There's a difference between a tax preparer and a tax planner. → One prepares and files your tax returns making sure they are done correctly and accurately. → The other helps you plan and implement strategies to help you reduce your tax liability both now and into the future,…

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Is 67% a lot? Especially when it comes to social security? Here's an unfortunate situation. ↴ → 67% of seniors rely on their social security benefit to provide more than half of their retirement income. This... is... not... good. Social security was never designed to be…

Most people have no idea what they'll owe in taxes each year. It's true. Most people go into tax season "hoping" they don't get a surprise tax bill. This happens because most people... → Don't do proactive tax estimates. → Don't work with a tax professional or a wealth…

My son was struggling with math and I couldn't have been more excited. Because that means I get to spend some deep, quality time with him. I get to help him work through math problems. I get to buy flash cards and practice those with him. I get to spend time watching him…

A succession plan one of the most important things you can do for your business and your family. Yet most business owners don't have one. Ask yourself, "What would happen to your business if you died." If you don't know the answer, you don't have a succession plan.

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The day your RSUs vest is a BIG day. That day is a big day, from a tax perspective, for a number of reasons. → The value of the shares on the day they vest is the amount of income you realize and pay income (and employment) tax on. For example, if you have 100 shares valued…

If you're a 1 person business owner here are 2 ways to get more money into Roth accounts. → Even if you are over the income limit to make direct Roth contributions. Both ways utilize the solo 401k available to 1 person owners. 1️⃣ You can do backdoor Roth contributions. To…

#TaxTwitter Quickbooks or Gusto Payroll? Which one do you like more and why?

Not being able to say "no" can ruin your retirement. I have a client that recently retired earlier this year. Based on the retirement plan we have in place she was all set for her retirement. → She knew how much she could spend comfortably. → All of her goals, at the time,…

2 things you need to do to achieve your goals. →Stay hungry →Stay humble. Stay hungry so you keep putting in the work, never give up and don't get derailed as you work towards your goals Stay humble so you can keep learning, growing and finding new ways of doing things and…

Would you rather pay tax on the seed or the entire tree? This is how to look at the taxes on a pre-tax traditional IRA/401k or a Roth IRA/401k. With the pre-tax IRA/401k you don't pay any tax on any of the money when you contribute to it. Your contributions are the seed. That…

There are many different types of business entities to choose from when starting a business. 1) Sole Proprietor 2) LLC 3) Partnership 4) S-Corp 5) C-Corp Make sure you choose the right one.

Considering "going S-Corp" with your LLC? Then you'll need to timely file IRS form 2553. This form is what you need to file to elect to have your business be taxed as an S-Corp. But before you file it you need to make sure that your business is eligible to file the form to be…

Don't get lazy with your investments. The most common way I see people getting lazy with their investments is with index fund investing. A lot will just blindly put their money into "total market index funds" and then call it a day. Thinking they are all set because you "can't…

This advisor didn't know about this when doing backdoor Roth contributions and it cost his client. The Pro Rata rule. The pro rata rule is an IRS rule that makes it difficult to do the backdoor Roth conversions without any additional tax when you have mne in an IRA. Any…

"How the ***k are we going to make it through today!" I'll be honest... As busy parents to 3 young kids, my wife and I sometimes find ourselves feeling like this. Especially, on days packed with multiple soccer/football games, birthday parties and other commitments we tried to…

#taxtwitter What do you all use to process reoccurring monthly payments for your tax practice?

It'll take more income next year to hit your current tax bracket. The IRS just released the new tax brackets for 2025, as well as the standard deduction amount. The standard deduction increased slightly, and the amount of income needed to hit each tax bracket increased. The…