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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplan 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 (..)
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
Also in industry news this week: According to a recent survey, 40% of financial advisory clients would switch to an advisor who offers estateplanning services, with help with specific tasks like beneficiary designations or tax strategies as the most sought-after service among respondents RIA M&A activity set a first-quarter record to start the (..)
Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
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.
In this episode, we talk in-depth about how Jon evolved his "high tech and high touch" mindset to serving clients by regularly iterating upon and updating his advisor tech stack while also elevating his long-time client service administrator into a more holistic client concierge (because the future isn't about tech or human service, it's tech and human (..)
This month's edition kicks off with the news that VRGL (pronounced “Virgil”) has raised a $15M Series A round to scale up its tool that can scan investment account statements and automatically extract the available information about their holdings to analyze the prospect’s performance, risk, diversification, fees, and taxes, with (..)
The post Tax Strategies for High-Income Earners 2025 appeared first on Yardley Wealth Management, LLC. Tax Strategies for High-Income Earners in 2025. In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations.
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.
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.
Charitable Contributions: Donating appreciated stock to charity while reducing capital gains tax. But if you’re looking to reduce capital gains tax, this strategy won’t help. or putting shares in trust to maintain some control while removing the value from your estate.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
Start saving early by contributing to tax-advantaged accounts like 529 Plans or Coverdell Education Savings Accounts (ESAs). These accounts come with tax benefits that can alleviate future financial pressures when it’s time for your child to attend college. Contact us for more information.
They consider your current financial situation, risk tolerance, and future objectives to help develop a comprehensive plan. This personalized approach can help you make financial decisions that are well-informed and strategically sound. link] Mike Gruidel is a non-producing affiliate of Cetera Advisor Networks, LLC.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? To start the conversation with clients preparing to transfer wealth, you can simply say: “Tell me about who in the family was involved in the development of your estateplan.”
The answer largely depends on your financial situation, but understanding the value these professionals bring can help you make an informed decision. Tax Optimization When it comes to tax strategy, talking to a financial planner can be worth it for the potential savings alone.
EstatesEstatePlanning in this Economic Climate Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. If you are in the middle of estateplanning , consider the following strategies to develop a sound plan amidst widespread economic challenges. . Create a Trust . Charitable Remainder Unitrust .
Provisions of the SECURE Act may require advisors to revisit estateplans for clients who aren't utilizing their RMDs or who have qualified assets intended for the next generation. Some clients may benefit from strategies for using life insurance to maximize the value of qualified assets while minimizing their tax burden.
Plan Your Tax Strategy Work with a financial advisor to optimize your tax situation. This could include leveraging tax-advantaged accounts, maximizing deductions, or planning for capital gains. Update Your EstatePlan Help ensure your legacy is protected by maintaining an up-to-date estateplan.
The Imperative of EstatePlanning: Not Just for the Affluent Often, there’s a prevailing misconception that estateplanning is a luxury reserved for the wealthy elite. Real estateplanning is a crucial undertaking that every adult and family should prioritize.
Published: March 21st, 2025 Reading Time: 6 minutes Written by: The Zoe Team Managing wealth involves more than just investingit requires careful planning, strategic decision-making, and a long-term vision. Tax Considerations : Identifying strategies to optimize your tax situation. Optimizing tax-efficient retirement income.
Only 26% of Americans have an estateplan. If you’re thinking, “But my clients are high-net-worth…many more have an estateplan.” These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions.
That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. One consideration this year is that we’re two years from the expiration of the Tax Cuts and Jobs Act of 2017 (TJCA). AGI impacts multiple other tax considerations.
At any given moment, people are working towards multiple goals like saving for retirement, managing taxes, buying a home, protecting their family through insurance, or planning for healthcare needs. For example, a clients investment choices should align closely with their tax strategy, too.
While a financial plan focuses on managing your finances during your lifetime, an estateplan is essential for determining the fate of your assets after you pass away. Estateplanning involves the transfer of your assets to your heirs in the event of your passing.
If you’re working with a CPA for your taxes or have an estateplanning attorney, consider asking them for a recommendation also. But before moving forward with a fiduciary investment advisor, consider looking them up for background information, disciplinary actions, etc.
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?
A financial advisor can help you estimate your life expectancy and use this information to design a portfolio that provides sufficient income for your lifetime. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income. Taxplanning is not solely about federal taxes.
The Symposium is an event for professionals dedicated to philanthropy, estateplanning, and charitable giving. Shell explore how a comprehensive financial plan can serve as a roadmap for giving, helping clients make thoughtful decisions that support both personal and philanthropic priorities. The event is held from 8:00 a.m.
Positioning Philanthropy as a Cornerstone of Legacy There are many reasons for giving during your lifetime, including supporting causes you care about, making a positive impact on the world, and accessing certain tax advantages. There are overall limits on charitable donation tax deductions, however.
Many times, someone claiming to be from a well-known tech company may tell the individual that there is a problem with their computer or device and offer to fix it for a fee, take out crucial information in the process, and use it against the older adult. can take advantage of a situation and misuse the client’s estate.
A deep discussion of these strategies is outside the scope of this overview, and because every situation is so different, be sure to discuss your situation with your tax and financial advisor. Taxes should always be a component of any investment decision — but not the main driver.
In this guide, we explore the four main types of tax professionals and the benefits of working with a tax advisor to help navigate challenging tax scenarios. We’ll dive into what a tax advisor does, and help you make an informed decision about which type of tax professional is right for you.
Your business advisory team may consist of: a business broker or M&A advisor, accounting and tax advisors, and transaction/M&A attorney. On the personal side, your financial advisor , estateplanning attorney, and CPA/tax advisor should be involved throughout the process.
Bill Keen, Matt Wilson, and I discuss: How Bill’s experiences at big brokerage firms informed his vision for Keen Wealth. And then pivoting over into, ‘Who does your taxes? Do you have an estateplan? Maintaining a consistent client experience while growing. What’s their life look like?
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. Take an inventory of how your practice spends time Reflect on how your own tax practice spends the bulk of its time.
Melissa Rodriguez June 11, 2025 5 Min Read As the most significant intergenerational wealth transfer in the history of the United States unfolds, women, particularly widows, are increasingly at the forefront of estate management and disputes.
“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
When it comes to taxes on equity compensation, there’s a lot to navigate. From Restricted Stock Units (RSUs) to Incentive Stock Options (ISOs), and everything in between, everyone’s situation is unique, and it can be hard to find relevant, personalized information. No Yes Yes Why should I choose this?
I could also be fairly sure that Tammy is a licensed insurance agent and that she has access to sophisticated software tools and may or may not engage in financial planning. I would need more information before being able to discern if Tammy is a fiduciary and as such, would be required to act in her client’s best interest. .
Strategic giving involves making informed and often fewer, larger investments over time to create a greater impact in your chosen arenas. You find yourself looking for more information about them and dreaming about how to help. You dont have to stop rounding up at the cash register but dont think of that as your philanthropic plan.
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