Podcasts about sep iras

In this eye-opening episode of Go Ask Allyson, host Allyson Sullivan sits down with trusted tax consultant Maxwell Lorrow to break down the real talk realtors aren't getting on TikTok. From LLCs and S Corps to SEP IRAs and what gifts are actually tax-deductible (spoiler: your fancy closing baskets may not be), this conversation spills the financial tea every agent needs to hear.Whether you just passed your real estate exam or are finally hitting your stride, this episode covers the pivotal moment when it's time to level up your business structure and start playing the tax game legally and smartly. Plus, Allyson shares hilarious “girl math” hacks, hard-earned lessons from the 2008 crash, and why a flashy G-Wagon may actually cost you more than you think.Contact Allyson Sullivan:Email: AllysonSL@hotmail.comIG: @allysonsullivanrealtorWebsite: www.allysonsullivan.com

Protect Your Wealth While Living Abroad ✅ Lower Costs | ✅ Better Investments | ✅ Easier Taxes

Welcome to episode 84 of the One for the Money podcast. This episode airs on April 15 which means it's the tax filing deadline. Now no one likes paying more taxes than they have to, and a great way to accomplish this is by using a Roth Retirement account. In this episode, I'll share how everyone can have a Roth. In the tips, tricks, and strategies portion, I will share a tip on how for the same amount of money it may make more sense to complete a Roth conversion than a Roth contribution.In this episode...What is a Roth Retirement Account? [1:56]Direct Roth IRA Contributions [2:46]Roth 401ks, SIMPLE IRAs, and SEP IRAs [3:44]Roth Conversions [7:36]Backdoor Roth IRAs & Pro-Rata Rule [8:36]I remember years ago a coworker of mine shared with me that she and her husband hoped that their income would one day be high enough that they would no longer be eligible to contribute to a Roth IRA. It's true, that certain individuals, can make too much income to contribute to a Roth IRA. But in this episode, I will share how everyone, regardless of their income level can contribute to a Roth IRA or put differently, how everyone can Roth this way. Okay, that was pretty bad but I had to try. But first, it would be helpful to provide a brief explanation of what exactly a Roth retirement account is and how they came about. A Roth retirement account is merely a retirement account on which you invest monies on which you already paid taxes. Because you are contributing money after it's been taxed all of the growth and all of the distributions are 100% tax-free (provided you follow the required distribution rules; age 59.5, etc). These are a fantastic way for individuals to build a tax-free bucket of money that they can utilize in retirement that won't have any taxable implications.Roth IRA Contributions The first way to contribute to a Roth IRA is to make direct Roth IRA contributions. For the 2025 tax year, individuals who earn less than $150,000 or married couples who earn less than $236,000 can contribute directly to a Roth IRA. For those under 50, they can contribute $7000 and for those 50 and older they can contribute $8000. Roth IRAs are a fantastic way to build a tax-free bucket of money for retirement. I set these up for my wife and me early in our marriage and I'm so glad I did. These can be especially great for kids as well. I call them Kid Roths and I've set these up for our three boys. That way they can benefit from decades of compound growth. If you are early in your career it can be a great time to invest in a Roth IRA.Roth 401ks/Simple IRAs and SEP IRAsRoth 401ks/Simple IRAs and SEP IRAs are another great way for anyone regardless of income level to contribute to a Roth investment account. For whatever reason, Roth 401ks, Simple IRAs, and SEP IRAs have no income limits like Roth IRAs do. So regardless of one's income, they can contribute to a Roth 401k. Roth 401ks are great for lower earners as they can allow you to put away even more money on a tax-free forever basis. Individuals can put up to $23,500 in 2025 and for those 50 and older they can put away an extra $30,500. Oddly enough, for those specifically between the ages of 60-63 they can put away $34,750. Why especially those ages, not sure, you'll have to ask Congress.Roth Simple IRAs have lower contribution limits namely $16,000 for those under 50 and $19,500 for those 50 and older. Roth SEP IRA limits are based on a percentage of one's income. These all are great vehicles where individuals can put a lot more money away on a tax-free forever basis. These can make a lot of sense for individuals in their lower-income years such as those early in their career or for those that are late in their career when they are working part-time prior to retirement. However, these can also...

Everyone is feeling the heat of tax season. Whether it's clients coming in at the last minute asking to open SEP IRAs, missing tax forms, or pushing deadlines—this season always seems to bring a special kind of chaos.And listen, I get it. You want to help these clients. You care. But at the same time, you're frustrated because they've had 15 MONTHS to do this—and you've sent the reminders! I can still feel that tension from when I was in the trenches myself.This used to happen to us every year. Until one year, we decided: NO MORE.In this episode, I'm breaking down exactly how we changed our approach so that tax season stopped feeling like a fire drill. I'm sharing actionable tips that you can start implementing now to protect your time, set better expectations, and serve your clients without sacrificing your sanity.Tax season doesn't have to feel like Groundhog Day in Hell. With a little intention and structure, you can protect your time, deliver great service, and save your team (and yourself) from burnout.Tune into this week's episode for the full breakdown—and walk away with a plan you can actually use. Let's make next tax season feel a lot less frantic. You've got this!

In this episode of Talking Real Money, Don and Tom sound the alarm on a troubling trend: more people are dipping into their 401(k)s for emergencies. While hardship withdrawals are allowed under IRS rules, they come with serious penalties, taxes, and long-term setbacks. The hosts stress the importance of building an emergency fund before maxing out retirement contributions to avoid turning your future into a piggy bank. They also respond to questions about how to find fiduciary advisors and critique a high-yield income portfolio packed with risky, expensive ETFs—offering a reality check on chasing returns without understanding the risks. 0:04 Retirement talk kicks off with 401(k) praise—and a warning 2:08 Hardship withdrawals hit record levels; 5% of participants tapped accounts 3:50 Emergency fund should come before heavy 401(k) contributions 5:25 Auto-enrollment rises, but so does temptation to pull money 6:06 Weigh a 401(k) loan before a withdrawal—less damage long-term 7:47 IRS penalty exceptions outlined—some hardship cases qualify 9:35 Adulting tip: build that emergency fund, even if it's hard 10:57 Better to borrow elsewhere (even a credit card!) than touch your 401(k) 12:59 SEP IRAs great for self-employed—but require discipline to fund 14:17 Listener asks why they don't mention NAPFA more—they do! 17:25 Listener portfolio review: lots of income ETFs, lots of risk 20:33 Many holdings have high expense ratios, junk bonds, or complex strategies 22:33 Bottom line: get a professional review—and simplify the portfolio Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariff announcements cause market chaos           In an effort to balance trade relationships across the globe, several new tariff announcements were made on April 2nd. This caused the markets to decline sharply in Thursday's session with the Nasdaq closing down nearly 6% and the S&P 500 closing down nearly 5%. I must say I was not necessarily surprised by that decline, but was more surprised by the run up in the market in the days leading up to the announcement. The administration has been talking about these tariffs for months and I for one was not necessarily surprised by the actions they plan on taking. The U.S. will be implementing a baseline tariff rate of 10% on all countries and that goes into effect on April 5th. After research into trade practices from other countries including tariffs, currency manipulation, and trade barriers the U.S. will also be implementing higher duties on several countries. This includes an additional 34% on China, which comes on top of the previous tariffs for a new effective rate of 54%. According to the administration, this compares to a calculated tariff rate of 67% from China. Other tariffs included a 20% rate on the European Union vs a 39% calculated rate on our goods, a 46% rate on Vietnam vs a 90% calculated rate on our goods, a 32% rate on Taiwan vs a 64% calculated rate on our goods, and a 24% rate on Japan vs a calculated rate of 46% on our goods. This is just a small sample as more than 180 countries and territories will be facing these reciprocal tariffs. The problem here is the bottom for stocks might not be in as there will likely be continued announcements from other countries with their response. Some countries like China, France, Canada, and Germany have responded with a combative tone and a promise to fight back. I continue to believe this trade war will not be solved overnight, but I must say with the pullback there definitely appears to be some opportunities surfacing. I'd be careful waiting for the all clear on this as by the time that comes, you may have missed some great opportunities.     Trade barriers increase around the world It is not just the US that is increasing tariffs, many countries around the world are also increasing their tariffs. There are some economists predicting that we could be headed to the biggest increase in protectionism since the 1930s, when the Smoot-Harley tariff act was in place. Back then the average tariff rate in the US was nearly 30%. Today it is around 8.4%. When it comes to the group of 20 leading economies in the world, there are roughly 4650 import restrictions, of which the US has roughly 1000. The EU, China, Canada, Mexico account for roughly 700 restrictions with the other 15 countries accounting for 3000 restrictions. Some people feel the United States is being aggressive by adding all these tariffs to products coming in to our country, but when you look at the numbers and the facts, it appears we are just playing catch-up and we are way behind the rest of the world as they have been putting tariffs on our products going into their countries. I don't understand why we are singled out as being such a bad country and unfriendly to other countries just because we want free trade in the world. I'm sure if they dropped their tariffs, we would do the same.   Jobs Report shows some positive news on a difficult day for the market With all the news around tariffs and trade, it's almost like everyone forgot that a jobs report was released on Friday. Job growth remained very healthy with nonfarm payrolls increasing by 228,000 in the month of March. This easily topped the estimate of 140,000 and was a nice increase compared to February's reading of 117,000. The previous two months did see negative revisions of 34,000 in the month of February and 14,000 in the month of January. The unemployment rate did tick higher to 4.2% from last month's reading of 4.1%, but this was largely due to an increase in the labor force participation rate. A major positive on the inflation front was wage inflation came in at annual rate of 3.8%, which was down from last month's reading of 4.0% and was more in line with a healthy level that creates growing wages but puts less pressure on inflationary forces. I was surprised to federal government positions declined by just 4,000 in the month, but yet a report Thursday from Challenger, Gray & Christmas indicated Doge-related layoffs have totaled more than 275,000 so far. Apparently, the BLS noted that workers on severance or paid leave are still counted as employed, which would have a large impact on the employment numbers. It will be interesting to see how the employment situation shakes out in this category and if the private sector can absorb those lost jobs. It's hard for some to look through the noise of all the trade announcements, but I still believe the economy is in alright spot and the growing concerns for recession may be overblown.     What is a Solo 401(k)? A Solo 401(k) is a retirement savings plan designed for self-employed individuals or business owners with no employees. Also known as an individual 401(k), this plan offers significant tax advantages and higher contribution limits compared to other retirement accounts, such as SEP-IRAs.  One major advantage of a Solo 401(k) is the ability to contribute as both the employer and the employee. For 2024, the contribution limit as an employee is $23,000 (or $30,500 if age 50 or older), which can be made on a pre-tax or Roth basis. For employer contributions, the limit is up to 25% of compensation, bringing the total maximum contribution to $69,000 (or $76,500 for those 50+). Many plans now allow employer contributions to be made on a Roth basis as well. To be eligible, you must be a business owner with no full-time employees, which includes sole proprietors, independent contractors, freelancers, and small business owners. However, spouses of business owners may also participate, effectively doubling the possible contribution. Another key benefit is that a Solo 401(k) can be paired with backdoor Roth contributions, making it an attractive option for high-income earners looking for additional tax-advantaged savings. This offers a distinct advantage over Traditional IRAs and SEP-IRAs, which can trigger taxes on backdoor Roth conversions. A Solo 401(k) is an excellent retirement savings tool for self-employed individuals due to its high contribution limits and tax benefits. Additionally, some business owners may still be eligible to make a 2024 employer contribution if completed before the tax filing deadline.   Companies Discussed: LPL Financial Holdings Inc. (LPLA), Deckers Outdoor Corporation (DECK), Apple, Inc. (AAPL) & Delta Air Lines Inc. (DAL)

