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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.
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. Find your next tax advisor at Harness today. Starting at $2,500.
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.
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.
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.
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?
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.
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.
Tax advice is a common topic on social media platforms like TikTok. Influencers promise easy ways to secure tax deductions, simplifying complex ideas into bite-sized claims that gloss over important details in the process. Can Hiring Your Children Help You Save on Taxes? Can You Claim Your Pet as a Tax Write-Off?
For many small tax firms, the process of collecting client tax documents 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.
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.
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.
Every year brings changes in tax rules, and 2025 is no exception. Whether you are saving for retirement, running a business, or planning for your family’s future, these updates could affect your financial decisions throughout the year. For married couples, this means more of your income will be taxed at lower rates.
Taxplanning 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.
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.
If your employer offers a Roth 401(k) option, evaluate whether splitting your contributions between traditional and Roth accounts might benefit your long-term tax strategy. Tax Efficiency: A Often Overlooked Opportunity One area where I see clients consistently leaving money on the table is taxplanning.
These accounts typically offer stronger privacy protections as well as favorable tax regimes that can enhance your wealth preservation strategy. exposes you to localized risks that can come from changing political regimes, new tax laws, economic downturns, inflationary periods, and more. However, it is important to use them ethically.
He is a member of the Tax Management Estates, Gifts and Trusts Advisory Board, and an Editorial Advisory Board Member of Trusts & Estates Magazine for which he currently writes the monthly "Tax Update" column. David is a co-author of a book on estate planning, Drafting the Estate Plan: Law and Forms.
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. These clients usually have their own financial goals and unique investment needs.
Rising incomes, complex tax rules, countless investment options, and growing aspirations have made personal finance decisions more challenging than ever. Here’s the pathway under the current education structure: Investment Planning Specialist – Focuses on asset classes, portfolio strategies, and wealth accumulation.
Tax season is approaching, which means many people will be exploring the use of tax software to prepare and submit their tax returns themselves. While tax software certainly offers benefits, particularly when it comes to cost, the decision to use it isn’t nearly as straightforward as it may seem.
Getting Started: What First-Time Planners Should Know Even for seasoned investors, key decisions around taxes, estate structure, and long-term income planning can carry significant implications. She wants to minimize taxes while aligning her legacy with charitable values.
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.
One of the most important aspects of developing a thorough estate plan is taxplanning, as this has the potential to diminish the impact of your gifts and your loved ones’ inheritances. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estate taxes).
Financial Goals: These include saving for retirement, managing money, and paying for education. Pain Points: These are issues like market ups and downs, tax problems, and money planning being hard. TaxPlanning: Help clients learn smart tax strategies. Also, educational content builds trust.
Theyre established to benefit charitable organizations, including educational or cultural institutions, community organizations, service organizations such as hospitals, and other nonprofits. Donations to endowment funds are tax-deductible, giving them a place in your overall financial management and taxplan.
What is a capital gains tax? 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. What is a capital gains tax?
Stronger CTA Options That Actually Work Before someone is ready to meet with you, they might be more open to saying yes to something smaller, like a downloadable guide , webinar registration, or educational resource. How can I improve the call to action on my financial advisor website?
A financial professional can handle the day-to-day tasks of financial management, such as investment research, portfolio rebalancing, and taxplanning, allowing you to enjoy greater efficiency and peace of mind. Comprehensive Financial Planning: Financial planning is a holistic process.
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. That said, U.S.
Selling stock outright, however, can incur a sizable tax billmaking it difficult to balance concentration risk with long-term portfolio preservation. 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.
Key Takeaways: Net Unrealized Appreciation (NUA) is the difference between the cost basis of employer securities in a retirement plan and their market value at the time of distribution. NUA is not taxed as ordinary income at the time of distribution, which can offer significant tax advantages. What are the rules governing NUA?
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B 2025-47 (May 19, 2025), the Tax Court examined two distributions from a decedent’s revocable trust to determine whether they qualified for the marital deduction. Handler, Alison E. The court determined that one distribution qualified, while the other didn’t. Spizzirri v.
Filing taxes in Vermont requires a clear understanding of the specific tax forms and regulations that apply within the state. Vermont, abbreviated as VT, has its own set of tax forms designed to address the unique tax laws and requirements for residents and non-residents alike.
Beyond insurance, advisors and their clients can also consider options such as the use of corporate entities such as Limited Liability Companies (LLCs) for business interests, and estate taxplanning tools such as Spousal Lifetime Access Trusts (SLATs) that can offer both estate planning and asset protection benefits for married couples.
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.
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. Employee matters.
Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Determine if you can file jointly. 1] Consider your deductions and credits.
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.
While these can be avoided, there is another cash outflow that can considerably lower your savings and returns and is also hard to avoid – tax. Taxplanning is essential. Tax is charged on every penny you earn. Tax evasion is a crime, and missing tax payments can lead to legal hassles that can be hard to get out of.
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