Welcome back for part 5 of my Estate Planning Series. If you have not, make sure to check out: Those will help get you up to speed for this blog post. So far a lot of what we have talked about is moving money out of your estate to save on various taxes. However, there are ways to give money…
Welcome back for part 4 of my Estate Planning Series. If you have not, make sure to check out: Those will help get you up to speed for this blog post. Now moving on to part 4. We are going to talk about some of the different charitable strategies that exist that can help you give more away to charity…
Welcome back for part 3 of my estate planning series. If you have not, make sure to check out: Those will help get you up to speed for this blog post. Moving on now to part 3. This blog post is about some of the advanced estate/tax planning strategies that high net worth individuals (HNWI’s) are using. There are too…
This is part 2 (of 5) of a series I am writing on estate planning. If you did not read week 1 “Intro to Estate Planning” head on over to that post first so the foundation can be laid for you. This series will take you from the basics all the way up to the advanced strategies that High Net…
Estate planning is one of the most overlooked areas of peoples’ financial lives. Whether you’ve put it off because you think it’s boring, expensive, or because you don’t have enough assets, this series will help you understand: But for todays post, we are going to focus on the first 3 bullet points above. What Even Is An Estate Plan? Your…
I wrote a post last week on the top tax planning moves business owners can make and it blew up. It has over 430k views on twitter, drove over 10 prospects to our business, and overall added a ton of value to business owners. This then led to highly compensated W2 employees asking if I would create a similar one…
As business owners, you possess a unique advantage when it comes to taxes— you have the power to strategically plan both your personal and business taxes, leading to significant long-term impacts on your overall lifetime tax burden. While many focus solely on short term tax savings, the true essence of strategic tax planning lies in its ability to reduce your…
The qualified business income (QBI) deduction is simply a deduction for the self-employed as well as other small business owners. It is a tax deduction that allows eligible business owners to deduct 20% of their qualified business income or 50% of their wages on their taxes. This basically allows you to lower the amount of income tax you pay which…
If you’re in a place with equity compensation, you’ve probably encountered a ton of fancy terms and lingo that can leave you scratching your head. One term that’s important but often misunderstood is the “83(b) election.” This one’s crucial, especially if you’re holding restricted stock (not to be confused with RSUs) or stock options. Not understanding this election could mean…
If you’re looking to save money on healthcare costs, you might have heard of Health Savings Accounts (HSAs). HSAs are a popular option for many people, but what exactly are they, and how can they benefit you? Oftentimes I find millennials mixing up FSA’s (flexible spending accounts) and HSA’s. FSA’s are a great option for those who want to contribute,…