In this episode, I break down employer-sponsored retirement plans and the different options available. From 401(k)s and Roth accounts to SEP IRAs and the mega backdoor Roth strategy, learn how to maximize your retirement savings. - Overview of retirement account options (401(k), Roth, SEP IRA, etc.)- The significance of employer matches- Catch-up contributions for those aged 50 and above- Investment strategies for long-term growth- Understanding fees and choosing the right funds---------✅ Financial planning for 30-50 year old entrepreneurs: ⁠allstreetwealth.com⁠✅ My personal blog & newsletter: thomaskopelman.com⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

In this episode, Dr. Preston Cherry breaks down how business owners can choose and use retirement plans to boost income, cut taxes, and maintain their lifestyle. He covers Simple IRAs, SEP IRAs, Solo 401ks, and cash balance plans while explaining key tax-saving strategies, like diversifying tax exposure and using Health Savings Accounts (HSAs).Takeaways:• Maximize income & tax savings• Choose the right plan• Solo 401ks = big contributions• Cash balance = higher limits• HSAs = triple tax benefitsWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/

Saturna's Islamic Investment Group Regional Manager Hud Williams joins Halal Money Matters to discuss the nuances of traditional and Roth IRAs and touch on SEP IRAs, Simple IRAs, and 401(k)s, noting their contribution rules and deadlines.

Saturna's Islamic Investment Group Regional Manager Hud Williams joins Halal Money Matters to discuss the nuances of traditional and Roth IRAs and touch on SEP IRAs, Simple IRAs, and 401(k)s, noting their contribution rules and deadlines.

Running your own business means taking charge of your retirement planning too. This week, Mac and Jason discuss the retirement options available for self-employed individuals. They break down the features and benefits of Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and traditional/Roth IRAs. You'll learn how to select the right plan based on your business structure, income patterns, and long-term goals. The guys also share insights on diversification, tax planning, and healthcare considerations for a comprehensive retirement strategy. Don't forget to subscribe for more practical advice from the SK team!

In this one-minute moment, Dr. Friday highlights retirement savings options for self-employed individuals, including SEP IRAs and their contribution limits. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. For all my entrepreneurs—individuals who don’t have retirement plans but have income through self-employment—remember, you still have what’s called a self-employment plan, or SEP, that you can contribute to. They’re beautiful things as well. And sometimes, you can put in up to, I don’t know, $50,000 a year, depending on your overall income. It is based on your income. So, if you’re looking for ways to reduce your taxable income and prepare for retirement, you might want to consider it. The problem with most entrepreneurs is that they often think it’s better to reinvest money in their business rather than invest in their retirement. But if you need help, call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

In this episode, Don and Marc explore smart tax moves to consider before the April 15th deadline. They focus on ways to take advantage of accounts like IRAs and HSAs, as well as important deductions that often go overlooked. The conversation highlights opportunities to maximize savings for the 2024 tax year, covering everything from retirement contributions to charitable donations. They also explore how certain tax moves can help you minimize your taxable income, whether you're self-employed or planning for retirement. This episode offers practical tips for anyone looking to make the most of their tax situation before filing. Here's some of what we discuss in this episode: Tax forms to be on the lookout for in retirement Strategies for maximizing IRA contributions The benefits of SEP IRAs for self-employed individuals Health savings accounts (HSAs) and their tax benefits Tax considerations for charitable contributions and qualified charitable distributions (QCDs) Resources for this episode: HSA accounts – https://www.irs.gov/publications/p969 1099 forms – https://www.kiplinger.com/retirement/tax-forms-retirees-receive-and-what-they-mean Wall Street Journal Article on 2024 Tax Planning – https://www.wsj.com/personal-finance/retirement/retirement-taxes-contributions-withdrawals-guide-bc308053?st=MNY85o&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur   In this episode of The Profit Answer Man, we sit down with Philip Taylor (PT), a CPA turned entrepreneur, to discuss his journey in building multiple successful businesses. From launching a finance blog in 2007 to creating major conferences like FinCon and TravelCon, and now running a CPA firm for content creators, PT shares his insights on diversification, adapting to industry changes, and maintaining profitability.   If you're an entrepreneur looking to build multiple income streams, navigate the shifting digital landscape, and optimize your financial strategies, this episode is packed with actionable insights!   In this episode, you will learn: How Philip built and scaled multiple businesses in blogging, events, and accounting. The major shifts in blogging and digital content creation over the years. How AI and search engines have disrupted traditional content models. Strategies for running a profitable conference and event business. Key financial mistakes content creators make—and how to avoid them. The importance of tax planning, retirement strategies, and financial systems for entrepreneurs. Why building a financial war chest is crucial for long-term success.   Key Takeaways: 1. Diversification is Key to Long-Term Success. Philip didn't rely on just one business—he built multiple streams of income: PTMoney.com – A personal finance blog that started in 2007. FinCon – A major annual conference for personal finance content creators. TravelCon – A travel content creator event. The Creator CPA – A tax and accounting firm focused on digital entrepreneurs. Each of these businesses operates differently, but Philip has found ways to integrate them so they support each other. 2. The Changing Landscape of Blogging and AI's Impact. Blogging used to be a hub for conversations, but social media took that engagement away. AI-powered search engines now provide direct answers, reducing website traffic for independent bloggers. Google prioritizes big media brands over independent creators, making it harder for small content sites to rank. Many creators are shifting to email newsletters, YouTube, and social media platforms where they can directly engage audiences.   3. Running a Profitable Conference Business. Philip runs two major creator-focused events, but COVID and rising travel costs disrupted the event industry. His advice: Build financial reserves so you can weather downturns. Continuously evolve your model—smaller events, hybrid events, or alternative pricing strategies may be needed. Understand the true cost for attendees—it's not just the ticket price; flights, hotels, and food add up significantly.   4. Financial Mistakes Entrepreneurs Make. Philip sees common financial pitfalls among entrepreneurs, especially content creators: Not setting aside 20% of income for taxes. Ignoring retirement planning (e.g., Solo 401(k)s, SEP IRAs). Mixing personal and business expenses. Failing to build a financial war chest to handle downturns. Solution: Work with a CPA, separate personal and business finances, and prioritize long-term financial stability over short-term spending.   5. Tax Planning vs. Tax Preparation. Most CPAs focus on tax prep (reactive) instead of tax planning (proactive). Strategic tax planning can help business owners reduce taxable income, plan for retirement, and optimize deductions. Meet with your CPA in September/October to plan before year-end. Tip: If your business revenue fluctuates, consider using Roth conversion strategies during low-income years to maximize tax advantages.   About Philip Taylor: Philip Taylor (PT) is a CPA, entrepreneur, and founder of FinCon. He also runs The Creator CPA, a tax firm specializing in financial services for content creators. His insights have been featured in The New York Times, Forbes, The Washington Post, and other major media outlets.   Conclusion: Philip Taylor's journey proves that multiple revenue streams, financial planning, and adaptability are key to long-term entrepreneurial success. Whether you're a content creator, business owner, or service provider, his advice on tax planning, cash flow management, and business diversification can help you increase profitability and protect against economic downturns.   Links: LinkedIn: https://www.linkedin.com/in/ptmoney/ Twitter: https://x.com/ptmoney   https://taylorassociatescpa.com/cpa-for-content-creators/     Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst

