Harness Wealth

MARCH 14, 2025

This edition of the Tax Advisor Weekly covers key updates for financial professionals. To round things out, we provide a refresher on the most common tax return mistakes to watch for this season. Citizens, Businesses ( Martha Waggoner , The Tax Adviser) U.S. Property taxes accounted for 70.2 You can find it here.

Taxes 59

Taxes Accounting Government Medical 59

The Chicago Financial Planner

OCTOBER 21, 2021

According to Fidelity an average couple both aged 65 will spend $300,000 on medical costs in retirement. The HSA will be a separate medical savings account into which the employee or private policy holder can contribute money during the year. The money goes into the account on a pre-tax basis much like a traditional 401(k) or IRA.

Retirement Planning 193

Retirement Planning Accounting Retirement Planning 193

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

Nerd's Eye View

DECEMBER 13, 2023

Although numerous tax-advantaged vehicles are available for retirement savings, Health Savings Accounts (HSAs) have particular benefits for individuals saving for retirement. Specifically, HSAs offer a "Triple Tax Benefit" that includes tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.

Retirement 246

Retirement Medical Taxes Planning 246

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

Nerd's Eye View

NOVEMBER 4, 2022

We also have a number of articles on taxes and end-of-year planning: The importance for advisors of understanding current RMD rules to ensure their clients take the proper distributions (and avoid a 50% penalty in the process!). ” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely.

Financial Planner 239

Financial Planner Financial Advisor Retirement Planning Medical 239

Integrity Financial Planning

APRIL 24, 2023

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.

Taxes 91

Taxes Financial Guidance Medical Financial Planning 91

Carson Wealth

FEBRUARY 16, 2024

By Mike Valenti, CPA, CFP ® , Director of Tax Planning It’s that time of year again! W-2s, 1099s and mortgage statements have been to hit your mailbox: a daily reminder that it is, once again, Tax Season. Overall, it was a relatively quiet year on the tax front. Although Congress isn’t done yet! More on that later.)

Taxes 97

Taxes Consulting Accounting Planning 97

Advisor Perspectives

AUGUST 29, 2024

They are a more tax-efficient means of investing, withdrawing money to cover large healthcare expenses, or simply preparing for higher medical costs in one’s later years. HSAs are increasingly coming into use.

Taxes 81

Taxes Investing Investments Healthcare 81

Nerd's Eye View

JANUARY 8, 2024

is the projected future direction of medical care, where, instead of taking a reactive approach to disease and illness, healthcare practitioners instead invest more energy focusing on preventing illness and maintaining good health in the first place through more personalized plans for patients. Specifically, Financial Advice 3.0

Financial Advice 245

Financial Advice Medicine Financial Planning Estate Planning 245

A Wealth of Common Sense

MAY 9, 2024

Your favorite tax expert Bill Sweet joined me on the show again this week to discuss questions about downshifting your risk as you approach retirement, the most tax-efficient way to pay for a medical procedure, when DIY investors should consider an advisor, the Rule of 55 and how to prepare for taxes in retirement.

Medical 127

Medical Retirement Taxes 127

MainStreet Financial Planning

OCTOBER 24, 2024

Whether you’re new to HSAs or looking to optimize your existing one, this guide will break down everything you need to know about these tax-advantaged accounts. The funds can be used for qualifying medical costs like doctor visits, prescription medications, dental care, and vision services. What is an HSA?

Accounting 98

Accounting Medical Healthcare Taxes 98

Carson Wealth

OCTOBER 24, 2024

Taxes One of the biggest financial considerations for Americans retiring abroad is understanding how taxes will work. is one of the few countries that taxes its citizens on worldwide income, regardless of where they reside. tax return every year. To avoid double taxation — paying taxes both in the U.S.

Retirement 143

Retirement Healthcare Taxes Medical 143

Carson Wealth

AUGUST 2, 2022

Senate Democrats have reached a general agreement on a bill to address climate change, taxes, health care, inflation and the deficit, according to a White House statement. . But after months of negotiations, Senate Democrats have released a text of the bill , 725 pages, outlining the new spending and tax revenue provisions. .

