Tag: Retirement Planning
-
How Can I Sell My Real Estate? How 1031 Exchanges Can Help With the Taxes.
Attempting to sell appreciated investment properties can include a significant tax decision. Many investors could have tens or hundreds of thousands of gains that could be taxable. To make matters worse, investors may have to recapture the depreciation they claimed in previous years. Highly appreciated real estate can be a struggle to move into another…
-
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…
-
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…
-
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,…
-
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…
-
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…
-
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…
-
Should I Convert My IRA to a Roth? Why We Talk to Hundreds of Clients About Roth Conversions Each Year.
Now that we have entered October, the year-end tax planning cycle is starting to pick up. For many that hopefully means attempting to determine their total income for the year and look to maximize their income from a tax perspective. That is when IRA to Roth Conversions enter into the conversation. For those with money…
-
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…
-
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…
TC Falkner 