Are you a business owner or high-income earner looking for a smarter way to save for retirement? In this episode, we're uncovering a little-known retirement strategy that could let you contribute up to $300,000 annually while slashing your taxes. It's called a cash balance plan, and it's a game-changer for profitable businesses. We'll break down how this plan works, who qualifies, and why it's a step up from traditional 401(k)s or SEP IRAs. Learn how to use this strategy to supercharge your retirement savings, reward employees, and keep more of your hard-earned money. If you want to make the most of your profits and plan for a financially secure future, this is an episode you don't want to miss! Hit play and discover how to take your retirement strategy to the next level.   Next Steps:

Are you a dental practice owner overpaying taxes? Casey and Jarrod discuss powerful tax deductions and strategies with CPA Kevin Rhoton. Learn how to maximize retirement contributions (401(k)s, SEP IRAs, and more), leverage HSAs, and understand the rules around gifts and charitable donations. Kevin also covers mileage tracking and stresses the importance of proactive, year-round tax planning with a trusted CPA.Interested in more info on how to: Earn More, Save More, and Retire EarlyUpcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory

You've built a successful business, but now the big question is, how do you turn that into a retirement plan? If you're like many entrepreneurs, you've spent years reinvesting in your business, but what happens when it's time to step away? Can you sell it? Can you create passive income from it? Or should you start saving in other ways right now? In this episode, we're breaking down strategies for business owners who need to turn years of hard work into long-term financial security.   Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381   ----more---- Transcript:    You've built a successful business, but now, the big question is, how do you turn that into a retirement plan? If you're like many entrepreneurs, you've spent years reinvesting in your own business, but not in yourself. This week on Plan With The Tax Man, let's talk about that. Let's get started. Hey, everybody, welcome into the podcast. Thanks for hanging out with Tony and myself as we talk investing, finance, and retirement. Of course, Tony Mauro is the man to turn to here in the Iowa area at Tax Doctor, Inc. He's a CPA, CFP, and an EA of 30 plus years experience, and a great resource for you to tap into if you've got questions about this week's topic, for example, which is what to do now, if you've sunk all of your efforts and your money into your business. And Tony is a business owner. I know you can probably relate, as many of us can. So it's a great question was we actually got a question in from a listener who's also a business owner kind of posing this, and you and I thought it'd be a good idea to have that conversation. How you doing? I've been good. Well, there's been good here, and just getting ready for tax season as we tape this. Yeah, yeah. It's coming fast and furious, so of course, as you're aware, but I'll share it with the listeners so they can kind of set the table for them, if you will, Dan, a longtime listener and a business owner sent a question that might sound familiar to others who are in the same situation, Tony. He says, "I haven't saved much for retirement, because I'm self-employed and I've always pumped most of my money back into the business. But now, I'm not sure how to turn that into retirement income, as it's creeping up on me fast. Have you worked with folks in a similar situation?" And obviously, Tony, I'm sure that you have. So let's talk about some of the key aspects to that. First of all, what'd you think about the question? I think it's a good question, and almost every one of our business owners are in the same predicament or if we're doing, whether it's just their tax return or their monthly accounting for them, they all face this. And so, it is something on business owners' minds. And what happens to us all as owners is, as we get into our... It's our baby, right? We pump everything into it. They pump everything into it, but I kind of rebut that. Because what they say is, "All my money is in my business." And then, I start asking questions to them when we're trying to do some planning and say, "Well, what's your business worth?" "I don't know," they say. And I said, "Well, even if it's worth, let's say, X, you may not get all of that money up front for it and you may not get what you think." Everybody, since it is our babies, thinks it's worth well more than it actually is. Our kids better looking than anybody else's kid, right? So it is difficult, and we also try to put some numbers to it and tell them, "Well, if your business is worth," I'm just going to use an example, "a million dollars, could you live on that?" And number one. Number two is is, "What if it took 10 years to get that million? Maybe you better start doing some other things in lieu of. Because I think the business itself is icing on the cake, but I wouldn't just count on it for your retirement." Again, everybody's different. No, for sure. And we've got several things kind of in that line and some other stuff. So I'll dive into some of these thoughts here. So what are some smart strategies for turning a business into an asset? So to that point that you just made, Tony, should Dan and people like Dan, should they look at selling? Should they transition to passive ownership? Or is there another approach? I think this is the biggest reason to be talking to your advisor on something like this, because I think all three of them could have merit. Sometimes business owners get burned out and then they want to sell, but basically, it kind of depends. Without knowing more about his financials, it's hard to say. But let's take, for example, if he's fairly successful, earning a good income and still wants to stay in the business, probably, he might want to make sure, and again, this is a more business owner talk than financial talk, but make sure his business is running on systems, so that it is going to be very sellable when he sells it, not just reliant on him. Because they're generally not worth as much if you're doing all the work. And most of these business owners are, they get to be self-employed, and really, they become an employee in their own business and they're slaves to it. That's a great point. And sometimes, even if you're thinking about selling it, maybe you are the business. What happens when you leave? Would it do as well? Yeah. Would it do as well? And if the clients are only used to dealing with you and you leave, well then, that, again, that doesn't bode well for money coming in for you. But I think the way to turn it into a retirement asset is to get it systemized, get it into something, where maybe you can go into passive ownership. Because then it's worth a lot more. Good points. What about just going ahead and maybe, okay, if you're aware of it, you get to this situation, Dan sent this message in, other people are getting there, he doesn't say how far away his retirement is, just that it's nearing, is it maybe time to stop pumping everything into it and look at some 401k options or something for yourself? Maybe if selling it's not on the horizon, is it time to start feeding what, like a SEP, things of that nature? I would definitely say that. That's one of our biggest key planning points with business owners is that whole retirement area, because a couple things can happen. One, they can cut their taxes while they're doing it, and then, the other thing is they can track better employees. And then, of course, the whole, we've been over it time and time again, about saving for the future allows them to pile up massive amounts of money that the ordinary guy sometimes can't do. And I think they need to do both. We try to get them to definitely do one of those things once we talk about how much money they want to try to put aside. Okay, because there's what? SEP IRAs out there? Solo 401ks? Yep. Simple IRAs. You've got the old fashioned type of pension plans, which are expensive, but very good if you've got a ton of cash flow. So there's like 5, 6, 7 options out there, depending on how much flexibility and how much you want to try to sock away, which you can find something that fits you. Yeah, yeah. Well, so obviously, he prioritized reinvesting in his company over traditional savings, which many people do. So to my question a second ago about, hey, it's time to maybe make a change and start paying yourself and your future self, how do you guys help people kind of prioritize that, right? Because I know that that's probably the concern, if left to his own devices, Dan may just keep pumping into the business, does it require maybe that third party person like yourself to say, "Okay, you need somebody to kind of help you stay accountable?" Or what's your thoughts? I think it definitely does, and I think this kind of bodes to some of the facts of monthly accounting and making sure that you understand, each and every month, exactly what happened in the business and then, year over year, of course. And that generally comes somebody else doing your accounting, because most business owners either don't do it at all or don't do it correctly. And then, of course, it's hard to make good decisions. But once that's done, then yes, it's extremely important for your advisor or your accountant, like in our case, to be trying to tax plan with you and retirement plan at the same time. So it all kind of blends into one for us business owners. So that you're seeing that you're not hurting the business, but you're also seeing, "Hey, I'm actually doing something for me too." Exactly. Yeah. And having, I think, a third party or a second set of eyeballs, whatever you want to call it, kind of helps a little bit, because we do get blind... With all the other conversations we have, Tony, typically, we're our own worst enemies, right? That's right. When it comes to just about anything. So, all right, so if Dan wants to eventually sell the business as part of his retirement plan, what's some things for people who are looking to kind of step out of it? Because like succession plan is important. We don't know what kind of business it is, Tony, but I imagine, for your own business, you probably have a succession plan or you're working on one for sure. Exactly. Yeah. In my own business, my succession plan now is my son, who is in the business and learning. So that's my succession plan, and then, I have a plan B from there. If he decides to change his mind, what's going to happen? But business owners need to have a succession plan of some kind. And if you're in business with a partner or a brother, sister type thing, you better have a buy sell in place, so in case somebody wants out would be another one. The other one would be, like I said before, is trying to make sure that your business is running on as many systems as possible, and it's just not reliant on you. Because I think that's going to basically maximize its value. And then, of course, on top of that, if you could show that you're steadily growing the business, you've got good accounting records and processes in place, that's going to bode very well for a particular buyer to come in and buy themselves an income that they can replicate what you're doing and make money, all while possibly paying you off. That makes sense, Tony. And is there a value in, obviously, getting your company evaluated, evaluated for what it's worth, what they call that evaluation, right? Evaluation, yeah. What's a window for that? Should you do that just anytime, just so you know where you stand? Or if you're thinking about selling it, should you do that a year ahead of time or six months? Or what's your thoughts? My thoughts when people ask me that are a year to two ahead of time, so that you can basically start out the easy way and just try to use some free resources for that. And then, as you get a little closer, you've got to go from basically just looking around at what's selling in your industry, basically from the internet or brokers, to really maybe going out and get a professional evaluation done of the business. And there are companies that do that and they charge a fee and then they go out and do that, kind of like an appraiser would for real estate. And you can find mid range and upper range, just kind of depending on what you're looking for, they can get a little bit pricey, depending on the situation. But then again, maybe not, you may not feel it's pricey at all, so it could be worthwhile. So yeah, I think you got to start getting your ducks in a row, just like anything in retirement, whether you're self-employed or working for somebody else, right? It's all about having a plan and a strategy. So reach out to somebody like Tony and have a conversation, who is a CPA, right? And a CFP. So kind of thinking about both sides of the aisle there, taxation as well as financial planning for the future. And if you've got those questions, need some help, reach out to Tony at yourplanningpros.com, that's yourplanningpros.com, to get started today, get some time on the calendar. Or call him at 844-707-7381 if you're not already working with us. And if you're listening to the podcast and you work with Tony, that's great. If you're not and you're just catching this, feel free to consider subscribing to the podcast, so you can catch future episodes when they come out, on Apple or Spotify or whatever platform you like using. We'd certainly appreciate the support as well. Tony, anything else that I didn't catch on this? Any thoughts you might have? Other than just, like you said, if you need anything, to the listeners, reach out, because this is something for business owners. We love to work with them and make sure that they can get to where they want to be in their financial lives. For sure. So yeah, don't hesitate. Yeah, it gets a little more complicated, I suppose, sometimes than just the normal straight approach. But still, you got to have a plan, no matter what side that you're working with, whether you work for somebody else, like I said, or for yourself. So get on the calendar, and we'll see you next time here with Tony Mauro. Plan With The Tax Man, that's the name of the podcast. We'll catch you a little bit later on.   Securities offered through Avantax Investment Services SM, member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services. Insurance services offered through an Avantax affiliated insurance agency. Investment strategies discussed in this episode may not be suitable for all investors. Please consult with a financial professional.

