XY Planning Network

FEBRUARY 6, 2023

MIN READ Admit it: Do you have a shoebox full of “important” papers that you *think* might be needed for your taxes? Preparing” for tax preparation can be daunting. This helps your tax professional get your taxes filed correctly, prepares you in the event there are any questions on your return, and allows for efficient tax planning.

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Carson Wealth

DECEMBER 28, 2022

While everyone has different financial goals and objectives, one smart strategy can be to reap the benefits of tax-advantaged accounts to help mitigate your tax burden, whether for today or down the road. What Are Tax-Advantaged Accounts? . There are two types of tax-advantaged accounts: . Tax-Deferred Accounts .

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Harness Wealth

FEBRUARY 20, 2024

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.

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Advisor Perspectives

MARCH 29, 2023

Charitable planning is an important topic to discuss with your clients, especially if they’re facing extraordinary taxable events this year. You can add value to your clients by sharing these tax-smart giving strategies for 2023.

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Harness Wealth

FEBRUARY 26, 2023

Cost-saving tax planning can be much more difficult to implement after your company is well-established and has reached the stage where an IPO, merger, or acquisition becomes a likely event. The first three options are pass-through entities, so profits and losses are distributed to the owners who are taxed on them.

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Fortune Financial

JULY 28, 2022

When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . Distributions only qualify for NUA treatment if completed after the triggering event (separation from service, reaching retirement, death or disability). Cost Tradeoff.

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Harness Wealth

MARCH 31, 2023

The Igloo Company Pudgy Penguin #7625 – source: sothebys.com As non-fungible tokens (NFTs) have gained mainstream popularity, it’s essential to understand the tax implications associated with these crypto assets. Table of contents Introduction to NFTs How are NFTs taxed Taxes when buying NFTs Can NFTs be taxed as collectibles?

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Harness Wealth

MARCH 17, 2023

If you’d like to learn more about DeFi taxes as it relates to your personal situation, contact a Harness Tax Advisor today. Overview of DeFi Use-Cases and Their Tax Implications Before diving into specific tax implications, it is essential to understand the various DeFi use cases and their potential tax consequences.

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Harness Wealth

FEBRUARY 13, 2023

When it comes to taxes on equity compensation, there’s a lot to navigate. Traditional tax firms tend to have rigid business models that make it difficult for clients looking for one-off expert consultations or even ongoing planning services. Talk through your equity concerns, goals, and next steps before an equity event occurs.

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Harness Wealth

FEBRUARY 27, 2023

Founders, board members, and employees of startups that get acquired can experience tax consequences as a result of a liquidity event. It’s imperative to plan for the tax implications so you can be prepared to pay what you owe the IRS. When your shares are converted, this may be a taxable event.

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Harness Wealth

OCTOBER 5, 2023

From quarterly estimated tax planning to equity compensation and crypto tax planning, diversifying your service offerings can not only set you apart from the competition, it can also help you significantly grow your revenue and retain clients.

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Harness Wealth

MAY 31, 2022

Using Equity Tax Insights from Harness Wealth. Whether you’re making $50,000 or $5,000,000 of W-2 income, there are only so many actions you can take to dramatically change your tax burden. With company equity, the tax treatment of those profits can be radically different. Does it matter where I live when the exit event occurs?

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Tobias Financial

OCTOBER 13, 2022

The sense of no control over such events can be rather frustrating. Another financial pain point that significantly impacts our budget is taxes. Whether you typically get a refund or owe a tax bill, there are several moves to consider to increase your chances of tax savings. .

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Carson Wealth

MAY 30, 2023

By Mike Valenti, CPA, CFP ® , Director, Tax Planning Corporate executives often receive the brunt of the U.S. tax system. Typically, most or all of their income is W-2 income and subject to the higher ordinary tax rates as well as FICA taxes. However, stock compensation, large bonuses, commissions, etc.,

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Carson Wealth

SEPTEMBER 14, 2023

Understanding the intricate web of tax implications and identifying tax-efficient strategies is crucial for preserving your fiscal well-being. As you aim to optimize your tax position, here are six common mistakes business owners make when it comes to succession planning tax considerations and how to navigate them.

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Nerd's Eye View

OCTOBER 30, 2023

After several years of turmoil caused by the pandemic, financial advisor conferences seem to have found a "new [post-pandemic] normal", with events once again growing (some already surpassing their pre-pandemic highs). As a result, I am often asked for my own suggestions of what, really, are the industry's 'best' conferences to attend.

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Nationwide Financial

APRIL 20, 2023

Tax season is here! For many of us, that means a tax refund. Some general, popular advice you may have heard before, is that if you receive a tax refund, a bonus, or an unexpected financial windfall, you should invest or save it for the long-term, rather than spending it now. Immediate gratification can be hard to resist.

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Carson Wealth

NOVEMBER 3, 2022

And while the holidays are traditionally a time to reflect on our blessings and help those less fortunate than ourselves, there’s another factor influencing the timing of these donations — and that’s the goal of minimizing a tax bill. Three Tax-Advantaged Donation Strategies to Consider. Create a donor-advised fund (DAF).

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Integrity Financial Planning

JUNE 16, 2022

Taxes could be one of your biggest expenses in retirement. But once you have an estimate for your tax burden in retirement, you can consider ways to minimize it. The first step towards creating a tax minimization strategy in retirement is looking at how your different sources of income will be taxed.

