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

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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Taxes Retirement Financial Advisor Retirement Planning 52

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?

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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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Taxes Consulting Professional Services Advertising 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?

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Taxes Tax Planning Compliance Planning 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.

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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

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

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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Taxes Medical Distribution Accounting 52

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

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

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

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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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

MainStreet Financial Planning

MARCH 14, 2024

As April 15th approaches, taxpayers across the country are gearing up to fulfill their annual obligation – filing taxes. Whether you’ve already submitted your returns or are yet to tackle the paperwork, now is the perfect time for a tax check-up. Other Resources Should I do my own taxes?

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Taxes Retirement Planning Healthcare Retirement 92

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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Investing Investments Food Ethics 196

The Chicago Financial Planner

NOVEMBER 27, 2022

One of the best tax deductions for a small business owner is funding a retirement plan. Beyond any tax deduction you are saving for your own retirement. Note the Solo 401(k) is also referred to as an Individual 401(k). Both plans allow for contributions up your tax filing date, including extensions for the prior tax year.

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Retirement Planning Retirement Planning Financial Planner 263

The Big Picture

JULY 25, 2023

Pomp points out that: “I am, however, arguing that the total return percentage traditionally quoted is not what people actually achieve in their brokerage account because of taxes. I have addressed Tax Alpha before ( see this and this ); but Pomp indirectly raised a very different issue: Why do people underperform their own assets?

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Assets Accounting Taxes Numbers 246

Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Retirement Taxes Financial Planning Consulting 92

Calculated Risk

NOVEMBER 13, 2023

The employment data for November has already been gathered since the BLS reference week was November 5th through 11th this year (one of the exceptions for when the reference week doesn't include the 12th). Some issues could be Tax transcripts, Flood Certs, and SS# Authorization. Hopefully a shutdown will be avoided.

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Government Sales Taxes 162

Calculated Risk

SEPTEMBER 12, 2024

“The substantial accumulation of home equity for existing homeowners has served as an important financial buffer in times of uncertainty, as some homeowners facing higher costs of homeowners’ insurance and taxes and have had to tap into their equity to prevent falling behind on their mortgages.

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Nerd's Eye View

OCTOBER 20, 2023

Also in industry news this week: The latest update on the status of the Department of Labor's proposed regulation related to fiduciary advice on retirement accounts and why the agency is referring to it as a "retirement security rule" rather than a "fiduciary rule" A report suggests that RIA M&A surged in the 3rd quarter, as large acquirers resumed (..)

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Financial Planner Retirement Planning Retirement Insurance 246

Nerd's Eye View

MAY 16, 2023

We also talk about how Jim has structured his virtual-family-office-style approach not by delivering tax, legal, and other services in-house but instead by continually building a list of external tax, legal, and other professionals that he and his firm don’t just refer out to but have actively sought out and vetted based on their credentials, (..)

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Valuation Financial Advisor Financial Planning Recruitment 246

Nerd's Eye View

JULY 20, 2022

A sabbatical refers to a period of time in which someone takes an extended, planned break from work prior to retirement, often as an opportunity to focus on their wellbeing and/or to gain valuable perspectives of life outside of work.

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Retirement Financial Planning Planning Clients 246

Nerd's Eye View

JULY 25, 2022

A gap our Kitces Courses aim to fill!

Financial Planning 244

Financial Planning Education Estate Planning CFP 244

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 Consulting Accounting 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.

Taxes 52

Taxes Compliance Consulting Financial Planning 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?

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Taxes Compliance Accounting Government 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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Taxes Compliance Compensation Planning Financial Advisor 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.

Taxes 52

Taxes Planning Retirement Retirement Planning 52

Truemind Capital

JULY 8, 2024

🔊 Play Audio Have you heard of the Income Tax Saving Festival in India? Well, usually it starts in the last quarter of the financial year (Jan-Mar) when many employees scurry to provide investment proof to save tax outgo. If not already, why not from today?

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Taxes Asset Allocation Tax Planning Financial Planning 64

Harness Wealth

APRIL 28, 2025

Private equity and alternative investments create unique tax reporting complexities that demand attention. This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on tax planning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments.

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Tax Planning Distribution Taxes Compliance 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.

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Financial Planning Accounting Taxes Planning 80

Nerd's Eye View

DECEMBER 26, 2023

What's unique about Rob, though, is how while many advisory firms increasingly talk about being more than 'just' their client's financial advisor and instead their entire 'personal CFO', Rob has been able to scale NorthRock up to $5 billion of AUM to offer such a breadth of services, from bill paying to tax preparation to supporting clients on their (..)

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Random Roger's Retirement Planning

MAY 15, 2025

Price Action Lab had a blog post that amusingly referred to managed futures as being a long term commitment. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

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Management Accounting Clients Taxes 64

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.

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Taxes Insurance Insurance Coverage Medical 52

Harness Wealth

MAY 8, 2025

However, understanding the tax implications of operating as a Sole Proprietorship is crucial to ensure compliance and optimize financial outcomes. Taxes for a Sole Proprietorship differ significantly from those of other business structures, such as LLCs or corporations. What Is a Sole Proprietorship?

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