Top 2019 Tax Planning Strategies for Business Owners
Many business owners feel their tax burdens are too high and a headwind for growing their business and personal income. Some aspects of the tax code, such as paying both the employer and employee FICA payroll taxes (for Social Security, Medicare, and Medicaid funding) increase the tax bite for business owners. I’ve spoken with a number of entrepreneurs who would gladly expand their workforce and operations if they could legally reduce their taxes. We’ve compiled the following list of tax planning strategies that include the changes from the Tax Cut and Jobs Act (TCJA) of 2017 for owners to evaluate with their tax advisors.
Read More
How Can I Ensure My Spouse is Financially Engaged and Prepared?
Many families employ the “divide and conquer” approach to finances: the spouse who either enjoys handling finances or is better at it takes charge. In prior generations husbands often filled this role but that trend has been changing with more and more women becoming the family’s chief financial officer. Regardless of who handles the finances a key issue is ensuring that both spouses are aligned and aware of key financial information in case the spouse handling the finances is incapacitated or unexpectedly dies. In addition, better communication around finances can help reduce arguments or conflict between spouses.
Read More
Should I Buy a Vacation Home?
I remember the first time I visited Maui. The beauty of the ocean waves was enchanting. Waterfalls cascaded from mountain cliffs onto green hills that rolled into perfect blue water. I completely fell in love with the island. After watching an amazing sunset with my wife at the edge of a pristine beach I said what so many people say when they are captivated a beautiful place: “I’d love to buy a place here…someday”.
Read More
