Tag: Cash Flow
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When is the Best Time to Invest? How Dollar-Cost Averaging Could Make that Decision Easier.
If someone tells you when the perfect time to invest in the market is, they are likely lying. Market timing is always a popular topic, especially with the recent drops in the market. If you recently acquired excess money from a bonus, cashed out an investment, sold a business, etc., you may question how to…
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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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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…
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Inherited an IRA? What You Need to Know About the New Rules.
Did you inherit a retirement account recently and have no clue what to do with it? Inheriting a retirement account from a spouse or parent can be confusing, especially if this is the first time you have received one. Since the SECURE Act took effect in late 2019, the rules around inherited IRAs have changed,…
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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…
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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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How Should I Save My Money? Saving for the Future Doesn’t Need to be Complicated.
What does ‘saving for the future’ really mean for small business owners balancing personal and business goals? Once immediate needs are met month to month, the next question naturally turns to savings. What should you save for, and where should you save it? The answer depends on your specific situation but could profoundly impact your…
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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…
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Do You Have a Giving Account? How a Donor Advised Fund can Help You Give More Away and Pay Less Taxes.
Generosity, or giving your money away, is perhaps one of the least discussed financial topics. Some could speculate why, but the fact remains that there are not many good strategies to help people with their philanthropic efforts. We should encourage each other to ‘pay it forward’ and give generously. In at least one small part…
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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…
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