If given the option, would you prefer tax-deferred savings or tax-free savings? If you prefer tax-free savings, you may want to consider contributing to a ROTH IRA. Why, savings can grow free of taxation. So, what’s the catch? None. You just have to follow the rules. Below is a step-by-step guide to converting tax-deferred savings…
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The basics of creating a financial plan for small business owners. (Image credit: Getty Images) There are many different kinds of small business owners in all stages of their business. Some have just started putting their ideas into action in a startup, while others are in the growth stage or even planning an exit strategy.…
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As a business owner, creating income is always a goal to support both your business and your lifestyle. Below we put together a short list highlighting a few ideas that could potentially provide more tax deductions and increase your net income. As you can see, as a business owner you may have options to lower…
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Starting in 2024, owners of a 529 plan can rollover unused balances into a ROTH. Thanks to the 2022 Secure Act, Americans who saved for college in 529 plans will soon have a way to rescue unused funds by converting the account to a ROTH. With specific limitations, investments would keep growing tax-free in a…
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Want to be smart about your income tax liability for 2022? Don’t wait till it is too late. Now is the best time to think about it, before the 2022 tax year ends. In this article we discuss a variety of tax planning tips for Business Owners & High Net-Worth Individuals. General Income Tax Planning…
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Over the past few months, I’ve worked really hard to make some improvements to the firm, to ensure that I can continue doing the best possible job for you. I’ve realized that taxes are a really big component of your income being lost. Whether or not you are retired, you can lose up to 40%…
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The 2020s have fallen far below the excitement of a new decade. For reasons need not mentioned here (being we are still living it), many are considering retirement far earlier than prior generations. Coincidentally, supporting a retirement lifestyle requires funding and for most of us that funding will come from a retirement account. Below is…
Read articleWhat if you could have more money for yourself and for your children BY GIVING to charity? We asked ourselves this question in light of our clients regularly donating to charity. Boy were we surprised when we found out that we could!! Over the years, we met with over 100+ estate attorneys and accountants to…
Read articleImagine you and your loved one ate at McDonald’s everyday… Three (3) times per day paying $5 per meal. How much would that cost you over 20 years? Let’s do the math: 2 people x 3 meals @ $5 each = $30 $30 x 365 days = $10,950 $10,950 x 20 years = $219,000!!! Have…
Read articleAs our logo states, we go beyond stocks and bonds by managing wealth to protect the lifestyles, assets and needs of our clients. iPlan. Do You?
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