Category: Business Planning
-
5 Step Year-End Tax Planning Review for Louisville Business Owners
As the year comes to a close, many of us will start totaling numbers to see how 2025 will turn out. Naturally, this is when any of the end-of-year moves for tax purposes become very attractive. A lot has changed this year related to the taxes of business owners. Even though there are new rules…
-
What if My Business is My Retirement Plan? Why Exit Planning for Business Owners is Critical.
Many business owners never truly plan on retiring. Worse, many just assume their entrepreneurial journey will carry them through life indefinitely. Naturally, this leads to uncertainty and confusion when the day finally comes. While many entrepreneurs may eventually figure it out, understanding why you should prepare for life after business is critical. Doing so now…
-
What is the Best Retirement Account for a Business? 3 Options to Save For Retirement.
Business owners love reducing taxes. Retirement accounts are one of the best ways to defer or reduce taxes. Almost irrespective of personal retirement plans, contributing to retirement accounts to some degree should be common for most business owners. Besides the tax benefits and the employee benefits, retirement accounts are foundational to a financial plan. After…
-
What If I Don’t Want To Retire? 5 Reasons Why Retirement Planning Is Important Even If You Never Plan on Retiring.
Within the last 80 years, Americans created the modern version of what we call retirement. While the concept is still relatively new, there is some debate about what retirement should look like for most people. Some who are multi-decade workers would like to retire and never work again, while others claim to never stop working.…
-
What About Capital Gains? 5 Strategies For Small Business Owners to Defer or Reduce Their Capital Gains.
Large capital gains are always something worth planning for. Especially after selling a business, tax years with large capital gains can feel particularly painful when the tax bill comes. Even though long-term capital gains are taxed at more favorable rates, there are still many planning opportunities to reduce the taxes even further. Capital Gains When…
-
What Happened to Write-Offs for Business Investments? Bonus Depreciation and Section 179 Deductions Just Shifted.
Since the Tax Cuts and Jobs Act (TCJA) in 2017, there has been a yearly struggle with the amount of depreciation allowed for new business purchases. At the start of this decade, businesses could generally deduct 100% of new machines, cars, tech, furniture, etc. This full write-off has been slowly eliminated over the last few…
-
Can You Still Deduct State & Local Taxes? How the New Tax Bill Changed the Popular Deduction.
If you pay at least 5-figures in taxes, the new tax bill may have just improved your tax situation. Since 2017, one of the major topics of contention has revolved around deducting State and Local Taxes (SALT) on your federal return. Many high-income owners pay a lot of non-federal taxes, and many want a deduction…
-
How Much Does the New Tax Bill Change Things for Me? Understanding the QBI Update is Essential for Business Owners.
Among the many changes in the new One Big Beautiful Bill (OBBBA), the Qualified Business Income (QBI) deduction got a permanent upgrade for small business owners. What started with the TCJA temporary provisions has now been placed permanently into action (or until a future congress changes it). While the QBI deduction did not materially change…
-
Dependent Care Perks: Level Up Your Family Tax Strategy
Raising children is one of the most expensive things in life. Fortunately for us parents, as part of the recent tax bill, the OBBBA solidified the expanded Child Tax Credit amount. In 2025, you may be eligible to receive a credit for each qualifying dependent up to $2,200. That will generally lead to another question:…
-
Should You Set Up an HSA for Your Business? How a Health Savings Account Works.
The Health Savings Account (HSA) is a valuable financial planning tool that helps cover medical expenses for you and your family. Short of taxes and retirement, medical expenses are one of the highest expenses that Americans have to deal with. When one can properly utilize the HSA effectively, it is possible to pay for thousands…
TC Falkner 