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.

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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.

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Taxes Tax Planning Consulting Electronics 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.

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Taxes Planning Tax Planning Sales 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.

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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.

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Taxes Tax Planning Distribution Assets 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.

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Taxes Compliance Tax Planning Clients 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.

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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?

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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.

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The Big Picture

MARCH 10, 2025

” A : Money is NOT a store of value to be useful, a dollar must maintain its value long enough for me to pay my rent or mortgage, buy food and energy, fund my entertainment and travel, pay my taxes, and get invested. Our perceptions lag; our frame of reference is the past few years. It does that splendidly.

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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.

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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?

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Taxes Tax Planning Assets Compliance 52

Harness Wealth

DECEMBER 30, 2024

However, as appealing as these forms of compensation may be, they can result in sizable and unexpected tax bills. Along with the 83(b) election, there is a less well-known provisionthe 83(i) election that offers other tax advantages to certain types of employees. Table of Contents What is an 83(i) election?

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Advisor Perspectives

JULY 22, 2025

Phantom income refers to tax liabilities that arise from investment gains allocated to an investor but never received in cash. It is a recurring challenge for ultra-high-net-worth families.

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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.

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Taxes Tax Planning Startup Compliance 52

Harness Wealth

JANUARY 9, 2025

Backdoor strategies are retirement contribution methods that allow individuals to bypass income limits and contribute to tax-advantaged retirement accounts. The strategies typically involve making after-tax contributions to a traditional IRA or 401(k), then converting those funds into a Roth IRA or Roth 401(k). Complex setup process.

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Taxes Planning Retirement Retirement Planning 52

Harness Wealth

JULY 16, 2025

The post-tax-season lull offers tax firms the opportunity to look inward and assess the efficiency of any number of factors. Beyond operational processes, however, one of the main areas where tax firms can improve performance is by optimizing their book of business.

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Harness Wealth

JULY 14, 2025

While the appeal of real estate may be evident, complex federal, state, and local tax regulations can present a major challenge to the profitability of your property investments. Table of Contents Understanding real estate taxes What are the most tax-efficient ownership structures? Net Investment Income Tax (NIIT): A 3.8%

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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?

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Taxes Compliance Accounting Government 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.

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Startup Taxes Tax Planning Transportation 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)?

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Taxes Tax Planning Compliance Planning 52

Zoe Financial

JUNE 18, 2025

Spend Spending refers to the money leaving an account for expenses. A helpful approach is to categorize expenses into: Fixed expenses: Mortgage, rent, property taxes, insurance, and loan repayments. Without a clear understanding of where money goes, it can be difficult to plan effectively. Ready to Grow Your Wealth?

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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.

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Compliance Taxes Accounting Assets 52

WiserAdvisor

JULY 9, 2025

In simple terms, self-investing refers to managing your investments entirely on your own, without hiring a financial advisor or any other professional. Each comes with its own rules, returns, fees, lock-ins, and tax treatments. Tax optimization! What is self-investing, and what are its pros and cons?

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Random Roger's Retirement Planning

JULY 4, 2025

Over the last couple of months or so, we've been talking about how the crazy high yielding, single stock, covered call ETFs are not proxies for their underlying or reference securities. Instead, they are products that sell the volatility of their underlying or reference securities. Big difference.

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Portfolio Numbers Management Taxes 59

Darrow Wealth Management

MARCH 3, 2025

Taxes, fees, expenses, trading costs, etc. For reference, a correlation of 1.0 The choice between stocks and bonds depends on their individual circumstances, such as risk tolerance, time horizon, and financial goals. But returns on a 100% fixed income portfolio aren’t going to meet the needs of most retirees.

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Diamond Consultants

FEBRUARY 11, 2025

Supported RIAs are commonly (and loosely) referred to by an array of different names, such as Platform RIAs, Service Providers, Outsourced Solutions, Tuck-ins, Aggregators, and Roll-upsamong others. For the purpose of this article, we will refer to all of these as Supported RIAs.

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Compliance Clients Estate Planning Management 52

Harness Wealth

MARCH 27, 2025

Pass-Through Entity Tax (PTET) is a state-level tax mechanism designed to sidestep the federal State and Local Tax (SALT) deduction limit. Allowing a pass-through entity to pay state income taxes directly, PTET effectively shifts the tax burden from individual owners to the business itself.

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Trade Brains

JULY 9, 2025

Use tax-efficient tools like NPS, ELSS, PPF for compounding and tax savings. Boost health insurance now with 2025 premiums—don’t delay. Tap into public healthcare schemes like Ayushman Bharat for backup coverage Go for inflation-linked bonds in the RBI’s next auction cycle.

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Retirement Planning Retirement Planning Medical 59

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.

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Cornerstone Financial Advisory

NOVEMBER 11, 2024

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. Blood pressure – Blood pressure refers to the amount of force the heart must use to pump blood throughout the body. These factors may result in greater share price volatility.

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Marketing Marketing Taxes Economics 52

Wealth Management

JUNE 11, 2025

Ratner June 11, 2025 2 Min Read A client whose estate will remain non-taxable after 2025 has a policy in an irrevocable life insurance trust (ILIT) that was presumably purchased for estate tax liquidity. I just thought it appropriate to acknowledge the challenge.

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Carson Wealth

DECEMBER 9, 2024

Optimism over lower taxes, a stronger economy, animal spirits, and strong earnings all were likely reasons for the surge. For reference, the 2019 average was 166,000. Weve discussed before that new highs tend to be bullish and these 1,000-point milestones are new highs, so strong results over the ensuing six months makes sense.

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Marketing Marketing Economy Manufacturing 69

Yardley Wealth Management

SEPTEMBER 10, 2024

Take advantage of tax-advantaged retirement accounts such as 401(k)s, IRAs, and Roth IRAs to maximize your contributions and benefit from tax-deferred or tax-free growth. Risk tolerance refers to your ability and willingness to endure changes in your investment value. Learn more about retirement plan options here.

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Diamond Consultants

DECEMBER 16, 2024

These buyers (sometimes referred to as aggregators) might purchase a majority or minority stake in the sellers business, and they almost always mandate that advisors continue operating their own brand and maintain their own operational integrity. In some cases, the buyer simply views a sellers book of business as a sound financial investment.

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Random Roger's Retirement Planning

JANUARY 5, 2025

I think I referred to them as Dividend Zealots. One more point Josh makes that echoes what we've talked about before is that total return and being willing to sell occasionally makes better tax sense. Long terms gains get better tax treatment everything else being equal.

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Taxes Transportation Portfolio Accounting 52

Zajac Group

JANUARY 24, 2025

Generally speaking, a tender offer refers to a bid or offer to purchase shares of a corporation. In terms of equity compensation, a tender offer can refer to an organized transaction that allows shareholders of private company stock to sell before an initial public offering (IPO). The potential tax consequences of selling your shares.

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