Business owners often bristle at the idea of putting in a qualified retirement plan because they must contribute on behalf of their employees. But what they don’t realize, is that with a properly designed qualified plan, the current tax savings alone may exceed the “cost” of covering those employees. (more…)
Are you the owner of a Pass Thru Business Entity? For instance, do you do business as a sole proprietorship, S Corporation, LLC or Partnership? If so, you may have heard that there was potentially good tax news coming from the Tax Reform and Jobs Act, passed by Congress in late 2017. (more…)
At a recent gathering, I spoke to Will, a local small business owner. Will and his uncle have built a very successful diesel repair business, they specialize in heavy equipment. I asked how their year had been.
Will was excited over the level of growth they had that year. They took on a large contract with Caterpillar, along with their existing client base, “it set them up pretty”, to quote Will. They hired two additional diesel repairmen and expanded their shop adding two additional repair bays. I asked if they had spoken to a financial advisor lately – his response was, why would they? They are doing great. (more…)
Fall is here–the end of the year isn’t far away. If your family is like my family, our attention turns to many different things: getting winter clothes ready, watching football, making holiday plans. We also look back to see how the year has taken shape and what we still want to accomplish. Being mindful about what’s happened so far and what we still want to do during the year is important to us. It focuses our activities, gives us a good sense of our finances and lets us make informed choices. (more…)