The Importance of Running your Own Race
It was brisk fall morning in October in Vienna, Austria when Eliud Kipchoge toed the line on the Reichsbrucke Bridge preparing to run 26.2 miles. While the distance was that of the marathon, this was no ordinary marathon attempt. Eliud was the only racer running and the goal was to run a marathon faster than […]
Qualified Business Income: What is it and how can you Benefit from it?
What is Qualified Business Income? The qualified business income (or QBI) tax deduction allows eligible business owners to deduct up to 20 percent of their qualifying business income from their income taxes. To qualify, total taxable income must be below the following thresholds for 2023: $182,100 for single filers $364,200 for joint filers If […]
Compound Interest: The Power of Starting Early
Compound interest is a concept many have heard about but few understand the power of. The longer someone has money invested, the longer compounding can occur with exponential results. This post will overview the power of compound interest starting early. Let’s assume you know a recent college grad that just received a diploma and their […]
Understanding the Tax Impact of Outliving your Spouse
The unfortunate reality for most married couples is that one will outlive the other. When this happens many things can change while some will stay the same. This post will look to help you understand the tax impact of outliving your spouse. The tax code provides more favorable tax treatment to married couples. For example, […]
Investment Strategies for Lump Sums
It is not uncommon for families to engage with a financial planner after some sort of liquidity event resulting in a lump sum of money. This could be the sale of a business, an inheritance, an insurance payout, or the sale of a home among other things. The most common questions people will have is […]
Benefits of a Taxable Investment Account
The benefits of tax-deferred accounts like 401(k)’s, IRA’s, and HSA’s, among others, are often touted and generally for good reason. That said, the benefits of a taxable investment account tend to be overlooked but can be meaningful as well. This post will go over financial planning benefits a taxable investment account can provide as part […]
10 Ways for Business Owners to Maximize their Deductions
As a business owner, the idea of maximizing tax deductions can be exciting and overwhelming. If you are like most, you may feel that there is money being left on the table but unsure of how. As with anything related to taxation, it is a good idea to consult with your CPA and financial planner […]
SECURE Act 2.0: New Avenues for Roth
As 2022 came to an end, a bill known as the SECURE Act 2.0 was passed into law. As with it’s predecessor, passed in 2019, the act brings about a number of changes to the retirement planning landscape. One of the predominant themes of the bill was the “rothification” of the retirement landscape and a […]
Financial Planning Considerations after the Birth of a Child
The birth of a child brings drastic changes to a family’s financial situation. Budget’s change, routines change, jobs may change – there is a lot going on. This article will review key financial planning considerations after the birth of a child. Review Life Insurance Life insurance is a tool to protect a family against the […]
What is a Donor-Advised Fund?
Donor-advised funds (DAFs) are a type of charitable giving vehicle that allows donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants to charitable organizations over time. They have become increasingly popular in recent years as a way for donors to make a significant impact on the causes they care […]