Did you know you could be losing thousands of dollars each year due to common financial mistakes? On this episode of the MoneyfitMD podcast, Dr. Latifat sits down with Certified Financial Planner Hugh Baker to uncover the financial pitfalls that physicians often encounter and provides practical strategies to steer clear of them.What You Will Learn:Why investing for the long-term with index funds is a preferred strategy for young physicians: Hugh debunks the myth of chasing short-term returns and explains why bonds may not be the best investment for those with a longer time horizon.How to avoid common tax mistakes that can cost you thousands: Discover why it's crucial to understand the intricacies of tax-advantaged accounts, like backdoor Roth IRAs and SEP IRAs, and learn how to review your tax return for potential errors.The key factors to consider when choosing a financial advisor: Hugh provides insights into identifying an advisor who is a good fit for your specific needs, focusing on their ideal client profile, fee structure, and transparency in compensation.Key Takeaways:Don't leave your investment contributions sitting idle in cash accounts. Ensure your money is actively working for you by investing it appropriately.Take the time to understand your tax situation and ensure you're taking advantage of available deductions. Simple oversights can lead to significant financial losses.You are the CEO of your finances. Choosing a financial advisor is a significant decision, so prioritize finding someone who aligns with your values, communicates transparently, and puts your interests first.Tune in now to discover how to avoid costly financial mistakes and take control of your financial future. Click Here to Secure Your Spot for the 2025 Wealthy You In-Person Gathering.It's time to finally take action on your financial goals. Join other women physicians who are choosing an uncommon life of financial and life freedom by registering for the 3-DAY Money Moves Challenge for women physicians. Register HereReady to explore the transformative power of sabbaticals?Download the free Sabbatical Guide at Moneyfitmd.com/Sabbatical and embark on a journey to financial freedom and personal growth. Share the link with your fellow physicians and join the movement to normalize taking pauses for a healthier and more fulfilling life.If you are a Hardworking, Busy Woman physician who wants to get good at money without wasting more time sifting through the internet. This is for you. https://www.moneyfitmd.com/guideWe are social:Facebook: https://web.facebook.com/MoneyfitMD/Instagram: https://www.instagram.com/moneyfitmd/Youtube: youtube.com/@money...

Get the latest on 2025 retirement contribution limits! Adam Bergman unpacks changes to IRAs, 401(k)s, SEP IRAs, SIMPLE IRAs, Roths, and Solo 401(k)s, plus Secure Act 2.0 enhancements for ages 60-63. Learn what's new, what's the same, and how it impacts your savings strategy!

Join Bill and Crystal Lee in a Thanksgiving special as they explore the intricacies of starting and managing a pet grooming business in the USA. This episode delves into essential topics such as tax planning, business structures, and the importance of proper accounting practices for groomers. Crystal shares her expertise on how to minimize tax liability through various deductions and strategic financial planning, emphasizing the significance of understanding tax obligations and business expenses. The discussion also highlights the difference between employees and independent contractors, addressing the challenges of misclassification in the grooming industry. With practical advice and insights, this episode aims to empower pet groomers to navigate their financial responsibilities and grow their businesses effectively.Takeaways: Setting up the right business entity is crucial for liability protection and tax efficiency. Understanding the differences between employees and independent contractors can prevent costly misclassifications. Regular communication with your accountant is essential for informed financial decision-making. Utilizing deductions like professional development and equipment depreciation can significantly lower tax liabilities. A solid accounting system helps streamline finances, making tax season much less stressful. Exploring retirement options like SEP IRAs can provide tax advantages for business owners in the pet grooming industry. As always, a big thank you to the podcast sponsor Lopay, the low-cost payment platform that helps you keep more of the money you earn! You can find out more and sign up for Lopay here: https://merchant.lopay.app/ref/PETPASSION2500, where listeners of this podcast get £2500 of fee-FREE transactions!You can find out more about Crystal Lee on her social media:LinkedinFacebookAnd of course, if you feel like you could benefit from Bill's business programs for the Pet Grooming industry, visit our website: https://petpassiontoprofit.com/

Send us a textIMPORTANT DISCLAIMER: This podcast is not intended or should be taken as tax advice. Consult with a tax professional to help you with your own specific tax situation. Robin Ruegg, a USA Brevet rating gymnastics judge with over 40 years of experience, joins us to unravel the fascinating world of gymnastics officiating. Robin shares her journey from a gymnast at the University of Minnesota to a respected judge, offering insights into the crucial yet frequently overlooked financial responsibilities that come with being a sports official.We tackle the nitty-gritty of tax responsibilities and deductions tailored for referees, judges, and officials. Uncover how to navigate the maze of tax-deductible expenses such as professional membership fees, training costs, and the specificities around officiating. Our conversation dives into the importance of differentiating between deductions and credits, with practical examples, including whether your iPad might help trim your tax bill.Finally, we focus on financial strategies for sole proprietors, like referees and coaches, emphasizing meticulous income reporting—even those amounts under $600, which often slip under the radar. Robin offers valuable advice on securing your financial future through pension plans like SEP IRAs or Roth IRAs. With personal anecdotes, we highlight the power of consistent contributions to retirement savings and demystify the tax implications of different retirement account types, ensuring you're better equipped for a stable financial future.

