Tag: Cash Flow
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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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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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