Category: Business Planning
-
Earn Too Much for a Roth IRA? How Business Owners Can Use the Backdoor Roth Strategy
During tax season, many business owners revisit their retirement savings options, including their Roth IRAs. Sometimes, that can be as simple as a maximum contribution. But for others, they make too much money to directly contribute to a Roth. While the IRS has rules around income limits for Roth contributions, business owners can still contribute…
-
Should I File Jointly or Separately? Filing Taxes as a Married Business Owner.
For many married business owners, tax season brings up a common question: Should we file jointly or separately? Especially with soon-to-be or recently married business owners, people often question whether it is best to combine financial lives for tax purposes. While there are situations where either option could be more beneficial, the important part is…
-
How Much is Enough? How to Balance Spending, Saving, and Giving.
In our modern economy, one of the major financial problems we face is what to do with our money. As small business owners, managing money is more than just turning profits, but also deciding what to do with those profits. Specifically, as we go throughout life and generate larger incomes and wealth, we increasingly understand…
-
What are the Seven Sources of Income? Do I Need All Seven?
There are many ways to generate money and income in the modern economy. Every now and then you hear about all the different sources of income someone has. What you don’t hear is what each one means and whether it truly benefits you to have them. There are generally seven major sources, and each one…
-
5 Financial Essentials When Starting a Business in 2025
Starting a new business can be exciting and incredibly challenging at the same time. Before landing your first customer, there are dozens of requirements and problems to sort through. A few of my clients plan to launch a business in 2025 and are facing similar questions about where to begin. Focusing on key financial areas…
-
Did You Review Your Finances this Year? Looking Back on 2024 and Looking Ahead to 2025.
As the year ends, taking time to step out of the day-to-day grind can provide many advantages. The holidays have a good way of slowing (some) business and can allow us to look at our lives more broadly. Many times, this is also a good time to revisit your financial plan. Reflecting on the progress…
-
What Retirement Plan Do I Start? How to Know Which Retirement Plan is Right for Your Company.
Contributions to a retirement account through your business are one of the best ways to save for the future and claim a large tax deduction. It is entirely possible to deduct tens of thousands of dollars if you max out your contributions. Many times, owners understand that they need to save, but struggle to know…
-
9 Year-End Tax Planning Strategies For Your Small Business.
Tax Planning is, among many things, about strategically changing your income level to improve your tax situation. After nearly a full year of work, there are typically some good year-end tax strategies to optimize your taxes before the end of the year. While not all strategies apply to everyone, taking advantage of opportunities could mean…
-
What is Cost Segregation? How Business Owners Can Turn Their Properties into Massive Tax Deductions.
Does real estate really have all the tax breaks that people talk about? Real estate has always been a very important investment for many people. Business owners and real estate investors alike have benefited from many of the IRS rules surrounding their properties. As many of the top real estate investors may know, utilizing the…
-
Are My Taxes Going Up? How the Tax Changes After 2025 Could Impact your Bottom Line.
Back in 2017, congress passed the Tax Cuts and Jobs Act, one of the biggest and broadest tax bills in recent decades. Many people (but not everyone) saw their taxes dramatically drop and benefited from more money back in their pockets. For better or worse, many of those breaks instituted in 2017 will expire after…
TC Falkner 