Forty "W"ritings

Most independent contractors don’t think of themselves as a “corporation” but to save on taxes you may want to consider an S-Corporation election. As an independent contractor operating as a sole proprietor, all income is subject to self-employment tax. By electing S-Corp status and splitting your income between a reasonable salary and distributions from the business you can potentially reduce the portion of your income subject to self-employment taxes.

As the country’s debt burden grows and we prepare for another presidential election there is a debate looming in DC that will have a significant impact on most Americans financial strategy. Between now and the end of 2025 Congress will have to vote to extend the 2017 tax cuts or they will expire (“sunset”) subjecting most to higher taxes.

Net Unrealized Appreciation (NUA) is a valuable tax strategy that can offer the benefit of lower taxes and portfolio diversification for investors holding appreciated employer stock within their retirement plans. By understanding how NUA works and considering its potential impact on your overall financial plan, you can make informed decisions to optimize your tax efficiency and achieve your long-term financial goals.

There has been a lot of tinkering to retirement plan rules the last few years. Here is what you need to know about the new rules going into effect in 2024 that could impact your 401k, IRA and 529 plans.

Year-end financial planning is a crucial practice for individuals, families, and businesses alike. It provides an opportunity to take stock of your current financial situation, review your financial goals, and make strategic decisions to optimize your financial health. Read more for essential steps to consider during your year-end financial planning.

For those over age 70 Qualified Charitable Distributions from your IRA can be a great way to give back, satisfy your required minimum distributions and reduce your taxes.