This week, we highlight sobering retirement statistics showing nearly two-thirds of Americans worry more about running out of money than death, essential estate planning considerations for business founders covering core planning, business continuity, and advanced wealth transfer strategies, and President Trump’s suggestion that tariff revenue could fund income tax reductions for those making under $200,000 annually. We also examine key factors to consider when contemplating Roth IRA conversions, and the IRS’s timely reminder to adjust withholdings now to avoid surprises next filing season—a perfect post-deadline planning activity. Enjoy your well-deserved breathing room!
Interested in using Harness at your tax firm, or know a tax firm you’d like to refer to Harness? Schedule an introduction today.
Mortal fears about retirement: Americans need more time, money
From Journal of Accountancy
Nearly two-thirds of Americans are worried more about saving enough money for retirement than they are about dying. The combination of longer lifespans, high inflation, concerns about Social Security, and market volatility is leading to the concerns illustrated in a new survey. Specifically, the Allianz Center for the Future of Retirement survey found that 64% of respondents “worry more about running out of money than death.” Allianz surveyed 1,000 adults with at least $150,000 in investable assets or a certain level of annual household income ($50,000 single or $75,000 married/partnered).
Estate planning for founders: a roadmap for success
From Reuters
Founders and entrepreneurs face numerous challenges while building their companies, from choosing the right business entity to managing employees and protecting intellectual property. Amidst these pressures, personal estate planning often takes a backseat, which can lead to missed opportunities for minimizing tax exposure and cementing a founder’s legacy. In this article, we highlight the importance of this estate planning by breaking it down into three core segments: core planning, business continuity and liquidity, and advanced wealth and transfer strategies.
Trump floats income tax cut to ease tariff bite
From Accounting Today
President Donald Trump suggested Sunday that his sweeping tariffs would help him reduce income taxes for people making less than $200,000 a year, as public anxiety rises over his economic agenda. Trump has previously argued that tariff revenue could replace income taxes, though economists have questioned those claims.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” he said Sunday on his Truth Social network.
Should You Do A Roth IRA Conversion? Nine Things to Consider
From Kiplinger
Are you thinking of converting your traditional IRA to a Roth IRA? Now might be a good time to consider it. But before you pull the switch, there are lots of factors you will want to consider when it comes to Roth conversions, ranging from the possibility of future tax rate changes to whether the conversion will subject you to higher Medicare premiums and everything in between. Below, we discuss nine important factors to keep in mind when deciding to do a Roth conversion.
Now’s the Time to Adjust Tax Withholdings on Your Paycheck, IRS Urges
From CPA Practice Advisor
The tax filing deadline—at least for most of the country—has come and gone but there are steps taxpayers need to take now to avoid issues in the future, the Internal Revenue Service is warning. Taxes are pay-as-you-go, which means workers need to pay as they receive their income through withholdings—the federal income tax portion of each paycheck that’s taken out by employers. For self-employed people, withholdings are the amount of earnings that are set aside to pay estimated taxes, the IRS explained. Now is the time to adjust tax withholdings on your paycheck to avoid surprises next filing season. Making those adjustments now prevents big changes later in the year to try and catch up and avoid paying in 2026.
Interested in using Harness at your tax firm, or know a tax firm you’d like to refer to Harness? Schedule an introduction today.
Tax related products and services provided through Harness Tax LLC. Harness Tax LLC is affiliated with Harness Wealth Advisers LLC, collectively referred to as “Harness Wealth”. Harness Wealth Advisers LLC is a paid promoter, internet registered investment adviser. Registration does not imply a certain level of skill or training. This article should not be considered tax or legal advice and is provided for informational purposes only. Please consult a tax and/or legal professional for advice specific to your individual circumstances. This article is a product of Harness Tax LLC.
Content should not be regarded as a complete analysis of the subjects discussed. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by Harness Wealth. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information. Harness Wealth does not assume any responsibility for the accuracy or completeness of such information. Harness Wealth does not undertake any obligation to update the information contained herein as of any future date.
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