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17 April 2023 - 8:41, by , in Blog, No comments
You probably hear about S-Corp tax savings all the time, as a solopreneur.  Has anyone ever broken it down for you?  Look no further.  Here is how S-Corp owners pay less tax than sole proprietors. It most comes down to self-employment taxes, although there are some opportunities for tax savings with Solo 401k plans.  In...
3 April 2023 - 8:15, by , in Blog, No comments
You have probably heard that having an S-Corp or an LLC taxed as an S-Corp is superior to a sole proprietorship.  Usually, the supporting example is related to self-employment tax and limited liability.  There is also one other element that is rarely discussed: retirement plan efficiency. An S-Corp Solo 401k is much more efficient than...
20 March 2023 - 9:57, by , in Blog, No comments
The advantages of hourly financial planning are becoming apparent to more people.  As more financial advisors slowly adopt this fee structure it is important to examine those advantages and how they serve clients better.  Let’s take a look at how hourly planning financial works, three important advantages, and the best candidates for hourly planning. What...
6 March 2023 - 9:33, by , in Blog, No comments
Some people get this wacky idea to pay down their mortgage faster than their original schedule of payments.  This is a bad plan in many cases!  Why? Let’s assume some variables first: Original mortgage balance – $500,000 Remaining mortgage balance – $478,804 Interest rate – 3% Monthly payment – $2,108.02 Payments made – 24 Payments...
20 February 2023 - 22:18, by , in Blog, No comments
The Solo 401k loan is a very important benefit of a solopreneur’s retirement plan.  IRAs (even SEP IRAs) do not permit loans!  It’s important to follow the rules if you ever need to use this benefit.  In this post, we will explore the specific benefits, pitfalls, and rules of the Solo 401k loan.  By the...
6 February 2023 - 7:34, by , in Blog, No comments
How your financial advisor is paid is one of the most important things to know about them.  It’s important to know not just to know the cost, but to understand how they are incentivized to give to advice.  In this article you will first learn the three ways nearly all advisors can be paid.  Then...
23 January 2023 - 10:28, by , in Blog, No comments
When you choose to work with a financial advisor you make a HUGE decision about the direction of your life.  You must be careful and thoughtful when you make this decision.  There are endless lists of questions you could ask, but this would take a considerable amount of time.  Fortunately, you can quickly weed out...
9 January 2023 - 9:54, by , in Blog, No comments
Asset location is a high value way of increasing your after-tax return by holding investments in accounts with optimal tax treatment.  The term is often confused with asset allocation (which involves the selection of the investments).  Asset location only considers where those investments are held.  The three groups of tax classification are: Tax-as-you-go Tax-deferred Tax-free Let’s...
26 December 2022 - 10:23, by , in Blog, No comments
Have you ever asked how to manage your investments yourself?  Look no further.  You are about to learn how to manage your investments with eight important steps to build wealth and reach your goals. Remember, it’s not just about learning these techniques, but using them effectively.  All the knowledge in the world is useless without...
12 December 2022 - 10:02, by , in Blog, No comments
Your Solo 401k contribution due date depends on whether you have a sole proprietorship or a corporation.  If you have a corporation the employee deferral and the employer profit share are due at two different times.  It is very important to make your contributions by the correct due date to keep your plan in compliance. ...