Category: Business Planning
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Does My Family Need a Trust? How Business Owners Should Think About Trust and Estate Planning.
What would happen to your business if you weren’t around tomorrow? Does your family have a plan for your wealth if you were gone? The whole domain of trusts and estate planning can feel overwhelming to those with little experience. On the other hand, a Revocable Living Trust is one of many helpful tools for…
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What is QBI? How to Maximize One of the Biggest Deductions for Small Business Owners.
QBID, or the Qualified Business Income Deduction, may be one of the biggest deductions available to you as a small business owner. Many owners aren’t even aware of this, and those filing taxes themselves can even miss out on thousands of dollars of tax savings by not taking this deduction. In short, the QBI deduction…
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Should I File as an S-Corp? Why People Say That an S-Corp can Save Thousands in Taxes.
Business owners often don’t understand their taxes and just hope they are doing everything to keep their heads above water. Then they hear how a friend’s “S-Corp” is saving them so much in taxes. When entrepreneurs make the mindset shift from just getting by with taxes to forward-thinking tax planning, there can be opportunities to…
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Lump Sum vs Pension: Which Pension Option is Best for Retiring Entrepreneurs Starting a New Business?
All entrepreneurs are created differently. Some were born as business owners, others adopted it as a second “professional life”. For those career changers starting (or growing) their business, their financial plan from their previous life can make things more complex. Specifically, many entrepreneurs retiring from their first profession with a pension have to decide whether…
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Should I Set Up an HSA? How You Could Never Pay Taxes on Medical Expenses Again with a Health Savings Account.
Health insurance is one of the major issues in the modern world, and the election in the next few months will no doubt create more conflict. While there are many financial planning topics that help you interact with health insurance and healthcare expenses, having access to a Health Savings Account may be one of the…
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Do We Need a Buy-Sell Agreement? What a Buy-Sell Agreement is and Why it is Important.
When starting a new business, there are a million things to do. Besides the pressing issues like registration, billing, or getting the first few customers, there are also a handful of important but non-urgent items you need to check off. One of which is whether you need to establish a buy-sell agreement with your business…
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Why are Kids so Expensive? How Business Owners can Save Thousands by Hiring Their Kids.
With everyone jumping back into the school season, there is plenty of money in motion this month. Tuition, supplies, clothes, sports, and the dozens of other expenses to support our children can add up quickly. If private school or college is involved, some families easily add another $10-20k per child in expenses. From a financial…
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What Can I Write Off? Why Business Owners Love Write-Offs and How You can Take Advantage of Them.
One of the most common pain points for business owners is taxes. Naturally, the idea of write-offs becomes a business owner’s best friend. The more you can write off, the less you have to pay in taxes. Unfortunately, many business owners leave thousands of dollars on the table by trying to do it themselves. When…
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Traditional or Roth? How to Figure Out Which Account Type is Best for Your Retirement.
Everyone is asked this question at some point in their journey to retirement. Especially when you set up a retirement plan for your business, it is important to understand the differences between traditional and Roth-style accounts. Contributing to the wrong account could cost thousands in taxes over the lifetime of a business owner. To combat…
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What is Going to Happen This Year? How to Think About the Markets and the Election.
Given that this is a presidential election year, many people have asked what the election will do to the markets and their money. On top of that, an arguably overvalued stock market and a slow-growth economy create more questions of concern. So naturally people are asking about the next 6-12 months. My typical response, one…
TC Falkner 