Podcasts about simple ira

In this episode, we sit down with Carrie Scott, Financial Advisor with Cetera Investors, to talk about building real, sustainable wealth as a creative business owner. Whether you're a hairstylist, solopreneur, or growing your side hustle, this conversation is packed with approachable tips on setting up financial systems, the biggest mistakes creatives make with money, how to plan for slow seasons and long-term wealth, shifting from hustle mode to intentional money moves. Carrie breaks down complex topics with warmth, clarity, and zero judgment. This is the episode every creative didn't know they needed.   Find Carrie Scott here: website: https://scottwealthmgmt.ceterainvestors.com/ or feel free to contact by email. Carrie recommends you read this book Our 6 figure stylist guide here: https://view.flodesk.com/pages/622541789b7136a9e313da40  Key Take-aways: 1. You can open a RothIRA for your working child to help them get started with their long term wealth building. 2. As a small business owner, look over your spending and income month to month & start with an emergency fund. 3. Set yourself up for success by putting yourself first and start investing for your future plan. 4. Would you rather pay yourself or the IRS? 5. The average age that someone starts to invest in their future is 40. Imagine what it would look like to start earlier. 6. Start with the end in mind. Have the final number you want to retire with and get clarity on what you should be putting away. 7. Monthly installments can help over the one lump sum to accrue interest over 8. Get the mindset of how you'll start your investment; short, medium, or long term for the best success.  9. Debt accrual is a financial killer and can hold you back from moving forward. Do you want to sacrifice now or later? 10. Index means the money is split between all companies. 11. Investing into a mutual fund or ETF is a safe way to invest. 12. A Simple IRA maxes at $16,500 for the year 2025 if you're under 50 & have at least 1 employee. There is no cost to set it up, and the employer has to match up to 2%. 13. SEP IRA is for a solo $70k per year or 25%. 14. Both Simple & SEP IRA's have matching as well as separate requirements.  15. If you put $300 away in an investment account, you're not actually putting away $300 because $80-100 would have been counted toward taxes, so your check looks like it drops closer to $200 instead. 16. Financial advisors not only help you with choosing how to invest in the right type of account to fit your needs a goals, they also help you come up with a plan to pay off debt, save, and get to your goals faster. 17.Short term typically don't have fees & don't pay much, intermediate (5+ year goal) mutual funds which compounds over time, but you don't have to be 59 ½ before you can touch the money. Long-term don't touch until you're 59 ½  18. IRS charges a 10% fee if you take money out prior to 59 ½  19. Annuities you don't have an age limit when you want to take money out of an account. You only pay taxes for the income, and it's a nice way to build a legacy and pass over the generations. 20. You have to take income at the age of 73 on your IRA. 21. CDs and HYSA (high-yield savings account) interest payments and terms change all the time. Email & text marketing is the quickest way to increase your income and GlossGenius has AI support to make this as simple as clicking a button! Try it out for 2 weeks FREE: https://glossgenius.biz/AmbrosiaCarey Get 15% off Pharmagel, our favorite skincare line with code SSA15: http://www.pharmagel.net/discount/ssa15?redirect=%2F%3Fafmc%3Dssa15  

In this extra-packed Friday Q&A episode, Don powers through a barrage of listener questions while recovering from an attempted heart ablation (yep, he's okay—but not fixed). He dives into everything from sketchy SIMPLE IRA fees and Roth rollover rules, to when it actually makes sense to take Social Security. You'll also hear a checklist of questions to grill a potential financial advisor with, a primer on small-cap value stocks, and a lightning-round suggestion for international bond exposure. And yes, he dishes on why many advisors don't actually want you to read those pesky prospectuses. 0:04 Don's in his VO booth—surgery didn't go as planned1:38 SIMPLE IRA fees: 5% commissions and better alternatives3:53 Roth IRA strategy: match in SIMPLE, max out Roth with AVGE8:35 Why that Raymond James advisor doesn't want change9:43 Social Security breakeven isn't one-size-fits-all11:35 Roth IRA transfer to Robinhood: does 5-year clock reset?13:04 What to ask when hiring a financial advisor16:06 Small-cap value vs. other stocks explained18:59 Comment: Prospectuses scare advisors (and why)21:42 Best international bond index fund? Try BNDX Learn more about your ad choices. Visit megaphone.fm/adchoices

Quint and Allie talk about the best type of retirement plan to utilize.

