Tag: financial-planning
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Are Trump Accounts Worth It for Your Kids? What We Know So Far, And What We Don’t.
Among the many changes in the tax code in the last year, one of the more interesting (and confusing) is the new addition of the so-called Trump Accounts. The goal of these accounts is to provide “long-term financial security for millions of children” in America. The question, at least for now, is how exactly these…
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Will I Get a Bigger Refund This Year? Tax Refunds, Cash Flow, and the Real Impact of the Latest Tax Changes.
There is a lot of talk that this tax season will produce abnormally large refunds compared to previous tax years. Much of that has to do with the One Big Beautiful Bill Act (OBBBA) signed into law last July. Given the volume of recent tax changes, even some accountants and CPAs are struggling to keep…
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What is changing to retirement accounts this year? Your 2026 Contribution Cheat Sheet.
Key Takeaways Defined Contribution Plans (401ks, 403b, 457, TSP, etc.) In 2025, those contributing to a company retirement account, like a 401k had certain contribution limits to stay within. For 401ks, the employee maximum contribution was $23,500 but increased to $24,500 in 2026. Historically, there has been a catch-up contribution available to earners over 50…
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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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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 We Set Up a Trust for Tax Purposes? Death, Taxes, and the Trust That Could Solve Both.
Estate Planning is always a difficult but necessary step to complete in your financial plan. Couple that with major tax implications, and you will quickly see why it is important to keep your estate plan updated. Many owners and families often ask whether they need a trust. I have written about trusts before, but mainly…
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Estate Planning for Elderly Parents? How We Can Prepare for Aging Parents.
Aging parents can be an extremely underrated stressor in life. On top of full-time jobs, raising families, and serving in the community, it can feel extra burdensome to care for aging parents. One of the things that could make it worse is not being on the same page with our parents about their finances. While…
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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…
TC Falkner 