Most business owners have a similar story…They started out scraping and saving just to pay taxes, working with their accountant every year to get the tax they owed Uncle Sam down to the bare minimum. As time moved on, they restructured to an ‘entity’, bought equipment, changed their accounting a time or two, and maybe…
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That was a rhetorical question, but for good reason: to get your attention. Only 15% of US households contributed to a traditional or Roth IRA in tax year 2021. 1. This means even less than that contributed to a Roth IRA since this percentage accounts for both types of contributions. You may be aware that…
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#10 The Truth: Part 1…The IRS is set to receive approximately $80 billion in increased funding in an effort to increase tax revenue by $203 billion. The claim by the GOP is that this will usher in an army of 87,000 new IRS agents. The truth is that there is not a set agenda to…
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Beginning January 2023, Social Security checks will increase a whopping 8.7%! This is the largest increase in 41 years… and comes on the heels of a 5.9% raise in 2022. To top that off, Medicare premiums will actually decrease a small amount in 2023. This is great news, but beware! Uncle Sam may think it’s…
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There are several reasons you may want to move your 401(k) to an IRA. It might simply be to consolidate your investments or to get away from unnecessary fees. It might be to make a Roth conversion. It might be to obtain an active money manager or work with a more holistic advisor. Whatever the…
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Do you have life insurance for your business and/or owned by your business? If so, the death benefit is supposed to be tax free, right? It might be. It might not be. Or worse, it could be taxed twice. Let me tell you a story about Joe. He owned a very successful business with his…
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We may not exactly be post-COVID yet, but our world is certainly settling into a new rhythm that looks a lot more normal than the past couple of years. With that being said, many Americans have made huge changes in this short time. Many companies went virtual in 2020, giving their employees the opportunity to…
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Tom and Maria were married a little more than forty years when Tom suffered a severe stroke. The stroke changed him. It not only caused permanent physical impairment, but he became angry and unmanageable. As she struggled to manage him or tend to all of his needs, Maria was forced to get help. Life had…
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Did you know you can often choose when to pay tax? By default, you can often choose how much you will pay. There is no trick or “gotcha.” It is simply a result of understanding how taxes work for or against your situation. “The hardest thing to understand in the world is income tax.” —Albert…
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I recently read an article offering a few statistics from the U.S. Department of Agriculture and one in particular caught my eye: Did you know that the average age of a farm operator in the U.S. is 57.5 years old?!1 At age 57, every farmer or rancher should be considering – or have already considered –…
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