Taxes 98

Taxes Budgeting Compliance Medical 98

Carson Wealth

SEPTEMBER 5, 2024

Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and preventive services. Consider your medical history and any ongoing conditions. What type of medical services do I anticipate needing in the future? These “bundled” plans include Part A, Part B, and usually Part D.

Healthcare 141

Healthcare Medical Planning Retirement 141

Nerd's Eye View

MAY 3, 2024

Also in industry news this week: Large asset managers offering hybrid digital-human advice services are eating into the market share of purely human advisors, signaling that a smaller firm's ability to offer a differentiated value proposition could be a key to success in the coming years A recent study indicates that tech-forward advisory firms not (..)

Financial Planner 246

Financial Planner Healthcare Retirement Financial Advisor 246

Integrity Financial Planning

FEBRUARY 3, 2023

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. Is the Standard Deduction Right for You?

Taxes 82

Taxes Math Accounting Numbers 82

Million Dollar Round Table (MDRT)

JUNE 4, 2023

If you meet someone and tell them you’re a financial advisor who works with medical professionals to help them avoid taxes in retirement, you’re engaging in direct marketing. You’re talking about your brand to someone who doesn’t know it.

Medical 98

Medical Financial Services Retirement Financial Advisor 98

Harness Wealth

APRIL 30, 2025

In this article, well examine the nature of IRS audits, the common audit red flags that result in IRS scrutiny, and how professional tax advisors can help reduce the risk of you being audited. An IRS audit is a formal review of your financial records to verify their accuracy and compliance with tax laws.

Compliance 52

Compliance Taxes Consulting Accounting 52

James Hendries

SEPTEMBER 25, 2022

If you’re retiring after age 65, you may qualify for Medicare—government-sponsored healthcare coverage available to those who have paid FICA taxes during their working years. If you’re retiring before age 65, you may be able to continue your employer’s medical coverage through COBRA for up to 18 months after retirement.

Retirement 98

Retirement Medical Healthcare Budgeting 98

Harness Wealth

MAY 14, 2025

Filing taxes in Hawaii requires a clear understanding of the specific forms and procedures unique to the state. Unlike federal tax forms, Hawaii tax forms are tailored to meet the state’s tax laws and regulations, ensuring residents and non-residents alike comply with local requirements.

Taxes 52

Taxes Tax Planning Medical Consulting 52

WiserAdvisor

OCTOBER 11, 2022

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. Tax planning 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.

Financial Planning 80

Financial Planning Accounting Taxes Planning 80

Harness Wealth

MAY 19, 2025

Filing taxes in Minnesota requires a clear understanding of the specific forms and regulations that apply to residents and non-residents alike. Navigating the tax landscape can be complex, but having a comprehensive guide to Minnesota tax forms can simplify the process and help ensure compliance with state tax laws.

Taxes 52

Taxes Tax Planning Compliance Education 52

Harness Wealth

OCTOBER 24, 2024

What do you need to optimally complete and file your taxes? This article covers a comprehensive list of the most common forms, documents, and information needed to file taxes. If you need a cheat sheet, download our 1-page tax prep checklist. Use this tax prep checklist as a tool to save time ahead of tax filing.

Taxes 52

Taxes Insurance Insurance Coverage Medical 52

Harness Wealth

FEBRUARY 5, 2025

The rise of remote work and digital nomadism has made FEIE a common tax minimization strategy for Americans living abroad. What is the Foreign Tax Credit (FTC)? Financial and lifestyle considerations of living abroad The importance of professional tax advice for expats FAQs about the FEIE What is the Foreign Earned Income Exclusion?

Taxes 52

Taxes Compliance Accounting Government 52

Harness Wealth

MAY 18, 2025

Filing taxes in Utah requires a clear understanding of the specific forms and regulations that apply to residents and non-residents alike. Navigating the tax landscape can be complex, but having a comprehensive guide to Utah tax forms simplifies the process significantly. Obtaining Utah tax forms is straightforward.

