XY Planning Network

MARCH 3, 2025

Tax season is here, and it's crucial to be aware of the latest updates for 2024 to ensure you're compliant and maximize your returns. Tax law is an everchanging beast, with new rules and regulations being introduced every year. Professions are built around them, and the consequences of misreporting them can be hefty taxes from the IRS.

Taxes 96

Taxes Fee Only Financial Advisor Marketing 96

Nerd's Eye View

NOVEMBER 30, 2022

Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.

Tax Planning 246

Tax Planning Compliance Taxes Financial Advisor 246

Nerd's Eye View

NOVEMBER 27, 2024

Some give through established channels, such as by donating to charities or volunteer work, others may give informally to family members on a regular but less structured basis – and some simply aspire to "do more". Charitable giving is an essential aspect of many people's financial lives.

Clients 242

Clients Education Financial Planner Planning 242

Nerd's Eye View

NOVEMBER 25, 2024

These clients, typically in or near retirement, face key challenges like reducing taxes, managing investment risk, and maximizing income. This timeline not only allows for the prospect to provide their information and Taylor's team to complete the analysis, but also gauges the prospect's commitment to a long-term relationship.

Financial Planning 235

Financial Planning Sales Planning Retirement 235

Nerd's Eye View

MAY 8, 2023

Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. CPA, EA, or JD) to prepare tax returns and represent clients before the IRS, there has also been the impression that there is simply not enough time for one person to do both.

Taxes 246

Taxes Financial Planning Financial Advisor Clients 246

Nerd's Eye View

OCTOBER 26, 2022

Roth conversions are, in essence, a way to pay income taxes on pre-tax retirement funds in exchange for future tax-free growth and withdrawals. Conversely, if the opposite is true and the converted funds would be taxed at a lower rate upon withdrawal in the future, then it makes more sense not to convert.

Taxes 246

Taxes Assets Accounting Retirement 246

Nerd's Eye View

SEPTEMBER 7, 2022

Tax-loss harvesting – i.e., selling investments at a loss to capture a tax deduction while re-investing the proceeds to maintain market exposure – is a popular strategy for financial advisors to increase their clients’ after-tax investment returns. With these three tools (i.e.,

Taxes 246

Taxes Clients Tax Planning Financial Advisor 246

Harness Wealth

APRIL 4, 2025

This weeks Tax Advisor Weekly covers key updates for financial professionals. We begin with guidance on navigating property tax considerations during business mergers and expansions. In this blog post, well cover key business events that impact property tax and business licenses, along with what you need to consider for each.

Taxes 52

Taxes License Banking Government 52

Harness Wealth

APRIL 17, 2025

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.

Taxes 52

Taxes Tax Planning Education Medical 52

Harness Wealth

MARCH 14, 2025

This edition of the Tax Advisor Weekly covers key updates for financial professionals. We start with a piece about the Treasury Department announcing it will not enforce beneficial ownership information (BOI) penalties on U.S. To round things out, we provide a refresher on the most common tax return mistakes to watch for this season.

Taxes 59

Taxes Accounting Government Medical 59

Harness Wealth

JANUARY 10, 2025

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?

Taxes 52

Taxes Assets Media Education 52

Harness Wealth

APRIL 30, 2025

Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.

Taxes 52

Taxes Planning Tax Planning Sales 52

Harness Wealth

MARCH 6, 2025

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.

Taxes 52

Taxes Consulting Professional Services Advertising 52

Harness Wealth

MAY 8, 2025

When considering the various business structures available, understanding the tax implications is crucial for making informed decisions. A Limited Partnership (LP) offers a unique blend of operational flexibility and liability protection, but its tax treatment can be complex. Table of Contents What Is a Limited Partnership (LP)?

Taxes 52

Taxes Tax Planning Compliance Planning 52

Harness Wealth

MARCH 7, 2025

This weeks Tax Advisor news roundup covers key updates for financial professionals. Last but not least, we have a rundown of the IRSs ‘Dirty Dozen’ tax scams for 2025. Wealth Taxes in Europe, 2025 ( Cristina Enache , Tax Foundation) Net wealth taxes are recurrent taxes on an individuals wealth, net of debt.

Taxes 52

Taxes Retirement Financial Advisor Retirement Planning 52

Nerd's Eye View

JANUARY 24, 2025

Nonetheless, given the scale and brand awareness of the wirehouses, and as their own use of fee-based models increases (as opposed to primarily relying on commissions from selling products), competition for clients (and advisors) will likely remain stiff going forward, even amidst the favorable trends for RIAs Also in industry news this week: A recent (..)

Financial Planner 246

Financial Planner Asset Allocation Clients Commission 246

Financial Symmetry

APRIL 9, 2025

Tax planning 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.

Taxes 62

Taxes Tax Planning Retirement Planning 62

Nerd's Eye View

JANUARY 6, 2025

This month's edition kicks off with the news that Orion, the "all-in-one" advisor technology platform, has acquired Summit Wealth Systems (and its founder Reed Colley, who previously built performance reporting platform Black Diamond), a client portal and data hub for unifying key client information from multiple sources into a single client-friendly (..)

Startup 188

Startup Financial Advisor Clients Portfolio Management 188

Harness Wealth

MARCH 6, 2025

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.