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/

Is there more pain coming for the stock market? Both the NASDAQ and the S&P 500 have now hit correction territory and people are hoping that the worst is behind us. I would tell people to be prepared for more pain. The tariffs are still a big concern and the uncertainty around them has not cleared. Also, even with the pullback valuations for stocks are still high. We base our concerns on the fact that many valuation ratios are elevated compared to historical levels, but one that really stands out is the CAPE ratio, which stands for cyclically adjusted price-to-earnings. This was developed by professor Robert Shiller many years ago and the ratio uses a 10-year average of inflation adjusted earnings to value stocks. In January, it was at 37.74, which was the third highest level in the past 100 years. Not only was it the third highest level, but it was higher than what it was in 1929. After the ratio hit these high levels in the past, stocks declined dramatically. I believe with the headwinds ahead, we could be in for some stormy waters over the next 3 to 6 months.   How much more do top consumers spend? When looking at consumer spending it is obvious that is not a constant level straight across the board and people making more money would obviously be spending more money in the economy. But just how much more is the high-end consumer spending than the average consumer? The top 10% of consumers account for 49.7% of consumer spending. If you're thinking that sounds high, you are correct. You would have to go back to 1989 to match that type of imbalance for consumer spending. Is it a bad thing? Not really. The high-end consumer is what is keeping the economy going overall as it creates jobs and allows for the continued movement of money.   Holding stocks long-term doesn't always pay off You probably have heard that you should hold stocks for the long-term and you'll be fine. I generally I agree with this statement, but there are always exceptions to the rule and that holds true here. If you look at different 10-year holding periods, you will see more losing periods than you probably expected. As an example, the 10-year period ending February 2009 had a loss of 37.4%. There are other 10-year holding periods such as the ones ending September 1974, August 1939, June 1921, October 1857 and April 1842 that all had losses ranging from 23 to 37.3 percent. Those losses are in real terms adjusted for inflation. One reason these periods had great losses is they were generally periods when there was high speculation that then caused prices to rise to elevated levels just to see them fall back to reality. This is why it is important for investors to not just buy into a story of a stock, but to understand what they are paying for the earnings, sales, book value, and cash flow of the business. If you don't keep your eye on these valuation ratios, you would not realize when the stock becomes overpriced and you could end up with a big loss and then be left wondering what happened. I've been managing money for over 40 years and have continued to keep my eye on the ball as far as what we pay for any investment whether it is stock, real estate or bonds. If you invest blindly just based on the stock going up and the hype around the story, you could end up with a period of 10 years where you made no gains and then think stocks are risky or a bad investment. In a situation like that, it is similar to driving down the street with a bag over your head not seeing what is around you.   Financial Planning: What is Form 5498? When funds are distributed from a retirement account, a 1099-r is generated and used to file your taxes to report what kind of distribution it was.  This is true whether the distribution is taxable or not.  For example, if you rolled money from a 401(k) to an IRA, it is a non-taxable rollover, but a 1099-r is still created since funds left the 401(k) which needs to be reported.  A Form 5498 is generated when funds are received by any type of IRA for any reason.  So, if you made contributions, conversions, or recharacterizations with a traditional, Roth, SEP, or Simple IRA, you will receive a 5498 stating what happened.  Depending on what you did, you will likely need to report the activity on your taxes.  The problem is, in many cases the Form 5498 is not ready until May of the following year, even though taxes are due the previous month, on April 15th.  Here are some examples where this can create problems. If you did an indirect rollover where you withdrew retirement funds and replaced them within 60 days, the withdrawal should not be taxable.  However, if only the 1099-r from the distribution is reported because there is no 5498 that shows money was replaced, it may be reported as a taxable distribution rather than a rollover.  If you are doing backdoor Roth contributions, a 1099-r is generated when the funds are converted from the traditional IRA to the Roth.  If it is not also reported that a non-deductible contribution was first made to the traditional IRA, the conversion may be treated as a taxable conversion.  Lastly, if you have been making deductible traditional IRA contributions, but there is no 5498 showing the contributions, you may not receive the tax deduction.  I don't know why this form comes later than other tax forms, but this is necessary to be aware of to correctly report tax information and avoid unnecessary tax.   Companies Discussed: Tesla, Inc (TSLA), Lockheed Martin Corporation (LMT), Lear Corporation (LEAR) & Gilead Sciences, Inc.

