Big Picture, Financial Planning, Millennials

11 Tax Planning Moves For Business Owners To Consider

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…

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Financial Planning, Millennials

What Is The Qualified Business Income (QBI) Deduction and How To Optimize It

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…

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Big Picture, Financial Planning, Millennials

What Is an 83(b) Election And Do You Need To File One?

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…

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