Get my Monthly Newsletter here This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.   (00:54) Retirement Planning for Self-Employed Consultants (02:11) Roth IRA: The Favorite Child (03:55) Traditional IRA: A Flexible Option (05:46) SEP IRA: Ideal for High, Fluctuating Income (07:57) Solo 401k: High Limits and Flexibility (09:48) Key Takeaways and Final Thoughts (11:43) Stay Connected and Informed   ____________________ Resources Referenced: Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Today we're learning allllll about IRAs (individual retirement arrangements/accounts) including Roth IRAs, Traditional IRAs, Rollover IRAs and SEP IRAs. You'll understand contribution limits, tax implications, and eligibility requirements for each account. As always, we aim to empower you with all the knowledge you need to make informed decisions for future you. This is not advice.      ✨Roth IRAs are best for you if you are in a lower income tax bracket and do not need a tax break, because you are taxed upfront, not later.  ✨Traditional IRAs are best for you if you do not qualify for a Roth, or if you need a tax break… if you qualify for the deduction. The benefits are before tax dollars, offering you a tax break if you are eligible bc you are in a higher tax bracket.  ✨Rollover IRAs you rollover an employer sponsored plan, like a 401k in the plan you want to keep them separate so you can roll it back into a new 401k plan at a new employer.  ✨SEP IRAs are best for small business owners who do not want the complexities of 401ks. There are higher contribution limits, and all contributions are made by the employer.        Contribution LimitsYou have to have taxable compensation and your modified AGI. Beginning in 2024, the IRA contribution limit increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older). This stayed the same for 2025.   Resources:  Contribution limits: https://www.irs.gov/publications/p590a SEP IRA FAQ: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps  Still Have More Questions or a Comment? 

Hosted by: Dr. Disha Spath Guest: Sean Mullaney, Advice-Only Financial Planner and Author of The Solo 401k: The Solopreneur's Retirement Account     Episode Highlights: Introduction: Dr. Disha Spath welcomes listeners back and introduces Sean Mullaney, President of Mullaney Financial and Tax Inc, a fee-only financial planner and tax advisor for self-employed individuals and small business owners. About Sean Mullaney: Sean shares his background, transitioning from a career in corporate tax planning to launching an advice-only financial planning firm. He discusses his award-winning blog, FITaxGuy.com, and his book The Solo 401k: The Solopreneur's Retirement Account, which has become a valuable resource on tax planning for freelancers and independent contractors. Sean's Financial Journey: Sean discusses his passion for personal financial planning and his motivation to help small business owners and entrepreneurs maximize their savings through tax-efficient retirement strategies. Understanding the Solo 401k: Sean explains the structure and benefits of the solo 401k for self-employed retirement planning, highlighting its differences from traditional 401ks and IRAs. This retirement option is designed for self-employed professionals, including “physicians with side gigs” and “freelancers,” offering flexibility in contributions and investment options. Combining W-2 Employment with Side Hustles: Sean offers strategies for combining a solo 401k with retirement planning for 1099 income when you have both W-2 earnings and independent contracting income, helping listeners maximize their retirement contributions. Alternatives to the Solo 401k: Sean reviews other self-employed retirement plans, including SEP IRAs, Simple IRAs, and Defined Benefit Plans, explaining the pros and cons of each option based on business income, structure, and goals. The Backdoor Roth IRA Strategy: Sean explains the solo 401k's compatibility with the backdoor Roth IRA strategy for high-income earners, allowing listeners to bypass the pro-rata rule and make tax-free contributions without triggering extra tax burdens. Rollover Strategies for Former Employer 401ks: Sean provides retirement rollover options for managing a previous employer's 401k. He explores the options of leaving it where it is, rolling it over to a traditional IRA, or moving it to a solo 401k, with insights on tax benefits, fees, and creditor protection. Future of Retirement Savings for Entrepreneurs: Sean shares his perspective on the trend toward Roth accounts, the tax outlook for retirees, and the impact of political dynamics on future retirement tax planning. Where to Find Sean Mullaney: Sean invites listeners to explore his blog, FITaxGuy.com, for insights on tax planning for financial independence and to check out his YouTube channel, featuring weekly personal finance videos for practical financial advice.     Key Takeaways: Solo 401k Benefits for Self-Employed Individuals: Solo 401ks offer higher contribution limits, greater flexibility in investment choices, and significant tax advantages for self-employed professionals and side hustlers. Combining Retirement Accounts for Physicians and Entrepreneurs: Professionals with both W-2 income and 1099 earnings can leverage multiple retirement accounts to maximize tax-advantaged savings. Backdoor Roth IRA Advantages: A solo 401k allows high-income earners to implement a backdoor Roth IRA strategy while avoiding pro-rata rule issues, making it especially valuable for physicians with 1099 income. 401k Rollover Considerations for Solopreneurs: Carefully weigh rollover options for former employer 401ks, focusing on factors like fees, tax rules, and creditor protection.     Recommended Resources: The Solo 401k: The Solopreneur's Retirement Account by Sean Mullaney Sean's blog: FITaxGuy.com – Covering “tax planning for financial independence” topics. Sean's YouTube channel: Sean Mullaney Videos     Thank you for tuning in to Finding Financial Freedom with The Frugal Physician! If you enjoyed this episode, please subscribe, rate, and share it with your colleagues. Stay frugal and financially free! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Disha and the Finding Financial Freedom with The Frugal Physician podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Guest appearances on the podcast do not constitute their endorsement of any sponsors of the Finding Financial Freedom with The Frugal Physician podcast.

Vanguard has announced that it is selling 280,000 small business retirement plans to Ascensus. The transaction covers individual 401(k) plans, sometimes called Solo 401(k)s, Multi-SEP IRAs, and Simple IRAs, but not individual SEP IRAs.Here's my take on what's going on, your options, and what this means for Vanguard.Press Release: https://www.prnewswire.com/news-relea...Ascensus Fees: https://www.ascensus.com/solutions/re...Fidelity Solo 401(k): https://www.fidelity.com/retirement-i...Schwab Solo 401(k): https://www.schwab.com/small-business...Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...

Hey everyone, welcome back! Today, the Traveling Groomers hosted an insightful session with River Lee on retirement planning for small business owners and employees. We dove into the importance of knowing your IRAs—Traditional versus Roth—and why consistent, small contributions can benefit your future. River shared her tips on leveraging business structures like SEP IRAs for significant savings and maximizing tax advantages. We also touched on practical financial strategies, from reducing debt to considering micro-investing apps. Remember, it's about planning ahead and making smart choices today for a secure, enjoyable retirement. Stay tuned for more tips and keep thriving!

Most Americans have at least some of their retirement savings sitting in workplace retirement plans like 401ks, 403bs, SEP-IRAs and the like.  And when you leave a job, due to a retirement transition or not, many people wonder what they should do with the savings they've accumulated in the plans.  We've noticed that the more people tend to have in their retirement plans, the more reluctant they are to take action out of fear of making a mistake.  In this episode of the podcast we'll answer several questions about 401k rollovers: ·       Should I keep my savings in the 401k or roll the funds into an IRA? ·       Can I roll my 401k directly into a Roth IRA? ·       My savings is in the Federal TSP.  I've heard the plan is really good.  Should I roll the funds into an IRA when I retire or stick with the TSP? We'll also review the logistics of 401k rollovers and how you can avoid major mistakes.   Resources: https://www.morningstar.com/funds/are-low-volatility-etfs-dead

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the advantages and disadvantages of SEP IRAs and Solo 401ks for doctors earning 1099 income. They delve into the differences between W2 and 1099 income, tax considerations, and the impact on retirement planning. The discussion includes real-life anecdotes, such as navigating backdoor Roth IRAs, the complexities of plan compliance, and criteria for choosing between SEP IRAs and Solo 401ks. The episode stresses the importance of understanding the nuances to make informed financial decisions tailored to individual circumstances. To download a free-copy of the best-selling Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook To get disability insurance from a source you can trust, visit https://moneymeetsmedicine.com/disability 

In this episode, we dive into the implications of the Federal Reserve's recent 0.5% interest rate cut, examining how it affects the economy, inflation, and financial products like loans and savings accounts. We also tackle the rising costs of living due to inflation, focusing on how essentials like groceries and auto insurance impact consumers daily. As we navigate this changing economic landscape, our experts discuss adaptive investment strategies, particularly for income investors, and the importance of tailoring portfolios to respond to potential future rate changes. Lastly, we explore retirement savings options for business owners and self-employed individuals, detailing plans such as traditional IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s. Understanding these options is crucial for optimizing tax benefits and ensuring a secure financial future.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com   Hosts: Jeremiah Bates & Nic Daniels ————————————————————— SPONSORS: Guild Mortgage: https://guildmortgage.com   Ataraxis PEO https://ataraxispeo.com   Tree City Advisors of Apollon: https://www.treecityadvisors.com   Apollon Wealth Management: https://apollonwealthmanagement.com/   Formations: https://get.formationscorp.com/real-money-pros —————————————————————

What makes the Solo 401(k) particularly attractive is its unique dual contribution structure. Unlike traditional employer-sponsored 401(k) plans, a Solo 401(k) allows you to contribute to your retirement savings in two capacities: as an employee and as an employer. This dual role can significantly boost your ability to save for retirement, potentially allowing you to contribute more than you could with other self-employed retirement plans like SEP IRAs or SIMPLE IRAs.

