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Your 2022 Tax Year In Review From Your Team At XY Tax Solutions

XY Planning Network

While we can wish for a magic eight-ball that gives us all the answers to the burning questions we have about the future, at the very least, we on the tax team can support you by shedding light on some of the tax-related issues to look out for as we head into the new year. 4 MIN READ.

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5 Best Practices for a Successful and Stress-Free Tax Season

XY Planning Network

3 MIN READ Are taxes too taxing? No one likes taxes. Even though I do taxes for a living, I’ll be the first to admit it’s not always easy or simple. Taxes are a hassle at least and a complete nightmare at worst. I get it.

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The Most Tax-Friendly States For Retirees: How To Compare State Income Tax Options For Retiring Clients

Nerd's Eye View

a state’s income tax rules can have a significant impact on where they might choose to live. The tricky part, however, is navigating the many nuances and exceptions included in the different tax codes of the 50 states.

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Automated Tax-Loss Harvesting Technology: Is The Value Overstated?

Nerd's Eye View

In recent years, numerous software solutions have sprung up that aim to automate the process of tax-loss harvesting. Ultimately, the key point is that tax-loss harvesting is a tax planning strategy and not (just) a portfolio management strategy.

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The CPA Firm Growth Strategy: From Compliance to Consulting

Speaker: Rita Keller - President of Keller Advisors, LLC

Join Rita Keller, seasoned CPA firm management strategist and consultant, for an insightful discussion on the importance of diversifying your accounting skills.

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SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, And Other Tax Planning Opportunities

Nerd's Eye View

Taxes OPTIN: One Page Business Plan (BAR) OPTIN: One Page Business Plan (SLIDE IN

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Why The Value Of A Roth Conversion Is Calculated Using (True) Marginal Tax Rates

Nerd's Eye View

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. But what exactly is the tax rate that should be used to perform this analysis?

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Tax Advice Restrictions For Financial Advisors: How To Offer Tax Planning And Remain In Compliance

Nerd's Eye View

Taxes are a central component of financial planning. And yet, despite the prominent role of taxes in financial planning, advisors are often prohibited by their compliance departments from making recommendations for a specific course of action on a certain tax strategy.

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Maximizing Health Savings Accounts (HSAs) Tax Benefits With Adult Children Under Age 26

Nerd's Eye View

Notably, the account owner does not have to be covered under their own healthcare plan, so a young adult who is covered under their parents’ HDHP plan (and who cannot be considered a dependent on their parents’ tax return) would potentially be eligible to contribute to their own HSA.

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How the Market Downturn Could Impact Your Retirement Tax Strategies

Covisum

Now that we're facing a market downturn , it's more important than ever to make sure your clients are on the right track to make the most of their retirement income and avoid paying more taxes than they need to. Tax Tax Clarity tax strategies market downturn

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10 Things You Need to Know About Payroll-Only Registration

Before you go forward with payroll-only registration as a solution for hiring in another country, you should know it’s more complex than just filing some paperwork. In this ebook, you’ll learn about many of the challenges companies run into.

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Tax-Loss Harvesting Best Practices (And How To Scale It Across A Client Base)

Nerd's Eye View

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.

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How Looming Tax Changes Should Influence Your Retirement Tax Planning

Covisum

In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction.

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The Telecommuting State Tax Battle

Wealth Management

The shift to working remotely comes with tax return implications

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Why Tax-Loss Harvesting During Down Markets Isn’t Always A Good Idea

Nerd's Eye View

During market downturns, tax-loss harvesting is often considered a ‘silver lining’ to an otherwise undesirable situation. Taxes OPTIN: Value Of Advice (BAR) OPTIN: Value Of Advice (SLIDE IN

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3 Strikes to Avoid When Tax Planning

Integrity Financial Planning

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. Social security is taxed! But it’s not all taxed at the same rate.

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A Complete Guide To Income Tax Declaration

Fintoo

While there are sufficient ways to make tax-saving investments, you will need to declare it to your employer by submitting the required proofs or supporting documents to claim these deductions. The post A Complete Guide To Income Tax Declaration appeared first on Fintoo Blog.

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Roth Conversions Without Non-qualified Money to Pay the Taxes

Covisum

Roth conversions are a great way to ensure clients aren't hit with a hefty tax bill in retirement ; however, sometimes, clients don't have any non-qualified or non-IRA money to pay the immediate taxes on the conversion. Tax FinPlan Fridays Roth conversions tax strategies

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Adviser links: estate tax intricacies

Abnormal Returns

wealthmanagement.com) Taxes Tax loss harvesting isn't always optimal: some cases to keep in mind. Podcasts Daniel Crosby talks with Kristy Archuleta about the discipline of financial therapy.

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How To Save Tax On Sale Of Residential Property In India?

Fintoo

Selling a property is usually a high-ticket deal, and hence the tax outflow on its profit generated could be heavy. The post How To Save Tax On Sale Of Residential Property In India? Tax Advice residential property Save taxes tax advice Tax Saving

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Part 2: Tax-Wise Investment Techniques

Yardley Wealth Management

The post Part 2: Tax-Wise Investment Techniques appeared first on Yardley Wealth Management, LLC. Part 2: Tax-Wise Investment Techniques. In our last piece, we introduced some of the tools of the tax-planning trade. Tax breaks come and go, and are beyond our control.

