In my financial planning practice I work with a good number of business owners who want to make aggressive contributions to their tax deferred retirement accounts. This helps put them on strong footing for retirement,…
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It’s Never Too Early to Start a Succession Plan
So here’s a topic that all business owners have thought about but few have taken action on: succession planning. I was reading a study by Wilmington Trust the other day that polled 200 different owners of…
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Investing In Yourself as an Entrepreneur
Many of us feel an innate need to make contributions to tax advantaged retirement plans every year. When it comes to personal finance, much of what we read, hear, and see in the media centers…
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Maximizing Your 199a QBI Deduction as a Specialized Service Business
As you’re probably aware, we’re working with some new tax laws as of January 1st, 2018. The tax change that will have the most impact for many business owners out there – particularly owners of…
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8 Considerations When Protecting Your Business With Life Insurance
I read a stat recently that stated 71% of small businesses depend heavily on a few individual owners and/or employees. This number makes quite a bit of sense, once you consider the limited resources most…
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Family Business Succession Planning: 3 Best Practices & A Review of the Statistics
If you’re reading this post, you’re probably familiar with the statistics: the failure rate for second generation family businesses is very, very high. When you consider the fact that family businesses make up about 60%…
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Woman Owned Business Tax Benefits: What’s Out There?
Several weeks ago I was in a meeting with a small business owner at my office. She’d come by to talk about her plans to transition away from her business, as she is in her…
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The Defined Benefits Pension Plan: Helping Business Owners Shelter Thousands from Income Tax
Taxes are frustrating to nearly every small business owner I speak with. Most people agree that we should all pay our fair share. But after working countless thousands of hours to build a viable business, it’s…
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Grantor Retained Annuity Trust: An Easy Way for Business Owners to Reduce Wealth Transfer Taxes
For business owners starting to think about the next generation, the phrases”estate tax” or “transfer tax” almost seem like curse words. The bad news is that when you build an estate of a certain size,…
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Using a Section 105 Medical Reimbursement Plan to Reduce Your Tax Bill
“I paid out the ears in taxes this year. How can I reduce my tax burden?” This is a question I’m hearing a lot from business owners recently. And while it may not sound flashy,…
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