Don and Tom from "Talking Real Money" talk about the end-of-the-week stock market decline and put equity investing in perspective. Then they discuss recent changes in retirement savings plans. They mention that catch-up contributions for those making over $145,000 a year will now have to go into Roth 401ks instead of traditional ones. They also touch on no more required minimum distributions (RMDs) from Roth 401k plans and new options for Roth contributions in SEP IRAs and simple IRAs. They note changes in penalties for missed RMDs and other updates for retirement planning in 2025. They emphasize the importance of diversification and sticking to a long-term investment strategy, despite fluctuations in the market and new regulations. Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Csobaji has been in the Pension and Retirement Plan industry since 2000. He holds a B.A. from Denison University, a master's degree in management from Marymount University, and a Certificate in Financial Planning from Georgetown University. His career includes roles at T. Rowe Price, PNC Bank, Charles Schwab Retirement Plan Services, TIAA, and the National Rural Electric Cooperative Association, where he managed various Employer Benefit Plans. Steve has advised clients at all levels, from C-Suite to rank-and-file employees. Currently, Steve manages Quest's Dallas office and works on the sales team, specializing in Self-Directed IRAs and tax-advantaged accounts like Roth IRAs, SEP IRAs, Solo 401(k)s, and Health Savings Accounts. He is a frequent speaker at industry conferences nationwide. His clients invest in a range of private assets, including real estate, private entities, and promissory notes. Steve recently earned the Certified IRA Services Professional title from the American Bankers Association. To get in touch with Steve, reach out to him on this toll-free number: 855-FUN-IRAS Keeping it Real Estate is brought to you by Granite Towers Equity Group, helping investors create passive income through multifamily real estate. To get in touch with the founders of Granite Towers, Mike Roeder and Dan Brisse, visit https://www.granitetowersequitygroup.com/contact

Many therapists struggle with the complexities of managing their private practice, especially when it comes to financial planning, but understanding these elements is essential.Enter Ryan DeRousseau, a CERTIFIED FINANCIAL PLANNER™ specializing in the unique needs of therapists and small business owners. In this Office Hours episode, host Michael Fulwiler jumps into key topics with Ryan, from the benefits of solo 401(k)s and SEP IRAs to the importance of building a support team of professionals. They also discuss common financial pitfalls therapists face and practical strategies for mitigating them. Plus, Ryan covers investment frameworks, types of retirement accounts, and how to incorporate retirement savings as a fixed expense within your budget.In the conversation, they discuss:The benefits and differences between various retirement accounts such as solo 401(k)s, SEP IRAs, and Roth IRAs, and how they can reduce your overall tax billThe importance of having a professional team, including accountants and certified financial planners, to support the financial health of therapists and small business ownersThe significance of starting retirement savings early to avoid common pitfalls such as unpredictable income and the risk of working in retirement due to lack of fundsResources:The Everything Guide to Investing in Crypto Currency: https://www.amazon.com/Everything-Guide-Investing-Cryptocurrency-Everything%C2%AE-ebook/dp/B07GNTLHZN/Learn how to turn income into wealth: https://thinkingcapfinancial.com/selfemploymentincometowealth/How to save for retirement as a therapist: https://www.joinheard.com/articles/how-to-save-for-retirement-as-a-therapistThe complete guide to financial planning for therapists: https://www.joinheard.com/articles/the-complete-guide-to-financial-planning-for-therapistsWebinar: Financial planning for therapists: https://www.joinheard.com/events/financial-planning-for-therapists-with-ryan-derousseauConnect with the guest:Ryan on Linkedin: https://www.linkedin.com/in/ryanderousseau/Ryan's website: https://www.ryanderousseau.com/Thinking Cap Financial: https://thinkingcapfinancial.com/ryan-derousseau/Connect with Michael and Heard:Michael's LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-form Jump into the conversation:[00:00] Introduction to Heard Business School with guest, Ryan Derousseau[01:54] What a CFP is and their role[03:50] The importance of a CPA or CFP when it comes to owning a business[05:19] Ryan's business model and how he works with clients[06:57] Common financial challenges Ryan see's when working with therapists[09:09] Why therapists need to save for retirement[13:37] The skull, the brain, and the neurons when it comes to investing[15:54] How a 401K works[20:03] What a Roth 401K is and how the Roth is different[22:38] What the SEP IRA is[26:29] The range of risk when it comes to investing in retirement[30:30] The issue of taking money out of retirement early[34:01] The difference between a Simple IRA and Traditional IRA[37:15] All about Capital Gains[37:52] The most powerful tool in retirement tax savings[40:52] Common mistakes Ryan see's therapists make[42:48] The impact of compound interest[44:26] Other common forms of investing Ryan teaches therapists[46:06] How Ryan how helps clients navigate this process of investing into their business[48:23] The difference between income and wealth[51:27] Ryan's free ebook about turning income into wealth[52:26] ClosingThis episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Self employment retirement accounts are one of the best tax planning tools out there. The two main choices to pick from are Solo 401(k)s and SEP IRAs. Both can be good in the right situation. IN this episode, we break down: - what each one is - how it works - contribution limits - which we prefer

Find the secrets to optimizing your retirement and investment strategies with our latest episode! Discover why solo 401(k) might outshine SEP IRAs for self-employed physicians, especially if backdoor Roth conversions are on your radar. We'll also guide you through the critical decision-making process around contributing to 457(B) plans, dissecting the key differences between governmental and non-governmental options and the potential risks associated with each.Our conversation doesn't stop there. Learn from real-life scenarios about the pitfalls of non-governmental 457(B) plans and explore smart alternatives like brokerage accounts. With insights from Chelsea Jones, our Certified Financial Planner and Retirement Planning Specialist, we delve into the advantages of cash balance plans for both older and younger doctors. Whether you're nearing retirement or just starting out, this episode is packed with expert advice to help you navigate your financial future with confidence. Don't miss this chance to get ahead on your retirement planning!Key Takeaways:1. Solo 401(k) vs. SEP IRA:Recommendation: Solo 401(k) is generally better than SEP IRA for self-employed physicians, especially for those considering backdoor Roth conversions.Reason: Solo 401(K) allow for higher contribution limits and do not block the backdoor Roth strategy, unlike SEP IRAs.2. Governmental vs. Non-Governmental 457(B) Plans:Governmental 457(B) Plans: Highly recommended due to their tax advantages and flexibility.Non-Governmental 457(B) Plans: Generally advised against due to risks of forfeiture and limited flexibility. Instead, consider using brokerage accounts for additional savings.3. Pitfalls of Non-Governmental 457(B) Plans:Risk of Forfeiture: Your money could be at risk if the company offering the plan goes bankrupt.Tax Implications: Upon leaving the job, the distribution could lead to a high tax burden if not managed properly.4. Cash Balance Plans:For Older Doctors Nearing Retirement:Advantages: Allows significant pre-tax contributions and potential tax savings upon withdrawal.Strategy: Can offer a guaranteed return, typically around 4%, making it a great option for those close to retirement.For Younger Doctors:Considerations: Weigh the benefits against those of a brokerage account. Factors such as time horizon, rate of return, and tax implications are crucial.Decision Point: Around age 40, the decision to opt into a cash balance plan becomes more nuanced.5. Rollover IRA vs. Backdoor Roth:Managing Rollover IRAs: A small balance can be converted to open up the possibility for backdoor Roth contributions.Alternative Strategy: Consolidate rollover IRAs into an active 401(K) or 403(B) to facilitate backdoor Roth contributions without immediate tax implications.Transcript Samples From Key Chapters:Chapter 'Retirement and Investment Planning Advice:Discussion on the pros and cons of SEP IRA vs. solo 401(k) for self-employed physicians.Examination of governmental vs. non-governmental 457(B) plans and their associated risks.Chapter 'Rollover IRA Versus Backdoor Roth:Real-life scenarios illustrating the challenges with non-governmental 457(B) plans.Strategies for managing rollover IRAs to enable backdoor Roth contributions.Chapter 'Optimizing Cash Balance Plan Contributions:Detailed explanation of cash balance plans, their guaranteed return rates, and contribution limits based on age.Analysis of the benefits for older doctors nearing retirement and strategic considerations for younger doctors.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To...

