The July 2025 signing of the new tax and spending law, H.R.1 One Big Beautiful Bill Act (OBBBA), preserved key elements of the 2017 Tax Cuts and Jobs Act (TCJA), as well as introduce many new tax policies. The bill has more than 800 pages (see final text), many provisions of which do not pertain […]
Are you approaching retirement, or as I prefer, work-optional? I am. And I’m happy to report that all the years spent building our retirement portfolio worked out ok. But… and isn’t there always a “but” with these things? How Just Enough Success Can Backfire I thought having a decent-sized nest egg would make things easier […]
For business owners, effective tax management and strategic financial planning are essential to building and preserving wealth. While tax preparation ensures compliance, tax planning positions you for future success. Yet too many business owners have these managed by different professionals who are not strategically aligned. When you have an experienced advisor who has owned businesses […]
For extreme sports athletes, financial planning often takes a backseat to training, travel, and competition. But one tax issue you can’t afford to ignore is the extreme sports jock tax—a lesser-known but critical aspect of managing your income when competing across state lines. This guide explains what the jock tax is, how it affects extreme athletes, […]
Keeping up with all the tax legislation changes makes it challenging to know what you can do to reduce your income taxes. These are some of the ways that you can reduce your taxable income while you are working as well as after you have begun retirement. Tax-Loss Harvesting – You may have losses in your […]
Are you a small business owner feeling overwhelmed by the complexities of tax season? You’re not alone. Many entrepreneurs find themselves scrambling to gather receipts, calculate deductions, and meet filing deadlines at the last minute. However, there’s a better way to approach your business taxes that can save you time, money, and stress: proactive tax […]
Wrapping up a successful year, sitting down to look at your taxes, and being shocked by the bill is a rite of passage for most small business owners. While this can be a valuable learning experience the first time it happens, it’s a completely avoidable situation and shouldn’t happen more than once. Managing your taxes […]
Nobody likes paying taxes. At best, we realize it’s a necessary evil, allowing the government to provide society-wide services we can’t buy. Things like the interstate highway system, major bridges and dams, policing, a functioning justice system, and national defense, to name a few. However, as Judge Learned Hand once wrote, “Anyone may arrange his affairs […]
Tax loss harvesting is a strategy uniquely suited to small business owners, especially those who are contemplating selling their business in the near future. While Tax Loss Harvesting is a strategy that all investors can utilize to help lower their capital gains taxes, I believe the benefits to small business owners aren’t commonly considered when […]