Harness Wealth
APRIL 17, 2025
Professional services require documentation that shows a direct benefit to your business, supported by contracts or engagement letters. This represents a significant change from previous years’ higher percentages, making strategic timing of asset purchases increasingly important for tax planning purposes.
Harness Wealth
MARCH 6, 2025
A good rule of thumb is to set aside at least 30% of every payment you receive to cover your estimated tax obligationshowever, this percentage may need to be adjusted based on your individual tax bracket. On the whole, its advisable to consult a tax adviso r to develop a dependable tax plan.
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Harness Wealth
JULY 14, 2025
Common deductible expenses include: Operating expenses: Includes mortgage interest, property taxes, insurance, utilities, advertising, management fees, and professional services. The process involves an investor transferring appreciated real estate into an irrevocable CRT, which then sells the asset tax-free.
Harness Wealth
JULY 14, 2025
While software options can cost anywhere up to $100 for individual returns (with many being free), professional tax preparers charge anywhere from $200 to $600 or more, making software an economically attractive choice for many taxpayers.
Nerd's Eye View
JANUARY 8, 2024
Professional service industries tend to evolve over time as the regulatory environment evolves and new technologies emerge. For instance, the financial advice industry has seen many changes to regulations (for both advisors and their clients), advisor business models, and the advisor technology landscape.
Harness Wealth
FEBRUARY 27, 2023
Traditional IPO: Valuation, Lockup Period, and Employee Equity Founders have more options for reducing the tax consequences of an acquisition Founders are generally in the best position to engage in tax planning and limit the taxable consequences associated with an acquisition.
Harness Wealth
MAY 17, 2025
Understanding these can help you optimize your tax return and potentially increase your refund. Credits directly reduce the amount of tax owed, while deductions reduce taxable income. Both are valuable tools in tax planning. Review your return thoroughly before submission and keep copies of all documents.
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