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Nerd's Eye View

DECEMBER 15, 2023

Also in industry news this week: Most businesses that operate in the U.S., Also in industry news this week: Most businesses that operate in the U.S.,

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Harness Wealth

DECEMBER 8, 2022

Not only was the stock market fairly volatile, but there were also atypical tax regulation changes. Tax-loss harvesting. Paying taxes on investment gains can be a financial burden, but tax loss harvesting can reduce your bill. Did you have a liquidity event in 2022? Max out your retirement contributions.

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Harness Wealth

JANUARY 24, 2023

However, it is important to keep in mind that different states and territories have varying tax laws and some may be more favorable than others. So before you set off on your big move, consider the specific tax implications of doing so. Who knows, you might even find a more tax-friendly destination along the way.

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MazumaBusinessAccounting

JUNE 30, 2021

But there are also many tax benefits business owners can take advantage of to maximize their profits. Here’s a quick guide that covers important tax deductions for your business. A deduction, or write-off, is a business expense that can help lower your taxes. How much will that deduction actually save you on your taxes?

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Harness Wealth

AUGUST 17, 2023

In this guide, we’ll dive into all these vital aspects, and outline how Harness Tax can further facilitate your growth and marketing efforts. Table of Contents Understanding Client Ownership and Ethics Can You Take Clients With You When Leaving a Tax Firm? Can You Take Clients With You When Leaving a Tax Firm?

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Carson Wealth

AUGUST 23, 2022

Many investors favor these accounts for their significant tax advantages, which can include tax-deductible contributions. . However, not all retirement plan contributions are tax deductible. Learn how tax advantages vary and when your contributions to retirement savings are tax deductible. . Income Limits .

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Carson Wealth

APRIL 25, 2024

And while experiencing one of these major events can drastically impact your life, having an effective financial plan can help ensure that it doesn’t ruin your financial well-being. Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits.

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Fortune Financial

JULY 5, 2022

One major thing to consider when doing so is the tax bill that may come along with it. The good news is you may be able to take advantage of a little-known tax break called net unrealized appreciation (NUA) — if you qualify. . What Is NUA? You originally paid $10 per share but they are now valued at $50 per share. Reaching age 59 -1/2.

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MazumaBusinessAccounting

JANUARY 27, 2022

But there are also many tax benefits business owners can take advantage of to maximize their profits. Here’s a quick guide that covers important tax deductions for your business. A deduction, or write-off, is a business expense that can help lower your taxes. How much will that deduction actually save you on your taxes?

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The Big Picture

SEPTEMBER 14, 2023

Following the breakout success of Future Proof 2022, this year’s event was even bigger and better — almost 3,000 attendees and nearly 200 sponsors. I could not be prouder of my team, who did a bang-up job representing RWM at the event. And I am so grateful to be working with our partners at Advisor Circle.

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Harness Wealth

APRIL 28, 2023

If you earn income from various sources throughout the year, such as equity windfalls, venture capital fund distributions, crypto investments, and sales, or small business income, you will need to pay estimated quarterly taxes. Table of Contents What Are Estimated Quarterly Taxes?

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Darrow Wealth Management

JUNE 14, 2023

For example, the tax laws and distribution terms for an inheritance is quite different to the tax and liquidity considerations during an IPO. Sudden wealth events rarely happen more than once during someone’s lifetime (if at all), so proper financial management is essential. What is sudden wealth?

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Darrow Wealth Management

MAY 3, 2024

First Steps in Managing a Windfall: Delay major purchases until you have a plan Partner with a sudden wealth management advisor Develop your financial, tax, and estate plan Managing a Large Financial Windfall A sudden wealth event changes your life. And that’s before even considering taxes or market volatility!

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Harness Wealth

SEPTEMBER 25, 2023

In this comprehensive guide, we aim to explore how to maintain a sense of community when working as an independent accountant, the importance of doing so, as well as the various ways by which Harness Tax can help you along your solo CPA journey. From industry events to local business groups, here are some ideas to help you get started.

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Steve Feinberg

FEBRUARY 28, 2022

What Is A Tax Deduction? . Tax deductions (sometimes referred to as “write-off’s”) are expenses you make on behalf of your business throughout the year, the total of which can be subtracted from your final tax payment. Money you spend on promoting your business can be directly subtracted from your year-end tax burden.

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MazumaBusinessAccounting

APRIL 18, 2023

One of the perks of being a small business owner is the tax deductions you can take advantage of, including how to write off a business trip or vacation. To begin, you need to understand your trip needs to have a business purpose for it to be eligible as a tax deduction. Learn what to do after you file your taxes.

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The Big Picture

OCTOBER 18, 2022

The caveat these days is that a wicked combination of events — falling new home construction post-GFC, the pandemic purchase spree, and the low available inventory have made it more difficult to read into the usual home data. Rising Fed Funds Rates make capital and credit more expensive; the calculus around both debt and equity shifts.

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Abnormal Returns

JULY 23, 2023

allstarcharts.com) Strategy Cullen Roche, "Insurance is designed to provide you with short-term certainty around an uncertain outlier event. npr.org) Social Security Raise Social Security taxes now before it becomes too painful. (tker.co) Has sentiment already peaked? wired.com) Why Egyptian men are fleeing to Europe.

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