Remove Government Remove Retirement Planning Remove Tax Planning
article thumbnail

All the Tax Benefits You Need for Your Small Business

Harness Wealth

The calculation becomes increasingly complex for higher-income taxpayers , as it introduces factors such as W-2 wages paid to employees, the unadjusted basis of qualified property, and retirement plan contributions. Bonus Depreciation continues to evolve, with 2025 offering a 40% deduction rate for eligible new and used property.

Taxes 52
article thumbnail

Filing Taxes with Multiple Income Streams: RSUs, K-1s, Freelance, and More [Updated for 2025]

Harness Wealth

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.

Taxes 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Crisis Management Financial Planning: Preparing for Unexpected Events

Carson Wealth

Unexpected events can derail your progress toward your goals and even your financial security if you don’t have a plan for managing them. Financial planning should ideally involve every area of your financial life because they are all interrelated. Tax planning. Tax planning is crucial.

article thumbnail

Home Office Deductions: What Remote Workers Need to Know in 2025

Harness Wealth

Limited exceptions are made for specific professions, including performing artists, government officials, and military reservists, who can still qualify under certain circumstances. These plans allow self-employed individuals to save for retirement while lowering their current tax liability.

License 52
article thumbnail

2025 Financial Planning Checklist

Discipline Funds

Consider consolidating your savings accounts into a T-Bill ladder or simple government money market fund to reduce brain damage and take advantage of the current high interest rate environment. Retirement Planning Review your retirement goals and objectives. Do so before year-end and plan for next years RMD now.

article thumbnail

Maximize retirement savings by utilizing Net Unrealized Appreciation (NUA)

Nationwide Financial

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 is NUA?

article thumbnail

Tax Planning in Retirement: Strategies to Help Minimize Taxes When You Retire

Carson Wealth

Retirement-related behavioral and financial changes raise many tax planning questions and opportunities. A trusted tax professional can help you implement these and other strategies to help you minimize taxes in retirement, helping your money last longer and you realize your goals.