Tag: financial-planning
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What About Capital Gains? 5 Strategies For Small Business Owners to Defer or Reduce Their Capital Gains.
Large capital gains are always something worth planning for. Especially after selling a business, tax years with large capital gains can feel particularly painful when the tax bill comes. Even though long-term capital gains are taxed at more favorable rates, there are still many planning opportunities to reduce the taxes even further. Capital Gains When…
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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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Are You Donating to Charity? A Fresh Look at Charitable Giving in 2025.
With all the changes in the recent tax bill, there were not many changes to charitable giving. For whatever reason, it seems that charitable giving from a financial and tax perspective has been an afterthought for much of the American financial culture over the last few years. While the government still incentivizes you to give…
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Can You Still Deduct State & Local Taxes? How the New Tax Bill Changed the Popular Deduction.
If you pay at least 5-figures in taxes, the new tax bill may have just improved your tax situation. Since 2017, one of the major topics of contention has revolved around deducting State and Local Taxes (SALT) on your federal return. Many high-income owners pay a lot of non-federal taxes, and many want a deduction…
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How Much Does the New Tax Bill Change Things for Me? Understanding the QBI Update is Essential for Business Owners.
Among the many changes in the new One Big Beautiful Bill (OBBBA), the Qualified Business Income (QBI) deduction got a permanent upgrade for small business owners. What started with the TCJA temporary provisions has now been placed permanently into action (or until a future congress changes it). While the QBI deduction did not materially change…
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Dependent Care Perks: Level Up Your Family Tax Strategy
Raising children is one of the most expensive things in life. Fortunately for us parents, as part of the recent tax bill, the OBBBA solidified the expanded Child Tax Credit amount. In 2025, you may be eligible to receive a credit for each qualifying dependent up to $2,200. That will generally lead to another question:…
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Should You Set Up an HSA for Your Business? How a Health Savings Account Works.
The Health Savings Account (HSA) is a valuable financial planning tool that helps cover medical expenses for you and your family. Short of taxes and retirement, medical expenses are one of the highest expenses that Americans have to deal with. When one can properly utilize the HSA effectively, it is possible to pay for thousands…
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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,…
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Wondering if a Trust Should Inherit Your IRA? Here’s What You Need to Consider.
As an advisor, I have a guilty pleasure of attending “financial events” where I already know most of the content that is presented. Inevitably, there are one or two interesting facts that I did not know (which makes it worth going to). Here is one I heard last month: “Married couples should name their revocable…
TC Falkner 