Tag: Tax Strategy
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What are the Seven Sources of Income? Do I Need All Seven?
There are many ways to generate money and income in the modern economy. Every now and then you hear about all the different sources of income someone has. What you don’t hear is what each one means and whether it truly benefits you to have them. There are generally seven major sources, and each one…
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Do You Have a Giving Account? How a Donor Advised Fund can Help You Give More Away and Pay Less Taxes.
Generosity, or giving your money away, is perhaps one of the least discussed financial topics. Some could speculate why, but the fact remains that there are not many good strategies to help people with their philanthropic efforts. We should encourage each other to ‘pay it forward’ and give generously. In at least one small part…
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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…
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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…
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What is Cost Segregation? How Business Owners Can Turn Their Properties into Massive Tax Deductions.
Does real estate really have all the tax breaks that people talk about? Real estate has always been a very important investment for many people. Business owners and real estate investors alike have benefited from many of the IRS rules surrounding their properties. As many of the top real estate investors may know, utilizing the…
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Are My Taxes Going Up? How the Tax Changes After 2025 Could Impact your Bottom Line.
Back in 2017, congress passed the Tax Cuts and Jobs Act, one of the biggest and broadest tax bills in recent decades. Many people (but not everyone) saw their taxes dramatically drop and benefited from more money back in their pockets. For better or worse, many of those breaks instituted in 2017 will expire after…
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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…
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What is QBI? How to Maximize One of the Biggest Deductions for Small Business Owners.
QBID, or the Qualified Business Income Deduction, may be one of the biggest deductions available to you as a small business owner. Many owners aren’t even aware of this, and those filing taxes themselves can even miss out on thousands of dollars of tax savings by not taking this deduction. In short, the QBI deduction…
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Should I File as an S-Corp? Why People Say That an S-Corp can Save Thousands in Taxes.
Business owners often don’t understand their taxes and just hope they are doing everything to keep their heads above water. Then they hear how a friend’s “S-Corp” is saving them so much in taxes. When entrepreneurs make the mindset shift from just getting by with taxes to forward-thinking tax planning, there can be opportunities to…
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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…
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