Hey, guys, this is Justin Goodbread from Financially Simple. One of the questions I often get from our small business owners, is should I use a SEP IRA or a Solo 401k? Let’s peel these two investment vehicles apart and discuss some of the pros and cons to both. They help minimize your personal and business taxes. We know we gotta get some money socked away for our retirement. However, if you don’t already have a plan, which is best for you? SEP IRA or Solo K?
The Dilemma of College Education The birth, or even adoption, of a child, is an exciting event in the life of any couple. Excitement can quickly turn to panic when you start thinking about the future though. Most parents automatically assume their child is heading off to college at some point in the future. It’s just the mindset our society ascribes to today. We tell them in order to be successful they should ultimately seek a college education, leaving little room that there is any other option in life. We’re basically telling them everything they do from Kindergarten on is to get them to college. Then life is planned according to what they do once they get to university. So what’s the problem with this? There’s a few actually. Colleges are pretty expensive. Many degrees cost around a whopping $100,000 in America. Not only are the parents expected to foot the bill […]
The tax deadline for most taxpayers was last Tuesday, April 18, 2017. The IRS has some advice for taxpayers who missed the tax return deadline. File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. For taxpayers due a refund, there is no penalty for filing a late return Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. Taxpayers whose income was $64,000 or less can use free brand-name tax software. Those who made more than $64,000 can use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. Fillable forms work best for those who are used to doing their own taxes. Taxpayers can file — even if they missed the deadline — using free options […]
In a recent meeting with some long-term clients, we began updating their comprehensive wealth plan. I vividly remember their specific goal. They wanted to reach retirement with an annual income of $100,000. Years ago when their journey to their financial independence began, this number was out of reach. Now, due to their hard work and persistence, this goal is actually becoming a reality. If you’re asking yourself this question, “Can I retire with $100,000 per year in income?”, then let’s take a look at how you get there.
I’m in the conference room today and we’re going to have an epic financial battle. Dave Ramsey vs Robert Kiyosaki. Dave Ramsey is famous for his Financial Peace series and Robert Kiyosaki is known for his book Rich Dad Poor Dad. Which strategy is right for you? Is one person right and the other wrong? Let’s look at the differences in how they approach finances! They have completely opposing views when it comes to some aspects of finances. We’re going to take their top seven financial strategies and dissect them.
It’s Tax Day! Whether you filed on time or early, you may still get an IRS letter in the mail. What should you do if you are one of the ones that get something? First, know that the IRS mails millions of pieces of correspondence every year to taxpayers for a variety of reasons. What to Do When an IRS Letter Arrives in the Mail Below are some suggestions on how to best handle a letter or notice from the IRS: Do not panic. Simply responding will take care of most IRS letters and notices. Most IRS notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and provides specific instructions on what to do. Careful reading is essential. A notice may likely be about changes to a taxpayers’ account, taxes owed or a payment request. Sometimes a notice may ask for more information […]