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 21, 2019
Problems When A Spouse Receives a Bonus Business Owner

Tax Issues (and Solutions) When Your Spouse Receives a Bonus

Recently, a business owner client reached out to me and said, “Hey, Justin, I need some help. My wife is getting a bonus. What should I do with it?” Additional income, especially in the form of large, unexpected bonuses from a spouse’s employer, could wreak havoc on business owners’ tax planning and wealth management. So what should business owners do?
May 6, 2019
Hiring Your Child in Your Business

Ideas for Hiring Your Children in Your Business – Tax Advantages

Did you know that you can legitimately hire your kids, no matter what age they are, to work in your business? The IRS Code says you can! As of 2018, each of your children can earn up to $12,000 in tax-free income! Your kids can work, bring home tax-free money, and pay for their own expenses. It’s a great way to teach work ethic, and for the business, benefits like tax strategies. So, I’ll give you the hiring rules and 51 job ideas that allow you to hire your children in your business.
February 26, 2019
how to avoid capital gains tax on a business sale

Client Case Study: How We Avoided Capital Gains Tax on a Business Sale

Did you know that you could sell a business or a highly appreciated asset and not pay a dime in taxes? I know what you are thinking. Yes, it does sound too good to be true. However, this is not one of those cases. It is absolutely possible with a Charitable Remainder Trust. Though it is not for everyone, it can be a great method if you looking for ways to avoid capital gains tax on a business sale.
January 22, 2019
Tax Tip Tuesday Financial Blog Post

Paid Family and Medical Leave Law Offers Tax Credits for Employers

Tax reform legislation enacted in December 2017 offers a new tax credit for employers who provide paid family and medical leave. Here are several facts about how this credit works and which employers are eligible to claim it:
January 2, 2019
Tax Tip Tuesday Financial Blog Post

Tax Benefits By Using Qualified Opportunity Zones

A couple of weeks ago in my 18 Last Minute Tax Tips for 2018, I mentioned utilizing a new tactic called Qualified Opportunity Zones (QOZ). Investing in one of these zones is meant to help create jobs and spur economic development in distressed communities while providing a tax benefit to you. Making this investment may allow you to defer paying capital gains taxes if your investment meets certain criteria.