Introducing Dana Ferrell, a private wealth advisor with Servitium Wealth Management, who has been in the financial planning industry for 28 years. In this insightful conversation with Michael Fanning, Dana shares her expertise and valuable insights on wealth management, particularly for real estate agents and entrepreneurs with variable incomes. Here are the key points covered: 1. The Importance of Financial Planning: Dana emphasizes the significance of having a financial planner who takes a holistic approach to understanding an individual's goals, values, and aspirations, and creates a comprehensive plan to achieve financial independence and sustainable wealth growth. 2. Cashflow Management: For real estate agents and those with variable incomes, Dana stresses the importance of managing cashflow effectively. She recommends setting aside a fixed monthly living allowance and stockpiling commission checks in short-term positions to maintain a consistent income stream during slower periods. 3. Retirement Planning: Dana highlights the need to prioritize retirement savings and encourages maximizing contributions to tax-advantaged accounts like 401(k)s, Roth IRAs, and SEP IRAs. Time in the market and compounding interest are key to building significant retirement wealth. 4. Insurance Protection: Self-employed individuals often lack adequate disability and life insurance coverage. Dana advises implementing strategies to systematically pay for these essential protections. 5. Wealth Diversification: Dana advocates for diversifying wealth across taxable, tax-deferred, and tax-free accounts, as well as across short-term, mid-term, and long-term investments, to ensure tax efficiency and risk management. 6. Lifestyle Choices: Dana emphasizes the importance of making mindful choices, such as avoiding frequent car leases and prioritizing paid-off assets, to build and preserve wealth. 7. Collaboration with Professionals: Dana stresses the value of working with a team of professionals, including accountants, attorneys, and insurance specialists, to ensure a comprehensive and cohesive wealth management strategy. 8. Continuous Education: Dana highlights the importance of ongoing education and professional development, attending conferences and networking with industry experts to stay up-to-date with the latest planning techniques and strategies. 9. Finding the Right Advisor: Dana advises on the importance of finding a trustworthy and competent financial advisor who understands your values, goals, and risk tolerance, and can guide you towards achieving your financial objectives more efficiently. 10. Reducing Stress: By entrusting a financial advisor to manage and oversee their finances, clients can experience a reduction in stress and anxiety, allowing them to focus on their careers and personal pursuits. To connect with Dana Ferrell and explore her wealth management services, visit https://www.ameripriseadvisors.com/team/servitium-wealth-management/. --- Support this podcast: https://podcasters.spotify.com/pod/show/askacoach/support

Main Theme:This episode dives into the intriguing world of self-directed retirement accounts, particularly focusing on self-directed IRAs and their pivotal role in real estate investment. We unravel the complexities and opportunities these accounts offer, providing listeners with expert insights from Kaaren Hall, owner of Udirect IRA Services.Key Discussion Points:Introduction to Self-Directed IRAs:Contrary to popular belief, self-directed IRAs have been around for approximately 50 years.Despite their longevity, these accounts remain relatively obscure due to minimal marketing compared to larger brokerage firms.Investment Flexibility:Self-directed IRAs allow investments in alternative assets like real estate, private equity, and cryptocurrencies.Emphasis on reinvesting proceeds within the IRA to build wealth and avoid tax penalties.Importance of Preservation:Highlighting the significance of keeping funds within retirement accounts to avoid substantial fees and penalties from early withdrawals.Differentiation between individual and employer-sponsored plans, including SEP IRAs, traditional and Roth IRAs, and solo 401(k)s.Due Diligence:Essential steps to prevent fraud when investing in self-directed assets.Advising thorough checks for licensing and property ownership.Legislative Changes:Overview of changes brought by the Secure Act 2.0, signed into law in December 2022.Discussing increased contribution limits, adjusted catch-up contributions, and new required minimum distributions (RMDs) age requirements.Introduction of a strategy for transferring long-held 529 account funds tax-free to a Roth IRA.Expert Insights:Kaaren Hall shares her expertise on investment strategies.Promotion of an upcoming webinar focused on real estate investing.Philanthropy Spotlight:Mention of Steedtalker Capital's philanthropic efforts towards horse treatment.Conclusion:Join us for an enlightening discussion with Kaaren Hall, where we explore the underutilized yet highly beneficial self-directed IRAs. Learn how to diversify your investment portfolio, navigate legislative changes, and employ effective strategies to build a robust retirement fund through real estate and other alternative assets.Connect with Kaaren Hall:khall@udirectira.comhttps://www.facebook.com/uDirectIRAhttps://www.instagram.com/udirectiraservices/https://www.linkedin.com/company/851967https://twitter.com/uDirectIRAhttps://www.youtube.com/c/uDirectIRAhttps://udirectira.com/

On this week's episode of “Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Kyle Ryan, CFP, ChFC. Kyle is a financial planner at Menninger & Associates Financial Planning. This episode is part two of a two-part episode case study regarding tax planning. In this episode, Mike and Kyle review the specifics of the case study, and the dig into tax strategies as it pertains to a self-employed individual. Topics include: NUA (Net Unrealized Appreciation), Roth IRA conversions, and SEP IRAs. This is a great episode discussing taxes for anyone who is a business owner or is self-employed. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com

Send us a Text Message.In the 38th episode of 'Retire Early Retire Now,' host Hunter Kelly from Palm Valley Wealth Management discusses various financial planning strategies to help physicians minimize their tax liabilities. The episode emphasizes maximizing retirement accounts, such as 401(k)s, 403(b)s, SEP IRAs, and HSAs, to save on taxes. Kelly also touches on tax-efficient investment strategies, asset location, and the importance of tax loss harvesting. Additionally, he encourages consulting financial professionals for personalized advice and highlights the services offered by Palm Valley Wealth Management.Check out the Palm Valley Wealth Management WebsitePalmValleywm.comCheck us out on InstagramLinkedIn FacebookListen to the Podcast Here! AppleSpotify

Welcome to the Horizon Advisers Unleashed Podcast, where hostsRyan Kus and Andrew Hinrichs provide essential insights for business owners andHR professionals on their options for retirement plans. There are variousretirement plan options available to companies, including SEP IRAs, SIMPLEIRAs, 401(k)s, and defined contribution plans. Understanding the unique limits,costs, and benefits of each plan is crucial as your company grows.Tune in to learn how to select the best retirement plan to meetyour organization's needs and ensure a secure future for your employees.Whether you're managing a small business or overseeing a large enterprise,Horizon Advisers Unleashed is your go-to resource for expert advice onnavigating the complexities of retirement planning.

SEP IRAs and Solo 401(k) both offer tax benefits and generous contribution limits. But they also have unique features that are different.

Send us a Text Message.Are you leveraging the latest tax credits to provide the best retirement plans for your employees?Hosts Mike Jesowshek and guest Matt Ruttenberg discuss retirement plan options for businesses with employees. The conversation highlights various types of retirement plans like SEP IRAs, SIMPLE IRAs, Safe Harbor 401(k)s, and traditional 401(k)s. They explore the benefits of these plans, particularly in light of recent tax credits and laws that make setting up these plans more advantageous. The episode emphasizes the importance of understanding one's business needs and goals to choose the right plan, stressing the consultative approach to retirement planning.Discover how simple adjustments to your retirement planning could save you thousands in taxes and benefit your entire team by tuning in![00:00 - 06:15] Overview of Retirement Plan OptionsMike introduces the topic of retirement plans for businesses with employees.He encourages listeners to refer to previous episodes for foundational knowledge.Matt details various retirement plans available, including SIMPLE and SEP IRAs, Safe Harbor, and traditional 401(k) plans.[06:15 - 14:49] Deep Dive into Plan Features and SelectionMatt explains how businesses can select appropriate plans based on their priorities and business goals.They discuss the role of tax credits in offsetting the costs of starting retirement plans.[14:49 - 23:01] Final Thoughts and Listener Q&AMatt and Mike address common misconceptions about the complexity and cost of setting up retirement plans.They conclude with advice on consulting professionals to tailor retirement plans to specific business needs.Direct Quotes:"The vast amount of retirement plan options available should encourage every business owner to consider what's best for their situation." - Matt Ruttenberg"Don't be afraid to reach out for help, as the right plan can significantly impact your business's and employees' futures." - Matt RuttenbergConnect with Matt Ruttenberg!LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

Why Did Kyle Switch from a Simple IRA to a 401k? Should You Too? Join host Kyle Hunt as he delves into the world of retirement planning with his longtime friend and financial advisor, Nick Hopwood of Peak Wealth Management. In this episode, they dive into the fundamental aspects of retirement, highlighting the significance of cash flow and building a balanced sheet. They explore various retirement plan options tailored for small business owners, including SEP IRAs, solo 401(k)s, and SIMPLE IRAs. Nick sheds light on the advantages of diversifying retirement investments with properties and stresses the importance of having a solid financial plan in place. Additionally, they touch on the state of the current market and discuss the crucial element of trust in one's financial plan. If you're ready to navigate the terrain of retirement with confidence, this episode is a must-listen for valuable insights and expert advice. ----- Explore the vast array of tools, training courses, a podcast, and a supportive community of over 1,900 remodelers. Visit RemodelersOnTheRise.com today and take your remodeling business to new heights!      

