Insights on tax, equity, and building wealth
Guides and analysis from the Harness team and the advisors on the platform.
73% of Clients Say Trust Is the #1 Priority. Here’s How to Build It Before the First Meeting
According to a recent Harness survey, nearly three-quarters of high-income clients place trust above all other factors when choosing a tax advisor. Not expertise. Not pricing. Trust.
Flagship Report: What High-Income Clients Want from Their Tax Advisors in 2025
Whether it's the opportunity to provide higher value services or gain the benefits of a long-term professional relationship, it's not difficult to understand what tax advisors are looking for in high-income clients. What high-income clients are looking for in a tax advisor, however, is a little more complicated.
IRA Recharacterization Deadline 2025 – Rules, October 15 Cut-Off & How-To Guide
IRA recharacterization is a mechanism that allows you to switch between traditional and Roth IRAs when your circumstances change. It's essentially an "undo" button for a contribution, letting you move money from a Roth IRA to a traditional IRA, or vice versa, as if the original contribution never happened.
Angel Investing Guide: How to Start in 2025
Angel investing has evolved. Once reserved for venture insiders, early-stage investing is now more accessible to individuals looking to diversify their portfolio and get closer to innovation. In 2025, new tax advantages, stronger protections, and a surge in high-growth startups make it a compelling time to explore this asset class.
Tax Advisor Weekly — September 5, 2025
As fiscal and monetary policy collide, tax professionals are working through uncertainty from all angles. The Fed is signaling rate cuts as early as this month, while Trump’s most sweeping tariffs have just been ruled unlawful by a federal appeals court. Meanwhile, the Treasury has released its list of jobs eligible for the new tip tax exemption—and yes, influencers made the cut. Over in global logistics, China’s shippers are reorienting to avoid upcoming U.S. port fees.
Liquidity Events and the NIIT Tax Rate: How to Manage the 3.8% Surtax
The Net Investment Income Tax (NIIT) is a 3.8% surtax applied to certain investment income for individuals, estates, and trusts whose Modified Adjusted Gross Income (MAGI) exceeds specific threshold amounts. Part of the Health Care and Education Reconciliation Act of 2010, NIIT was a revenue-generating measure designed to support healthcare reform by taxing investment income as opposed to labour income.
Consumer Interest Tax Deductibility in 2025: What You Can and Can't Deduct
Understanding consumer tax deductibility has never been simple—and 2025 has added a new wrinkle. Thanks to recent updates in the tax code, certain Americans can now deduct interest paid on personal-use vehicle loans. It’s a notable shift from long-standing rules that excluded most consumer interest, and it opens the door for more strategic tax planning.
How the $1000 'Trump Accounts' for Kids Will Work
Starting in 2025, a new tax-advantaged savings vehicle is being introduced for families: Trump Accounts for Kids. These federally backed accounts provide $1,000 in seed funding for eligible newborns, with tax-deferred growth and contribution opportunities designed to support long-term wealth building.
Tax Advisor Weekly — August 29, 2025
The Trump administration’s tax and trade policies remain front and center this week, as new battles over digital regulations escalate and economic inequities sharpen. Trump is threatening tariffs against countries targeting U.S. tech companies, while a new study shows billionaires pay significantly lower effective tax rates than most Americans. Meanwhile, Social Security’s COLA bump for 2026 may not be enough to keep pace with inflation, and Republicans are scrambling to rebrand Trump’s unpopular “One Big Beautiful Bill.”
Contribution Margin on an Income Statement
Every business has expenses. But not all costs—and not all dollars earned—are created the same. If you're looking to get more strategic about pricing or simply running leaner in 2025, understanding your contribution margin on an income statement is one of the smartest places to start.
2025 Tax Brackets: A Guide to New Income Thresholds & Deductions
The IRS has released its official inflation-adjusted 2025 tax brackets, and the implications for taxpayers go well beyond just a few thousand dollars in threshold shifts. With the recent passage of the One Big Beautiful Bill, many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) have now been made permanent—including the seven-bracket structure and a higher standard deduction.
How the One Big Beautiful Bill Impacts Venture Tech
President Trump's "One Big Beautiful Bill Act" (OBBB) of 2025 materially changed multiple tax and policy provisions with a direct impact on tech startups and investors. This article examines how these changes impact everything from tax benefits to international partnerships, and provides strategies for tech companies to thrive amid new compliance requirements.
How the One Big Beautiful Bill Impacts Startups and Founders
On July 4, 2025, the tax laws impacting America's entrepreneurs shifted with the signing of the "One Big Beautiful Bill" (OBBB) Act. This comprehensive tax reform package rewrites the rules of business ownership and investment, creating a new set of tax laws for businesses of all sizes.
13 Essential Small Business Tax Deductions for 2025
Running a small business means keeping a lot of plates spinning—from hiring and operations to marketing, client work, and cash flow. But when tax season rolls around, all that hustle can either help or hurt you—depending on how well you’ve planned for deductions.
Tax Advisor Weekly — August 22, 2025
The ripple effects of Trump’s tax and tariff policies are accelerating. S&P Global just reaffirmed the U.S. credit rating—but only because rising tariff revenues are plugging holes left by sweeping tax cuts. Meanwhile, the IRS may delay the 2026 tax season due to ongoing staff cuts and logistical backlogs. And a new actuarial forecast shows Social Security cuts are approaching even faster than previously expected.
Why Are Adjusting Entries Necessary? The Simple Answer
Creating financial statements based on cash movements may seem like an intuitive approach, however, a cash perspective tends not to capture economic reality. Numerous variables (unrecognised expenses, discounts, etc.) can result in reporting inaccuracies that not only distort business performance but can make tax season far more arduous than it needs to be.
How to Help Clients Minimize Taxes with the Secure Act 2.0
Retirement planning nowadays has fundamentally shifted. In the wake of the SECURE Act, astretch IRA strategy is no longer as important. At one time, stretch IRAs were a major engine powering generational wealth transfer, however that has all but vanished for most non-spouse beneficiaries.
IDGTs Explained: A Powerful Trust Strategy for Tax-Efficient Wealth Transfer
One of the most common concerns of high-net-worth clients is how to transfer their wealth across generations while minimizing the tax impact. An effective way to achieve this is through the use of Intentionally Defective Grantor Trusts (IDGTs), which reduce estate tax exposure while maintaining control over income tax treatment.
Tax Traps in Shareholder Buy-Sell Agreements (And How to Avoid Them)
When it comes to business succession planning, buy-sell agreements determine how an owner's interest will be bought or sold upon specific triggering events like death, disability, or retirement, ensuring business continuity and a clear exit strategy. While these agreements may seem straightforward, they conceal complex tax implications that can take even seasoned business owners by surprise, triggering a cascade of tax consequences.
How the One Big Beautiful Bill Impacts High Net Worth Individuals
High-net-worth individuals have faced significant uncertainty on many of the tax reductions in the TJCA which was passed in 2017.
Tax Advisor Weekly — August 15, 2025
The dust still hasn’t settled around Trump’s sweeping tax-and-spend legislation—and the headlines this week reflect the ongoing fallout. From IRS leadership turmoil to new tax breaks reshaping tech hiring and car sales, we’re seeing rapid changes ripple across industries and income brackets.
W2 Box 12 Codes Explained—A Simple Guide for 2025
W-2 forms can be deceptively straightforward—until you get to Box 12. It’s one of the most misunderstood sections, packed with codes that can signal everything from deferred compensation to employer-paid health coverage or stock options. And while many of these entries may not seem urgent, they can directly affect how your income is taxed and what deductions you qualify for.
The Easy Guide to Form 1120-S Instructions for S Corps
Form 1120-S is the U.S. Income Tax Return for an S Corporation—a business entity that avoids "double taxation" by passing its income, gains, losses, deductions, and credits directly to its shareholders. Unlike traditional C corporations, the S corporation itself generally doesn't pay federal income tax. Instead, the financial activity of the business is reported by the individual shareholders, with Form 1120-S being a key part of the process.
Tax Advisor Weekly — August 8, 2025
From new tariffs and audit crackdowns to updated tax rules on overtime and Social Security, this week’s headlines signal an era of deeper scrutiny and shifting opportunities for clients.
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