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How Does Donating to Charity Reduce Taxes?

Advisor Perspectives

Here’s an article to help clients better understand the tax benefits of charitable contributions

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Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events

Darrow Wealth Management

In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. And many taxpayers may not even realize the extra tax will apply to them.

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Tax Planning for the Future

Integrity Financial Planning

Why does tax planning matter for your retirement plan? When it comes to taxes, should you use the same person that files taxes to do tax planning and retirement planning for you? Saving money on taxes throughout retirement requires you to look forward, not backward.

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Pre-tax vs. Roth (after-tax) 401k Contributions

Good Financial Cents

A major decision in retirement planning is whether to make pre-tax or Roth (after-tax) 401k contributions. Pre-tax contributions go into your retirement account with money that has not been taxed, and then taxes will be paid when the funds are withdrawn in retirement.

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A Quick Take on the Tax Treatment of Incentive Stock Options

Zajac Group

If your employer has granted you incentive stock options (ISOs) , you’ve likely spent time researching the tax treatment. If so, you’ve probably read about the alternative minimum tax (AMT), and qualifying and disqualifying dispositions.

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2023 IRS Contribution Limits and Tax Rates

Darrow Wealth Management

The agency also released tax brackets for ordinary income and long-term capital gains. Income Limits for Tax-Deductible IRA Contributions & Roth IRA Contribution Eligibility. Income Tax Rates in 2023. Long-Term Capital Gains Tax Rates. The post 2023 IRS Contribution Limits and Tax Rates appeared first on Darrow Wealth Management. Tax planning Updated for 2023

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Part 3: Tax-Wise Financial Planning

Yardley Wealth Management

The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. Part 3: Tax-Wise Financial Planning. In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. .

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Challenging Retirement Tax Planning Situations Advisors May Encounter in a Down Market

Covisum

Given the market volatility, there are a few tax situations to watch out for. Tax Income InSight tax strategiesClient accounts are likely down right now, creating a unique set of opportunities for financial advisors.

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Can You Turn Investment Losses Into Tax Gains?

Integrity Financial Planning

Using a strategy called tax-loss harvesting, you can earn capital gains tax credits on your investment losses. What is Tax-Loss Harvesting? It’s crucial to know that tax-loss harvesting only defers your capital gains taxes; it does not eliminate them.

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A Rising Tax Environment? What to Watch For.

Nationwide Financial

Key Takeaways: Even without new legislation, the prospect of higher taxes in the future is still looming. The impact of higher taxes on retirees could be substantial, so staying up to date on the current tax landscape is vital. That’s an effective tax rate of just over 8.6%.

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Tax implications of working remotely

Nationwide Financial

It should come as no surprise that there are unique tax implications for your client to consider as a remote worker. In addition to employee tax implications, remote work can potentially require more effort from employers themselves when it comes to tax withholding rules.

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8 Ways to Get Ready to File Your 2022 Tax Return

Wealthfront

Tax season is here and it’s time to start thinking about your 2022 tax return. Working on your taxes might seem intimidating, but it doesn’t have to be. The post 8 Ways to Get Ready to File Your 2022 Tax Return appeared first on Wealthfront Blog. Planning Taxes

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Planning Details for NUA: A Tax-Saving Strategy

Fortune Financial

When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . However, the tax deferral benefit comes at a cost tradeoff. NUA Tax Implications.

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Employ These 8 Year-End Strategies To Save During Tax Season

Fortune Financial

The clock is ticking for taxpayers who wish to minimize the taxes they will owe in the spring. The IRS does not tax what you divert directly from your paycheck into your retirement or health savings accounts. of your adjusted gross income for that tax year.

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Should I Be Making Estimated Tax Payments?

Financial Symmetry

The IRS and State Departments of Revenue prefer to have taxes paid as taxpayers earn or realize income instead of the total amount due being paid when taxpayers file their tax returns each spring. The post Should I Be Making Estimated Tax Payments?

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2023 Tax Brackets, Social Security Benefits Increase, and Other Inflation Adjustments for 2023

MainStreet Financial Planning

If you would like to read more about the 2023 changes from the IRS here is the IRS Publication and summary at the Tax Foundation website. For help estimating your taxes or withholding: IRS Tax Withholding Estimator. SmartAsset’s Federal Income Tax Calculator for 2022.

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Ep 218: Tax Planning to Protect Your Future

Integrity Financial Planning

Why is tax planning so important? President Biden just signed the Inflation Reduction Act, which includes money for the IRS tax enforcement division. Kevin O’Leary from Shark Tank says to focus on reducing your taxes by paying attention to the deductions available to you.

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5 Year-End Tax Moves to Make Now

MainStreet Financial Planning

Some tax-deductible transactions can be made after December 31 st and still count on your tax return, but not many. This is called “tax loss harvesting” and should include professional (adviser and/or CPA) direction to maximize your deductions and avoid new taxes.

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Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

James Hendries

Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the information and documentation you need well in advance of your actual tax filing date.

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