Tag: Business Planning
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Can I Contribute to Multiple Retirement Plans? Start with These 5 Questions.
For many owners, contributing the maximum amount to a retirement plan is not as simple as looking up the IRS contribution limits. For some owners with multiple businesses and/or multiple retirement plans, it can become confusing to understand which accounts to fund before the end of the year (or after the year). While saving into…
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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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Is Your Liability Coverage Enough? A Simple Framework to Understand Your Business Insurance.
Business insurance is often one of the required but unpopular parts of running a business. Regardless of the owner’s viewpoint, most business owners should understand their business insurance and properly insure against certain risks to the company. Liability insurance is perhaps one of the most important, and even these policies are misunderstood. Taking the time…
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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…
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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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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…
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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…
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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…
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The One Big Beautiful Bill Act. 7 High-Level Updates for Small Business Owners To Know.
Now that President Trump has signed another major tax bill, the rest of America gets to figure out what the bill is actually changing (or not changing). Since the Tax Cuts and Jobs Act (TCJA) of 2017, many temporary provisions were established that were set to expire at the end of 2025. On July 4th,…
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Should Everyone Attempt to Avoid Probate? A Case for More Estate Planning Than Just a Will.
Since the passing of my father, I have thought a lot more about the probate process and whether it is helpful or not. He passed unexpectedly, without a will, and left my sister and me with the responsibility to settle his estate. While I have not had a completely negative experience with the Probate process,…
TC Falkner 