Taxes 52

Taxes Tax Planning Consulting Electronics 52

Nerd's Eye View

APRIL 16, 2025

For clients reaching out in distress, starting with facts may be counterproductive; when clients are overwhelmed, they may not be in a mindset to absorb information. Instead, allowing them to fully voice their fears can build trust and help them feel understood. Using mirroring language (e.g.,

Clients 228

Clients Financial Planning Financial Advice Planning 228

Harness Wealth

MARCH 27, 2025

As dynamic as the secondary market may be, secondaries come with complex tax implications that can significantly impact returns if not properly managed. What are the tax implications of secondary transactions? What are the tax challenges in secondary transactions? What tax strategies optimize secondary investments?

Taxes 52

Taxes Tax Planning Assets Compliance 52

Your Richest Life

MARCH 12, 2025

The tax deadline is next month, and if youre like most Americans, you are still preparing to file. Standard and Itemized Deduction for filing 2024 Taxes For the 2024 tax year, the standard deduction increased to $29,200 for married filing jointly, $14,600 for single filers and married filing separately, and $21,900 for heads of household.

Taxes 52

Taxes Fee Only Electronics CFP 52

Carson Wealth

FEBRUARY 6, 2025

Every year brings changes in tax rules, and 2025 is no exception. Staying informed about these tax updates isn’t just about being prepared for tax seasonit’s about making smart money moves all year long. For married couples, this means more of your income will be taxed at lower rates.

Taxes 64

Taxes Retirement Tax Planning Planning 64

Nerd's Eye View

APRIL 8, 2025

What's unique about Seth, though, is how he has created what he calls an "input deliverable" that allows him to demonstrate value more tangibly to his ideal prospects by helping them solve a key tax planning pain point… but without the time-consuming busywork of having to create a separate output for each individual client household.

Financial Planning 130

Financial Planning Clients Planning Financial Advisor 130

Harness Wealth

JANUARY 29, 2025

Tax-loss harvesting is a powerful strategy that investors can use to reduce their taxable income. As effective as tax-loss harvesting can be, there are a number of important details that investors need to be aware of in order to implement the strategy successfully while following regulations. How does tax-loss harvesting work?

Taxes 52

Taxes Assets Portfolio Sales 52

MainStreet Financial Planning

MARCH 7, 2025

Tax season can feel overwhelming, whether you’re filing for the first time or you’ve been doing it for years. Should you tackle your taxes on your own, or is it time to bring in a professional? Lets explore the pros and cons of DIY tax preparation and when seeking expert help might be the right move.

Taxes 52

Taxes Financial Planning Planning Numbers 52

Harness Wealth

APRIL 30, 2025

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. What is an RSU?

Taxes 52

Taxes Tax Planning Compliance Planning 52

Harness Wealth

APRIL 17, 2025

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.

Taxes 52

Taxes Tax Planning Professional Services Planning 52

Harness Wealth

MARCH 14, 2025

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. Client experience is another area where manual processes fall short.

Taxes 52

Taxes Compliance Tax Planning Clients 52

Abnormal Returns

DECEMBER 9, 2024

kitces.com) Taxes Nvidia ($NVDA) CEO Jensen Wang and his wife have good estate attorneys. nytimes.com) Why some wealthy Americans deliberately fail to file their taxes. investmentnews.com) Retirement savers need information. (barrons.com) Advisortech DPL Financial just raised another round of capital.

Financial Advising 144

Financial Advising Retirement Taxes Planning 144

Harness Wealth

APRIL 16, 2025

Tax planning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. Get it right, and you will have set yourself up for a smooth transition and maximized returns.

Taxes 52

Taxes Tax Planning Startup Compliance 52

Harness Wealth

MAY 2, 2025

The Tax Cuts and Jobs Act (TCJA)the 2017 tax code overhaul designed to boost economic growthis set to expire on December 31, 2025. Unless Congress intervenes, the TCJAs sunset will usher in a swathe of tax increases in 2026, with analysts estimating that over $4 trillion worth of tax hikes could take effect.

Taxes 52

Taxes Clients Insurance Distribution 52

Harness Wealth

APRIL 16, 2025

Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.

Startup 52

Startup Taxes Tax Planning Transportation 52

Harness Wealth

NOVEMBER 12, 2024

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 tax planning 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.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

Harness Wealth

JANUARY 29, 2025

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.

Taxes 52

Taxes Medical Distribution Accounting 52

Harness Wealth

APRIL 17, 2025

Donor-advised funds (DAFs) have emerged as powerful tools that deliver this exact combination, providing immediate tax advantages while offering flexibility to recommend grants to qualified organizations over time. DAFs also introduce welcome simplification at tax time by consolidating multiple charitable activities under a single receipt.

Taxes 52

Taxes Tax Planning Distribution Assets 52

The Big Picture

MARCH 18, 2025

It is about the art of using imperfect information to make probabilistic assessments about an inherently unknowable future. Be tax-aware. How can we re-engineer our media consumption to make it more useful to our needs? Sophistry : The Study of Bad Ideas: Investing is really the study of human decision-making.

Investments 316

Investments Investing Math Media 316