Many of you are business owners, so you have probably heard about S Corps and the tax benefits that come from being an LLC taxed as an S Corp. However, you have only heard about half of the story, so I want to help educate you on it. One of the main benefits (the only only you have probably heard…
This week, we are revisiting our discussions on budgeting. We’ve talked in previous week’s about how I don’t budget and I personally practice reverse budgeting. In this week’s video, we are going to run through a comparison of traditional budgeting and contrast it with reverse budgeting. So let’s start with what traditional budgeting actually is. Traditional budgeting in essence is…
In this week’s video we’re going to look at an introduction to estate planning. This will kickoff a series of estate planning posts that will explore more in depth concepts surrounding it. Estate planning is often the most overlooked area of people’s financial lives. It’s thought of as expensive and boring, or ignored altogether because people think they do not…
Last week I wrote about 21 end of year tax planning moves W2 income earners can make. So of course I have to follow that up with a similar post for business owners. Let’s walk through 23 impactful end of year tax/financial planning moves business owners can make! Go make these now, the time is running out for this year.
The prior week we introduced some basic tax concepts that everyone should know. This week, we are going to continue to build on that foundation by discussing the different types of retirement accounts and investment accounts, and how they are impacted by taxes. This week’s video will delve into all of this in detail. Understanding how these accounts work can…
We are officially approaching the last 2 months of the year which means that you should start making end of year tax planning/financial planning moves. Now you may be wondering, “what are those strategies I should be considering?” In this blog post I am going to walk you through 20 moves to consider making that can have a huge impact…
Last week, we discussed more on good budgeting practices. This week, we’re going to turn the page to the world of taxes. We are going to walk through a few introductory topics on what most people deal with year-over-year in their filings. We’ll discuss: So let’s jump into tax rates. In this week’s video, I use the example of a…
There are a lot of DIYers out there. If you are one of them, you need to make sure you have your own WRITTEN financial plan. I have yet to meet anyone who really does. Many people have told me this is simply because they do not know how. So let me help you out! This weeks blog post is…
In the prior week’s we’ve been talking all about budgeting and managing cash flow. This is difficult enough with a fixed regular income. This week, we’re going to address those of you that have irregular incomes. Irregular income is income that is earned in variable amounts throughout the year – think commission, quarterly bonuses, or solo entrepreneurship. Any of those…
“The average millionaire has 7 streams of income.” Let’s face it, we’ve all heard this quote a million times. And, while I believe this is well-intentioned advice, it’s not the best advice for millennials. Let me tell you why 👇. Your goal should not be to develop as many income streams as possible when you are young, and here’s why. …