January 19, 2022 | Small Business | by Blaine Thiederman MBA, CFP Understanding the tax consequences and reporting requirements of different business entities is crucial for entrepreneurs. Here’s a breakdown of what you need to know. Key Points: Selecting the right business structure is a strategic decision that impacts your financial landscape. Whether your business […]
Financial Planning for Small Business Owners
Unlock Tax Savings on Wheels: Your 2023 Guide to Section 179 Vehicle Deductions
Unlock Tax Savings on Wheels: Your 2023 Guide to Section 179 Vehicle Deductions
Navigating the tax landscape can be as complex as charting a course through the Rockies. But when it comes to Section 179 deductions for your business vehicles, I’m here to steer you straight to the peak of tax efficiency. Key Points: Section 179 Vehicle Deductions What’s Section 179? It’s not just a line in the […]
Solo 401k Contribution Limits for 2023
Solo 401k Contribution Limits for 2023
The Solo 401k plan remains a standout choice for the self-employed in 2023, offering substantial contribution limits that empower entrepreneurs to save aggressively for retirement. The elective deferral limit has been raised to $22,500, a significant increase that allows for greater tax-deferred savings. For individuals over 50, the catch-up contribution limit provides an additional $7,500, […]
Financial Planning: Not Just for the Elite The Common Myths and Realities
Financial Planning: Not Just for the Elite The Common Myths and Realities
Financial planning isn’t just a luxury for the mega-rich. Many believe that to get a decent financial planner, you need an elite bank balance. The reality? Not quite. Too many high-earners in their 20s and 30s feel ignored by the financial industry. Why? They’re yet to hit that seven-figure mark. It’s frustrating. Everyone deserves proper […]
A Story About How We Helped a Small Business Owner
A Story About How We Helped a Small Business Owner
Key Points Introduction As a financial advisor, one of my most rewarding experiences has been helping small business owners achieve financial freedom. It can be a challenging journey, but with the right guidance and a little bit of hard work, it is possible to turn things around and achieve long-term financial stability. Background on The […]
The SEP IRA Contributions Deadline for 2022 and commonly asked questions
The SEP IRA Contributions Deadline for 2022 and commonly asked questions
Key Points Introduction As a small business owner, you have a lot on your plate. From managing day-to-day operations to planning for the future, it’s easy to let some things fall by the wayside. However, when it comes to your retirement planning, it’s important to stay on top of things and make sure you are […]