Tag: Tax Strategy
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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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Do My Quarterly Tax Payments Need To Change? How To Think Through Your Estimated Payments Each Year.
From a business finance perspective, cash is always king. Especially as tax season enters the picture this year, the strongest pull for owners to get everything done is to see if they owe any more taxes (or if they get a refund). Said differently, we want to know when our cash must be used for…
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Making Good Money but Still Stressed? Start 2026 With a Simple 6-Part Plan to Reduce Financial Stress for Business Owners.
As income increases, so do financial complexities, both in personal and business finance. As new problems emerge, owners can feel they are on the back foot trying to handle their finances. Each time one area is solidified, another side poses new problems. While no financial plan can completely cover future problems, covering the basics across…
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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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5 Step Year-End Tax Planning Review for Louisville Business Owners
As the year comes to a close, many of us will start totaling numbers to see how 2025 will turn out. Naturally, this is when any of the end-of-year moves for tax purposes become very attractive. A lot has changed this year related to the taxes of business owners. Even though there are new rules…
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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 I Convert My IRA to a Roth IRA this Year? How to Think Through Year-End Roth Conversions.
As the end of the year approaches, most people start to get a clear sense of how much income they will have for the year. If this year looks like a relatively low year for income, it may be worth exploring intentionally increasing your “total income”. While the reasons may differ from year to year,…
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