Insights on tax, equity, and building wealth
Guides and analysis from the Harness team and the advisors on the platform.
Cross-state Residency Tax Considerations in 2020: The Impact of COVID-19 Work From Home
COVID-19 created many unexpected adjustments to working and moving this year. Could these changes result in additional state tax exposure and withholding obligations for individual taxpayers and business owners?
Harness Wealth Firm Consultations: What to Expect and Prepare
This guide was created to help Harness Wealth clients understand the consultation process with their recommended firms. As part of your evaluation process, and you should plan ahead for the number of meetings and documents you'll need to prepare for each type of firm consultation, and the factors you'll want to consider in deciding which firm(s) you'd like to move forward with.
Tax Benefits of a Donor-Advised Fund
A donor-advised fund is a great way to manage your charitable giving and save on taxes. You can take a tax deduction immediately when you provide the donation. Then, the donated funds can be invested and grow tax free. Think of it as creating a sort of personal "savings account" from which you can make donations to causes you care about for years to come.
Diversify Your Portfolio: How Startup Employees Over-invest in Tech
Tech as an industry has had major growth in the last few years, and continues to hold strong, even in 2020. However, recent history shows that many tech employees run the very real risk of being too invested in the technology sector. We outline the most common components that make up this overall risk below, and offer some guidance how best to balance your unique risks and opportunities.
Advice on Startup Liquidity Mistakes: IPO Experiences with AJ Wealth
We sat down with Justyn Volesko, J.D., LL.M., Managing Partner at AJ Wealth, to learn more about his business, particularly for clients going through liquidity events, such as IPOs. AJ Wealth is a Wealth Management Firm on the Harness Wealth platform.
Investment Strategies for a Large Windfall or Inheritance
Often, the best thing to do is to invest in assets that allow your wealth to grow over time, so that you can reap the benefits for years to come and perhaps even the rest of your life. However, deciding and researching the mechanics of how exactly to invest a large sum of money isn't always straightforward.
Tax Planning for a Large Windfall or Inheritance
You'll need to plan ahead to budget for the taxes you owe and be diligent about key tax regulations you can use to your advantage to help reduce the amount of your newfound funds that you'll have to give to the IRS.
Benefits of Hiring a Professional Tax Advisor vs DIY Tax Software
Online tax tools make it easy for the average person to file their annual tax returns, but there are many scenarios where more sophisticated tax strategies can save a significant amount of money, making the ROI on personal tax advising very worthwhile for high earners with complex financial situations and those with sudden windfalls.
Startup Equity: Calculating Potential Windfall, Taxes and Costs
As you plan to cash out your startup shares outside of a traditional liquidity event (IPO, acquisition, merger), consider the potential value, costs, and tax considerations you'll need to keep in mind as you go through this process.
Selling Your Startup Shares: Comparison of Secondary Stock Marketplaces
For those beginning the process of executing on a secondary sale of your shares, we've outlined several specific vendors and types of sales in this article, with the relevant fees and restrictions for each.
Promissory Note Program: An Employee Benefit for Early-Stage Startups
76% of startup employees never exercise or sell the pre-IPO stock options they have earned. Harness Wealth's Promissory Note Program allows employees to exercise without putting up any cash upfront.
How a Financial Advisor Can Help During Market Turbulence
Sudden drops in market performance can be alarming. What does this mean for your financial planning? And how can a Financial Advisor help?
Tax Deadline Extension: Planning for the Impact of COVID-19 (Coronavirus) in 2020
With the Coronavrius epidemic impacting the US economy, the IRS and the Secretary of the Treasury have recently announced changes to 2020’s (2019 tax year) usual deadlines.
Tax Planning vs. Tax Preparation: What's the Difference?
Danielle McCarthy, CPA, MST explains the difference between tax planning and tax preparation, key tax optimizations you can make on your own, and how to most productively work with an accountant.
2019 Year in Review
As our first year comes to a close, our CEO shares some of our exciting milestones from 2019.
Tax Strategy: Gifting Assets
In The Advisor Corner this month, MRA Associates explores what to consider when thinking about a Gifting Strategy. MRA Associates is a Financial Advisory Firm on the Harness Wealth platform.
The 2019 Gen X Survey
We conducted a survey to learn more about how Gen-Xers thought about financial planning and what they needed. We found that of 1,000 Gen-Xers aged 35 to 60 showed most believe they lack the knowledge necessary to manage their finances, despite spending a substantial amount of time on money management.
Iterating and Growing the Architecture of Harness Wealth
Our underlying technology stack is a critical part of the Harness Wealth product. Here our Engineering Team outlines our initial Harness Wealth system and the rationale behind their build approach.
Questions for Selecting an Advisory Firm
Finding the right advisors for you consists of both finding ones with the right skillsets for your unique needs as well as the right levels of service. There is no substitute for speaking directly to an advisor before making a final decision. Here are some guidelines to consider when evaluating an advisory firm.
Considerations for Your Financial Plan in 2019
With recent market volatility, it’s not surprising that investors are anxious about what 2019 will bring for the financial markets and for their investments. We explore what you should be thinking about in 2019 for your investment strategy and overall financial plan.
How to Optimize for the 2018 Tax Law Changes
2018 saw one of the most significant tax reforms in recent history. We explore what to consider in your 2018 tax year filing as well as a what to consider for the 2019 tax year that you can implement now.
The Genesis of Harness Wealth
Our Founder and CEO, David Snider, discusses where the idea for Harness Wealth came from and why he ultimately decided to build this business.
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