Category: Uncategorized
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When Can You Start a New Retirement Plan? Year-End Deadlines for Retirement Plans.
When trying to set up a new retirement plan, especially for 2025, the two primary questions to answer are when you can establish the plan and the latest date that you must fund the account by. Answering both questions can help you determine if you need a new account opened and funded by as early…
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How Can I Max Out My Retirement Account? How to Hit Your 2025 Deduction Goals with Retirement Plans.
Contributing to a retirement account has arguably been one of the best deductions available from year to year. As the end of the year approaches, it could be a great time to determine whether you should contribute the maximum amount to some or all of your “deductible” accounts. If the goal is to increase your…
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Should I Convert My IRA to a Roth IRA this Year? How to Think Through Year-End Roth Conversions.
As the end of the year approaches, most people start to get a clear sense of how much income they will have for the year. If this year looks like a relatively low year for income, it may be worth exploring intentionally increasing your “total income”. While the reasons may differ from year to year,…
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Are You Using 529s The Smart Way? New 529 Rules to Help You Save on Taxes.
Kids are simultaneously the best part of our families and the most expensive. Especially when it comes to education, the costs from birth to adulthood can easily cross 6-figures. While parents have started saving more for these costs in recent decades, the new tax bill just made doing so even more attractive. The rules for…
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Why Should You Sell Your Business? How Business Owners Know It’s Time to Move On.
Selling a business can be a major financial life event. Especially for those who have built their business from the ground up over decades, it can be a monumental undertaking. While at some point every business owner thinks about selling their business, recognizing the right time is often a much harder problem. There is no…
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Maxing Out Your 401k? The Mega Backdoor Roth Might Let You Save Even More
For business owners and high-income professionals looking to maximize their retirement savings, traditional options like a 401k or a Roth IRA often come with frustrating contribution limits. But what if there was a way to contribute significantly more to a tax-advantaged account? The mega backdoor Roth strategy could allow you to do so. If your…
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How Small Business Owners Get Taxed: A Guide to Business & Personal Income
For many business owners, taxes can feel like a never-ending burden. Running a business is hard enough, and you may often find yourself “doing what you are told” to take care of the taxes. After piling on a rental enterprise on the side, your spouse’s income, or any outside jobs you have, it’s no wonder…
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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…
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What Does Your Cash Flow Look Like? Why You Need to Define Your Personal and Business Cash Flow Plan.
Proper cash management can significantly improve your financial plan. Too many business owners do not have a solid cash flow strategy and as a result, feel anxious and confused. As tax season starts to get underway, this will only get magnified. Taking the time now to map out your cash flow can save you stress…
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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 