Tag: Tax Strategy
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Should you plan for Generosity? Three Reasons to Build Giving into Your Financial Plan.
For some people, financial generosity or giving can be a sore subject, but for others, it can be all that they talk about. Regardless of someone’s level of generosity, most people would tell you they prefer to be more generous. Even though most people’s “giving plan” is a reactive check when a friend or colleague…
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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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What is the Best Retirement Account for a Business? 3 Options to Save For Retirement.
Business owners love reducing taxes. Retirement accounts are one of the best ways to defer or reduce taxes. Almost irrespective of personal retirement plans, contributing to retirement accounts to some degree should be common for most business owners. Besides the tax benefits and the employee benefits, retirement accounts are foundational to a financial plan. After…
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Where Do You Save My Money? The 3 Buckets of Tax-Smart Saving.
Savings, whether from profits or windfalls, must go somewhere. Once money is earmarked for savings, it should be allocated to one of three categories. While there are many reasons to save for a future expense, breaking down all savings into one of three tax buckets can help you better prepare for future goals. Three Tax…
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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…
TC Falkner 