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…
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…
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…
“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. …
November is approaching us and you know that means… It’s employee benefit election time (for most people). The average person skips through their benefits and picks everything in just a couple minutes, please don’t be one of those people! According to the latest data from the U.S. Bureau of Labor Statistics (BLS), benefits make up 32% of an employee’s total…
There is no shortcoming of bad tax advice on social media. It feels like everyday I see a new post, video, etc. with some fragmented piece of tax advice that is so far away from how it works in the real world. It makes it hard to know what is real and what is not. I have seen this in…
Taxes confuse almost everyone. I cannot tell you how often someone tries arguing with me about something tax related when they are entirely wrong. And to be fair, the tax code is long and confusing. To make matters even worse, for some reason, taxes are not actively taught to people. This is exactly why most people do not understand: There’s…
A couple weeks ago my friend Rachael Camp had a great post that shared the ways she viewed if she was wealthy. Some of her examples were: And the post ended by saying “looking at wealth as a lifestyle you can afford (instead of a number) is a game changer.” This is one of my favorite posts I have read…