Tag: Cash Flow
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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…
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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…
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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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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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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 Retirement Plan Do I Need? How to Determine Which Retirement Plan Works for Your Business.
Setting up a retirement plan is an important process to conquer. There are different types of retirement plans to set up and it can be overwhelming to some, so today’s article will simplify 3 types of retirement plans to choose between and get moving. The right plan for your business depends on how much you…
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What Can I do to Lower My Taxes? Why Tax Planning is Vital for Business Owners.
Taxes are one of the biggest bills you will pay in your lifetime. Ensuring that you, your family, and your business have proven tax strategies to save on taxes is key. Congress is constantly changing the tax laws, so it is important that you stay up to date on what is relevant to your situation.…
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How To Create Your Own Financial Plan
What Is a Financial Plan? Financial planning is critical with how important money is in our lives. A reason you may feel stressed financially is largely because you do not have a plan. A Financial Plan forces you to review each aspect of your life and money so you can maximize your impact and reduce…
TC Falkner 