you being audited. An IRS audit is a formal review of your financial records to verify their accuracy and compliance with tax laws.
The tax environment that surrounds startup share transactions, however, is a notoriously complex one. Trading startup shares presents far more challenges than dealing in publicly traded stocks, as a historic lack of clarity can leave many investors feeling unsure of their tax position. Table of Contents What are startup shares?
These events may affect your investment approach, tax planning strategies, insurance needs, and estate planning documents. Even in the absence of major changes, setting aside time each year to review your financial documents and revisit your overall strategy can be beneficial.
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. Get it right, and you will have set yourself up for a smooth transition and maximized returns.
.” – Mary Oliver Tax Tip… Did You Know That You Have the Right to Challenge the IRS? This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. The information in this material is not intended as tax or legal advice.
However, as appealing as these forms of compensation may be, they can result in sizable and unexpected tax bills. Along with the 83(b) election, there is a less well-known provisionthe 83(i) election that offers other tax advantages to certain types of employees. Table of Contents What is an 83(i) election?
Document Management: Microsoft SharePoint SharePoint is the reason we’re in the whole Microsoft ecosystem. Copilot can very easily look across all of our Teams meetings, all of our SharePoint documents, our emails, etc. But again, we’ll continue to support both because of that client experience transition challenge.
And also, you know, there are really nice tax planning mechanisms that people can use to help them achieve, achieve those things as well. It shouldn’t be just something you think about when you’re at your estate attorney and you’re signing a document and that’s the last you see of it. Exactly that.
When considering the various business structures available, understanding the tax implications is crucial for making informed decisions. A Limited Partnership (LP) offers a unique blend of operational flexibility and liability protection, but its tax treatment can be complex. Table of Contents What Is a Limited Partnership (LP)?
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). Complex setup process.
Prepare Your Estate Planning Documents People have a laundry list of reasons to avoid estate planning. In fact, in the wake of the pandemic, many are re-evaluating their documents to ensure everything’s up to date. Let’s look at some key estate planning documents: Will A will outlines your wishes for your estate.
The rise of remote work and digital nomadism has made FEIE a common tax minimization strategy for Americans living abroad. What is the Foreign Tax Credit (FTC)? Financial and lifestyle considerations of living abroad The importance of professional tax advice for expats FAQs about the FEIE What is the Foreign Earned Income Exclusion?
In this guide, we’ll shed some light on what private equity is, how to invest in it, and how platforms like Harness can help you manage the often complex tax considerations that come with it. Irrespective of the PE avenue you choose to pursue, central to all successful private equity investments is efficient tax management.
Understanding how assets will be distributed, navigating tax implications, and aligning these decisions with your personal goals can feel overwhelming. By uploading estate documents, we can generate a visual flow of how assets are structured and intended to transfer, allowing our clients to clearly see how their plans align with their goals.
These tax-advantaged funds provide capital to small and midsized U.S. Tax efficiency: Like real estate investment trusts (REITs), most BDCs avoid entity-level taxation by distributing at least 90% of their taxable income to shareholders, resulting in pass-through treatment. However, distributions are generally taxed as ordinary income.
An acquisition has the potential to impact your tax liability, timing, and liquidity—but it all depends on the terms of the acquisition and how your new employer chooses to handle your existing shares. Common Types of Acquisitions The way an acquisition is structured can significantly impact your equity compensation and tax liability.
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