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October 15, 2019
small business retirement plans comparison - a guide to ones available to the business owners

Small Business Retirement Plans Comparison – Picking the Best Fit

As we begin our investing portion of the Personal Finance for the Business Owner series, I thought that it would be wise to, first, do a small business retirement plans comparison. Being prepared for our retirement is so vitally important, but there’s another reason for digging into this subject matter before we go much deeper into investing. When you are ready to begin investing, you need to know where to purchase those investments. Retirement accounts offer so many benefits and options in helping us to maximize our dollar and minimize our taxation, especially for business owners. With that said, get comfy because this is a lengthy post, but extremely valuable one comparing retirement plans.
June 11, 2019
How to Avoid the 10% Early Retirement Penalty

Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways

Not surprisingly, people want to make sure they have the income to last throughout their lifetimes. If you plan well, you could theoretically retire at age 55, 50, 45 or sooner. Maybe you’ve sold your business for profit, you’ve maximized your retirement account contributions for years, you’ve invested in non-qualified accounts, and you own multiple rental properties. At that point, you could take a blended distribution from various accounts and investments so that your money continues to grow tax-sensitive to you. However, if you take distributions from your retirement accounts before age 59 ½, many times, you will owe the IRS a 10% early distribution penalty. Sometimes, though, the government will waive that 10% early retirement penalty if certain conditions are met.
May 9, 2019
IRC 280A(g) - Earn Tax Free Income Beyond the Home Office Deduction

IRC 280A(g) – Earn Tax Free Income Beyond the Home Office Deduction

Can you imagine taking money out of one of your pockets, deducting it as a business expense, and then putting it back in your other pocket tax-free? That’s pretty crazy, right? What if it were legal? Actually, this tax strategy is so common that the IRS issued a private letter ruling on the matter. So what is this tax gem I’m talking about? You can rent your home to your business for business meetings! This even goes beyond the standard home office deduction found in IRC 280A. Let me explain how this works.
March 7, 2019
target date fund million dollar investing mistakes

Are You Making a Million Dollar Mistake by Investing in Target-Date Funds?

Last week I was meeting with a client, and we discovered a one million dollar mistake specifically related to Target-Date Funds in his 401(k). Are you making the same mistake? Let’s dig in and find out.
September 10, 2018
The Different Business Types Pros and Cons

The 5 Different Business Types… Pros and Cons of Each Entity – Article #9

When starting a company, the business structure you pick can be vitally important. Choosing among the different business types will affect your day-to-day workings and how you pay taxes. Your choice can positively or negatively affect how you are protected as an owner and even your business’ future sellability. While I will provide you with an overview of the 5 different business types, lean on your “Dream Team” of attorneys, CFP’s®, and CPA’s to know which entity is the best fit for your company.
June 29, 2018
sell your business to employees ESOP pros and cons

Pros and Cons of Selling Your Business to Employees with an ESOP

When it comes to transitioning yourself out of your company, one way is to sell your business to employees. A method of doing this is by setting up an Employee Stock Ownership Plan (ESOP). Although the implementation can get complicated, ESOPs can offer sellers and employees many benefits over other stock buyouts. Let’s dive into ESOP pros and cons as a way to sell your company.ad