Are you a solo entrepreneur puzzled by the myriad of retirement planning options?Mike Jesowshek welcomes back Matt Ruttenberg to discuss retirement plan options for solo entrepreneurs without employees. They highlight various plans like IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s, emphasizing the importance of starting with the desired savings amount to determine the most suitable plan. The episode covers the contribution limits, the benefits of each plan type, and the financial implications of choosing one plan over another, particularly in terms of tax deductions and maximizing retirement savings.Discover how choosing the right plan can maximize your savings and secure your financial future by tuning in![00:00 - 05:48] Exploring Basic Retirement Plan Options, SEP IRAs, and Solo 401(k)sMike introduces the topic of retirement plans for solo entrepreneurs.Matt discusses simple retirement options like individual IRAs and SIMPLE IRAs, highlighting their benefits and contribution limits.He elaborates on the higher contribution limits of SEP IRAs and the advantages of solo 401(k)s, including their structure and potential for higher savings.[05:48 - 15:22] Comparison of SEP IRA and Solo 401(k) Contributions and Decision-Making in Retirement PlanningMatt and Mike share a detailed explanation of how contribution limits are calculated based on business type and income.They discuss the extra benefits of solo 401(k)s, such as catch-up contributions for those over 50.Choosing the right retirement plan based on the amount one wants to save simplifies the decision-making process.[15:22 - 20:05] Closing and Resource MentionDirect Quote:"So you might have a couple hundred dollars of fees, but you are netting a substantial amount more, going into that solo than you are with the SEP IRA." - Matt RuttenbergConnect with Matt Ruttenberg!LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

Listener Q&A where Andy talks about: Am I concerned about the increasing amount of US government debt, and how do I think it will impact retirees' investments ( 1:32 )Are there any custodians that offer Roth versions of SEP IRAs ( 16:58 )Is there a simple way to estimate what your total taxes will be for the year ( 19:28 )Could it make sense to invest in municipal bonds instead of bonds where the interest is taxable - even if the after-tax yield of the non-municipal bonds is higher - if the interest from the municipal bonds will have smaller impact on Modified Adjusted Gross Income for things like Medicare premium surcharges and Affordable Care Act premium tax credits ( 26:01 )A listener's feedback on why he feels a living/revocable trust was a good idea for him ( 31 :48 )How much money is TOO MUCH to have in a Health Savings Account ("HSA") ( 36:16 )Is it better to take a year's Required Minimum Distribution ("RMD") all at once, or spread out throughout the year ( 42:05 )Links in this episode:My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

 Get my Monthly Newsletter here Today Erica is joined by Sean Mullaney, a Los Angeles-based advice-only financial planner and author of "Solo 401k: The Solopreneur Retirement Account". Sean shares his expertise on the differences between SEP IRAs and Solo 401(k)s, the benefits of each, and why most solopreneurs might favor the latter for their retirement savings.  Some of the questions they discuss are: What is the difference between a SEP IRA and a Solo 401(k)? How can an advice-only financial planner benefit your retirement planning? Can a Solo 401(k) be a better option for solopreneurs than a SEP IRA? Make sure you check out the resources below! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Erica and the Coaches, Consultants, and Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., and their services.  Important Resources Mentioned: Choose FI podcast | How to Access Your Retirement Accounts Before 59.5  Sean's Book | Solo 401(k): The Solopreneur's Retirement Account (on Amazon) Sean's Favorite Money Books: Millionaire Next Door, Thomas J. Stanley  The Simple Path to Wealth, by JL Collins Ep. 61 - When is an S-Corp a Bad Idea? Ep. 21 - What's an S-Corp and When Should I Become One?   Connect with Sean: Website | https://fitaxguy.com/ YouTube | @seanmulaneyvideos Mullaney Financial | https://www.mullaneyfinancial.com/   Connect with Erica: Instagram  LinkedIn Email List  

In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz answer your questions! --- To listen to Public's new podcast, ⁠⁠The Rundown, click here!⁠⁠ --- Public has finally released options trading on their platform! To learn more about all of the product features Public offers, ⁠⁠⁠⁠⁠⁠⁠click here!⁠⁠⁠⁠⁠⁠⁠ --- Sign up for our new⁠ ⁠Webinar, click here!⁠⁠ Opt-in and share your email,⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠4-module video course!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Download our FREE Budget Template, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ To learn more about Robert: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://stan.store/RobertJCroak⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ To learn more about Austin: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://stan.store/austinhankwitz⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Contact: richhabitspodcast@gmail.com 

Learn retirement savings strategies tailored for self-employed individuals to secure a financially stable future. How can self-employed individuals effectively save for retirement? What tailored retirement plans should freelancers and small business owners consider? NerdWallet's Sean Pyles and Elizabeth Ayoola discuss the unique challenges of retirement savings for the self-employed and the different retirement plans available to help you understand how to secure your financial future while running your own business. They begin with a discussion of the hurdles of inconsistent income and strategies to manage expenses, with tips and tricks on proactive contribution, the transformative power of compounding interest, and paying oneself a consistent salary. Ayesha Selden, a stock broker, certified financial planner, real estate investor, and art collector,  joins Elizabeth to discuss the intricacies of various retirement accounts for the self-employed. They delve into the benefits of using qualified plans like solo 401(k)s, SEP IRAs, and SIMPLE IRAs, aligning retirement plans with business models, and the strategy of funding retirement through the sale of a business. They also highlight the importance of diversification to mitigate risks, building strong savings habits early on, and the potential of setting a consistent salary for financial stability. In their conversation, the Nerds discuss: retirement savings, self-employed financial planning, retirement plans, retirement strategy, retirement contributions, solo 401(k), SEP IRA, SIMPLE IRA, compounding interest, certified financial planner, financial independence, retirement planning strategies, saving for retirement, business owners, retirement savings options, tax-deferred investments, managing expenses, investment diversification, retirement funding options, self-employment tax, financial management, employee and employer contributions, retirement accounts, consistent salary, fluctuating income, wealth management, retirement savings habits, retirement savings goals, employer matching, retirement savings accounts, retirement nest egg, saving habits, retirement planning advice, self-employment benefits, maximizing retirement savings, investment vessels, financial foresight, and retirement income streams. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

Did you know there are still tax-saving strategies you can implement after the year has ended? In the episode, Mike Jesowshek focuses on tax strategies that entrepreneurs and business owners can implement post-year-end to optimize their tax positions. He covered various aspects, including making contributions to retirement plans (both traditional and Roth IRAs, as well as employer contributions to plans like SEP IRAs and solo 401(k)s), the importance of completing bookkeeping to not miss out on potential deductions and maximizing business deductions like home office and automobile expenses. Additionally, Mike highlights the value of health savings accounts as a tax-advantaged tool and the critical deadlines for making contributions or taking deductions to apply for the 2023 tax year.[00:00 - 05:07] Retirement Tax Strategies After Year-EndTraditional IRAs or Roth IRAs are standard retirement accounts available to both business owners and non business owners. You can contribute to a Traditional IRA or Roth IRA until your tax filing date or due date (Not to Exceed April 15). You can contribute until your tax filing date including extensions to the employER contribution portions.[05:07 - 10:27] Tax Strategies After Year-End for Business OwnersGo through all of your spending for the year with a fine tooth comb to see if there are any deductions related to the business that can be added to the bookkeeping.Do not be afraid to take a valid home office deduction.Mileage in automobile expenses can be included in tax filing.After the tax year has ended, rental property owners are still able to consider conducting a cost segregation study. [10:27 - 15:43] Other Tax StrategiesA Health Savings Account (HSA) is a strategy everyone should be utilizing and maxing out if they qualify and have the funds available to do so.You do not get a tax deduction for Coverdell IRA but when you withdraw from it for qualified education expenses, it is tax-free (including any earnings).Quote:“Health Savings Accounts are almost like a retirement plan on steroids.” - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

How to Surrender One of Those Nasty Indexed Universal Life Insurance Policies. Today we are answering your questions on the speakpipe. If you want your question answered leave us a message at https://whitecoatinvestor.com/speakpipe. Today we talk about 401(k)s vs. SEP IRAs, legal insurance, disability insurance, how to surrender an indexed universal life policy and more! Today's episode is brought to us by SoFi, the folks who help you get your money right. They've got exclusive rates and offers to help medical professionals like you when it comes to refinancing your student loans—and that could end up saving you thousands of dollars. Still in residency? SoFi offers competitive rates and the ability to whittle down your payments to just $100 a month* while you're still in residency. Already out of residency? SoFi's got you covered there too, with great rates that could help you save money and get on the road to financial freedom. Check out their payment plans and interest rates at https://SoFi.com/WhiteCoatInvestor SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions may apply. NMLS 696891. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter