If you’re in a position to put some money away for your childrens’ future college costs, a 529 plan is typically the most popular home for your savings. There are some tax advantages, you could…
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College Tuition Tax Credit: A Consolation Prize to Big Tuition Bills
If you’re a parent, I’m guessing that at some point you’ve freaked out thought about the cost of your child’s future college tuition. College costs are rising about 7% per year here in the U.S.,…
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How to Use Strategic Asset Location to Reduce Your Tax Bill
I’m a believer that the biggest factor contributing to the returns in your portfolio is asset allocation. The amount of your portfolio you choose to invest in stocks, bonds, real estate, or anything else will ultimately…
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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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Using Business Interruption Insurance to Protect Your Income
Picture it now… You own a thriving art supply store in your home town of New Orleans. You’ve put years of your life and thousands of dollars into building the store into what it is…
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How to Tell Whether You Have Enough Money to Retire
“I’m not sure I have enough saved up to retire.” “How can I know for sure my savings will last after I stop working?” “I”m concerned I’ll spend through my savings too fast and run…
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You’ve Inherited an IRA. Now What?
Inheriting an IRA is quite a bit different than inheriting any other asset. Unlike cash or investments in a traditional investment account, if you inherit an IRA you’ll need to start withdrawing from the account…
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How to Hire an Accountant
Managing your financial affairs is a big job. You have to keep track of your income, manage your assets for long term growth, pay taxes, and arrange for your estate to be distributed after you…
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