I’ve written a more general article on which entity your small business should choose, but let’s dive a little deeper on one of the most common tax planning strategies we use with our clients.
Most business owners have avoided C-Corporations like the plague, and for good reason. In many cases, an S-Corporation election makes sense. But with the Tax Cuts and Jobs Act (TCJA), the rules have changed substantially, and you must re-evaluate your situation.
I had one exceptionally difficult teacher in grade school. To this day, I don’t regret the experience. She taught me a lot, but I do remember a specific instance where she embarrassed me in front of the class by telling me that what I had put in a report was wrong.
An investment strategy is incomplete without including tax planning. After all, it is not what you make, it is what you keep that matters. Often brokers and wealth managers leave out the tax ramifications when giving investment advice, which leads to unintended consequences.
If you’re reading this, then we probably don’t need to tell you about the importance of having a budget. It’s unnecessary to explain to you that working without a budget is like driving a car cross-country without a map(or GPS).
What do you think about when you hear the word “prejudice?” Most people gravitate toward things like race or religion. But, the reality is that we all have prejudices about a great number of things, both large and small. This is a story about how I learned (relearned?) that “Prejudice MakesYour World Smaller.”