Tag: Tax Strategy
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Should I Take a 401k Loan? When a 401k Loan Might (and Might Not) Make Sense.
When it comes to debt, a 401k loan is a gray area in personal finance. These loans are not perceived as bad as credit card debt, but they also do not fit in the “good debt” category, as a low-interest rate mortgage would. So, how bad are 401k loans really? Are they a tool worth…
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How are My Inheritances Taxed? The Tax Side of Inheritances (Especially in Kentucky).
Those who have experienced settling an estate have seen how many different financial accounts and policies people can have. Passing away with stock, retirement accounts, life insurance policies, real estate, and other assets can create confusion and uncertainty about what is taxable. Specifically for beneficiaries who may not be directly involved, or those who have…
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Have an Inherited IRA Sitting Idle? Why Ignoring It Could Create a Big Tax Problem.
Losing a loved one is never easy, and neither is handling the finances and/or inheritances that follow. Unfortunately, I have had quite a few inheritance conversations with clients lately. One question I hear often is “What do I do now?”, especially when they inherit a traditional IRA. One recent conversation that came up centered around…
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When Should I Hire a Financial Advisor? 5 Signs a Business Owner Has Outgrown DIY Financial Planning.
Historically, owners have always been a smart and self-sufficient group. Wearing all the different hats that are required to run a business is something that no one wants, but every owner eventually works through. As businesses and finances evolve, there will likely come a point where more help is required. Hiring employees, bringing on consultants,…
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Will Trump Accounts Replace 529 Accounts? Comparing Trump Accounts Against Popular Education Savings Accounts.
Before the first account has been opened, Trump accounts are already questionable in terms of how useful they will be. I wrote last week about what we know so far about the new Trump Accounts and how they work. It will be interesting as we learn more about these accounts in the coming months, whether…
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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…
TC Falkner 