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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 taxplanning can lead to significant savings and set you up for financial success in the new year.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Republicans in the House of Representatives this week released their long-awaited taxplan to address the impending sunset of many measures in the 2017 Tax Cuts and Jobs Act.
As a result, when advisors are tasked with (re-)educating clients about the potential consequences of financial decisions, there may be a disconnect between potential risk and what a client actually experiences. a tax bill or refund). So how can advisors help clients understand dangers they haven't personally encountered?
continuing education) and often held a space for the vendors who served those advisors, with organizations like the Financial Planning Association convening the largest conferences for financial advisors.
As December unfolds, it’s easy to overlook year-end taxplanning 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.
Knowledge and Personalized Planning Financial advisors can bring a wealth of knowledge from extensive education and experience, helping enable them to craft tailored strategies that align with your unique financial goals. 1 But working with a financial advisor has many additional benefits that can go beyond returns.
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 taxplanning 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.
Interest rates remain a significant factor in financial planning, affecting everything from mortgage rates to investment returns. The Foundation: Emergency Funds and Debt Management The cornerstone of any solid financial plan is having a robust emergency fund. This can significantly impact your retirement savings trajectory.
Items costing less than $2,500 can typically be expensed immediately, while more substantial investments may require depreciation over time according to IRS guidelines. This option is particularly valuable for businesses seeking to minimize current-year tax liability while investing in growth-oriented assets.
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.” Why do tax credits exist?
While you are busy earning, investing, and scaling your income, it is easy to overlook the importance of protecting what you have already built. With the right high-net-worth investing strategies, you can keep your wealth intact without turning your life upside down. Making sure it lasts, not just your lifetime but also after you.
David is a frequent lecturer at professional education seminars. Lothes focuses on estate planning for high net worth individuals including estate, gift and generation-skipping transfer taxplanning, will and trust preparation, estate and trust administration, and charitable giving. located in Wellesley, Massachusetts.
Explore how to reach potential clients by using educational content and CRM systems. Running focused social media campaigns that highlight their services and share their skills in areas like taxplanning or retirement planning. Registered Investment Advisers (RIAs) have to follow several SEC rules.
The hours spent managing administrative tasks , following up on missing paperwork, and ensuring compliance take away from time that could be spent on higher-value taxplanning services. From a business perspective, automation enables tax firms to grow without adding more staff.
Engage in tax-loss harvesting Tax-loss harvesting is a strategy that helps investors reduce their taxable income by leveraging losses in their investment portfolios. Tax-loss harvesting works by selling investments that have declined in value to offset gains from other investments or, in some cases, ordinary income.
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Think of it as the tax system’s way of protecting your purchasing power. Smart Ways to Grow Your Investments Here’s some welcome news for investorsthe tax benefits for long-term investments continue in 2025. tax that could apply to those gains.
Despite social media claims suggesting its illegal or akin to tax evasion, hiring your children offers distinct financial and educational benefits, assuming you adhere to labor laws and tax regulations. Harness Wealth Advisers LLC is a paid promoter, internet registered investment adviser.
The platform itself does not offer financial advice Scenario-Based Guide: Hypothetical Investor Examples – Scenario 1: Linda, 68 — Planning for RMDs and Legacy Background : Linda holds a significant Traditional IRA and is approaching required minimum distributions (RMDs). Do I have a clear plan for RMDs and potential Roth conversions?
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. On the whole, its advisable to consult a tax adviso r to develop a dependable taxplan.
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? Financial Goals: These include saving for retirement, managing money, and paying for education. Also, educational content builds trust.
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Essentially, the cost basis is adjusted to a new value, and your inheritors don’t have to pay capital gains tax on any growth that occurred prior to death.
Nearly eight years ago, Catherine Tillery pivoted into taxplanning and entrusted her second act to us. She expanded our tax services, mentored new planners, and modeled steady expertise, grace, and support to our clients. This summer, two interns are moving forward with us: Avery Wade joins us as a TaxPlanning Associate.
An endowment is a portfolio of assets that is invested to provide support for a cause. Theyre established to benefit charitable organizations, including educational or cultural institutions, community organizations, service organizations such as hospitals, and other nonprofits. What Is an Endowment?
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The tax rate will depend on several factors, such as your holding period, type of asset, and your taxable income for the year. Depending on your income, it’s possible to sell a long-term investment and ‘pay’ tax at a 0% rate. Medicare surtax or federal net investment income (NII) tax.
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You create valuable, educational content that addresses your ideal clients key questions and concerns. Why This Works So Well Once your content ecosystem is in place, the benefits compound quickly: Educated Prospects = Easier Conversations Your content has already answered their basic questions. Theyre asking, How can we get started?
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.
But for those interested in charitable giving, there may be a way to address the tax concerns associated with highly appreciated assets and give meaningfully over time. The amount you (or another beneficiary) receive from a CRAT remains consistent, regardless of how the trusts investments perform.
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.
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B David is a frequent lecturer at professional education seminars. Lothes is a partner at Gilmore, Rees & Carlson, P.C., located in Wellesley, Massachusetts.
Vermont offers various tax credits such as the Earned Income Tax Credit and credits for property taxes paid. Deductions may include those for medical expenses, charitable contributions, and education costs. Carefully review the eligibility criteria for each deduction and credit to maximize your tax benefits.
Financial planning and taxplanning go hand in hand. Including taxplanning as part of your service provides clients a comprehensive view of their finances and helps them achieve their financial goals. Start with Document Sharing The first step is to ask your clients to share their tax documents with you.
Going beyond FPA’s existing PlannerSearch tool, the narrowed-down list is meant to help consumers identify a focused subset of the most reputable planners.
As we begin our countdown to 2024, it is a great time to ensure your year-end taxplan is in place. Taxplanning is a vital component of meeting your overall financial goals. Our team of professionals is here to assist with your financial and taxplanning needs. You can access the webinar recording here.
What are appropriate checklists for year-end taxplanning? 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 taxplanning. Financial investments.
Help her focus on immediate needs, pay bills, monitor cash flow and review her investment portfolio. This is the time to do comprehensive financial planning: retirement planning, investmentplanning, taxplanning and estate planning. Transformation is where she experiences new beginnings.
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.
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.
The post Part 2: Tax-Wise Investment Techniques appeared first on Yardley Wealth Management, LLC. Part 2: Tax-Wise Investment Techniques In our last piece, we introduced some of the tools of the tax-planning trade. In other words, your tax-planning techniques matter at least as much as the tools.
The post Part 2: Tax-Wise Investment Techniques appeared first on Yardley Wealth Management, LLC. Part 2: Tax-Wise Investment Techniques. In our last piece, we introduced some of the tools of the tax-planning trade. In other words, your tax-planning techniques matter at least as much as the tools.
The truth is, saving for your retirement and your child’s education at the same time can be a challenge. This example is for illustrative purposes only and does not represent a specific investment. Investment returns will fluctuate and cannot be guaranteed.). Note that no investment strategy can guarantee success.
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