Taxes 52

Taxes Commission Electronics Compliance 52

Harness Wealth

MAY 18, 2025

Filing taxes in Ohio requires a clear understanding of the specific tax forms mandated by the state. Unlike federal tax forms, Ohio tax forms are tailored to meet the unique tax regulations and requirements set forth by the Ohio Department of Taxation. Why Ohio Has State-Specific Tax Forms Each state in the U.S.

Taxes 52

Taxes Compliance Electronics Consulting 52

Harness Wealth

MAY 19, 2025

Filing taxes in Louisiana requires a clear understanding of the specific forms and regulations that apply within the state. Unlike federal tax forms, Louisiana tax forms are tailored to meet the unique tax laws and requirements set forth by the state government.

Taxes 52

Taxes Electronics Compliance Consulting 52

Harness Wealth

MAY 17, 2025

Filing taxes in Delaware requires a clear understanding of the specific forms and regulations that apply to residents and non-residents alike. Navigating the tax landscape can be complex, but having a comprehensive guide to Delaware tax forms can simplify the process significantly.

Taxes 52

Taxes Electronics Tax Planning Compliance 52

MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. Documents such as tax returns, receipts, bank statements, or pay stubs can also be kept in a safe deposit box or simply a locked file at home. This will be helpful if you claim a loss or a bad debt deduction. Why should you keep some items permanently?

Certification 98

Certification Taxes Medical Accounting 98

Integrity Financial Planning

MAY 24, 2023

Are you prone to making these major mistakes when it comes to taxes and overpaying? You have to be looking at your income and looking at your deductions and strategize in order to avoid major tax mistakes. One of the keys to cutting taxes is timing. 0:12) Pay attention to what you’re going to pay in taxes. (4:28)

Taxes 52

Taxes Medical Financial Planning Planning 52

Harness Wealth

MAY 12, 2025

The tax arena may be in a constant state of flux, however, 2025 is proving to be a year of major upheavals. Alongside the widely anticipated sunset of the Tax Cuts and Jobs Act (TCJA), 39 states have implemented notable tax changes this year. These reductions aimed at enhancing business competitiveness and attracting investment.

Taxes 52

Taxes Sales Retail Insurance 52

Carson Wealth

NOVEMBER 2, 2023

It varies, depending upon your total income from the 2 nd prior tax year (2022 Income for 2024 Part B premiums). Is medical underwriting required to qualify for a Medigap policy? No, during the initial enrollment period for Medicare Part B, medical underwriting is not required to qualify for coverage.

Insurance 143

Insurance Medical Planning Accounting 143

Harness Wealth

MAY 13, 2025

Filing taxes in Idaho requires a clear understanding of the specific forms and regulations that apply to residents and non-residents alike. Navigating the tax landscape can be complex, but having a comprehensive guide to Idaho tax forms can simplify the process significantly. Obtaining Idaho tax forms is straightforward.

Taxes 52

Taxes Electronics Compliance Commission 52

Talon Wealth

OCTOBER 26, 2023

Consider early retirement tax planning. Retirement accounts like 401(k)s and IRAs provide the advantage of tax-deferred growth, saving you significant amounts of money in taxes over the long term. Also, consider a Roth IRA, which doesn’t offer tax-deferred growth but does allow for tax-free withdrawals after retirement.

Retirement Planning 98

Retirement Planning Retirement Planning Medical 98

Harness Wealth

MAY 18, 2025

Filing taxes in Illinois requires a clear understanding of the specific forms and procedures mandated by the state. Unlike federal tax filings, Illinois has its own set of tax forms designed to capture state-specific income, deductions, and credits. Obtaining Illinois tax forms is straightforward.

Taxes 52

Taxes Electronics Tax Planning Compliance 52

Integrity Financial Planning

MAY 12, 2023

1] Home health covers things such as: Physical therapy Occupational therapy Speech therapy Skilled nursing services Medication management Medical social work services Home health services must be ordered by your doctor because they are all medical services. 5] Now what?

Medical 93

Medical Financial Guidance Financial Planning Insurance 93