We're kicking off 2025 with a series designed with the small business owner in mind! 2025 is another big year of retirement plan updates and upgrades, and we don't want to leave you without resources. In this foundational episode, we discuss the more simple/easy retirement plans most business owners start with (SIMPLE IRA, SEP IRA, Solo 401(k)). We then talk about the signs to look for that suggest it might be time for a plan upgrade, and we talk a little bit about 401(k)s (the deep dive comes next episode!).Contact: Ben@abundancewm.comWebsite: Abundance Wealth ManagementShow music: Can We Go by The Violet NinesDISCLAIMERThe discussions contained in and referred to in this podcast are provided for educational, informational, and entertainment purposes only. The information, statements, comments, views, and opinions expressed or provided are not necessarily those of Abundance Wealth Management LLC and may not be current. Abundance Wealth Management LLC does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views, or opinions contained in this podcast, and any liability therefore (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. Abundance Wealth Management LLC does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this podcast.You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented in this podcast without undertaking independent due diligence and consultation with a professional wealth management advisor. You understand that you are using all information available on or through this podcast at your own risk. Hosted on Acast. See acast.com/privacy for more information.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical financial and tax updates optometrists need to know as we head into 2025. Whether you're an associate OD, a private practice owner, or planning to start your own practice, these updates are vital to helping you make informed financial decisions.What You'll Learn in This Episode:Retirement Account Contribution Limits for 2025:Updates for 401(k), SIMPLE IRA, HSA, and IRA contribution limits, and how to adjust your contributions accordingly.SECURE Act 2.0 Changes Now in Effect:Automatic enrollment requirements for newer 401(k) plans, new rules for long-term part-time employees, enhanced catch-up contributions, and more.Key Tax Updates for 2025:Changes to tax brackets, standard deductions, Qualified Business Income (QBI) phaseouts, and the Social Security wage base.Student Loan Repayment Tips:How the timing of your tax filing can impact income-driven repayment plans, especially if you're pursuing loan forgiveness.Inherited IRA RMDs:The return of required minimum distributions for inherited IRAs and what this means for beneficiaries in 2025.Things to Watch in 2025:Updates on Corporate Transparency Act reporting, SAVE plan court cases, and the potential sunset of the Tax Cuts and Jobs Act.Resources Mentioned:

This chapter from Adam Olson's book, “21 Things You Need to Know About Money”, explains various types of retirement accounts, including IRAs, Roth IRAs, 401(k)s, and 403(b)s, and how these accounts function. Adam emphasizes the importance of starting to save early and using these accounts to build wealth through compounding. He also discusses the concept of diversification and how it can help mitigate risk. Adam advises readers to consult with a financial advisor to determine the best course of action based on their specific circumstances.  Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website -- Investing involves risk, including loss of principal.    Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.  Any strategies discussed may not be suitable for everyone.  Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.  Adam Olson, Representative.  Mutual of Omaha Investor Services is not affiliated with any entity listed herein.  This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.  Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.

I'm thrilled to sit down with Jon Fritzinger, an expert in retirement benefits, to unpack everything business leaders need to know about providing these crucial perks to their teams. Jon starts off by explaining why offering retirement benefits is more than just a great perk—it's a powerful tool for attracting and retaining top talent and supporting your employees' long-term financial well-being. With state mandates and compliance requirements on the rise, Jon shares the ins and outs of what employers need to stay compliant and competitive.We dive deep into the specifics, starting with the SEP IRA and Simple IRA. Jon explains how these options provide straightforward solutions for smaller businesses looking for manageable, cost-effective ways to get started with employee retirement plans. Then, we explore the world of 401(k) plans, which are a staple in retirement benefits that can be tailored to fit companies of various sizes and budgets. Jon walks us through the cost and implementation factors of 401(k) plans. He sheds light on what business owners need to consider for a smooth setup that benefits everyone involved.But it doesn't stop there, Jon also breaks down how to choose the right provider for your retirement plan needs. Whether you're just starting to think about retirement benefits or looking to upgrade your offerings, this episode will leave you armed with actionable insights and a clear roadmap for making the best decisions for your business and team. Join us as we wrap up with Jon's final thoughts on creating sustainable, impactful benefits packages.What you'll hear in this episode:[2:20] Why Offer Retirement Benefits?[3:35] Types of Retirement Plans[5:00] State Mandates and Compliance[6:55] SEP IRA[9:05] Simple IRA[12:00] 401k Plans[18:55] Choosing the Right Provider[24:50] Tax Credits and Incentives[32:35] Conclusion and Final ThoughtsListen to Similar Episodes:If You Aren't Supporting Your Team's Financial Wellness, You Should Be with Mel AbrahamTop Benefits You Should Consider Offering As A Small BusinessBenefit Open Enrollment - What the Heck is it?Find more information the Western Level website https://westernlevel.com/Email Jon hello@westernlevel.comActiveindex.comwork cultured Podcast apple* Connect with me on LinkedIn https://www.linkedin.com/in/jackiemkoch/* Find more information on my website peopleprinciples.co

The murder of United Healthcare CEO Brian Thompson has created a lot of argument and discussion about healthcare and health insurance. Clark addresses the problems and challenges we face with the U.S. healthcare system including lack of choice, hidden pricing, and consumers being squeezed on cost and denied care. Also - Clark discusses new statistics on how long it is taking many workers to find a new job, and how you should prepare. American Healthcare: Segment 1 Ask Clark: Segment 2 Employment Update: Segment 3 Ask Clark: Segment 4 Mentioned on the show: After a shocking shooting, Americans vent feelings about health insurance National Academy of Elder Law Attorneys Home NAELA How Much Money Do I Need in My Emergency Fund? How Much Do You Need To Save a Month To Get $10,000? 17 of the Best High-Yield Online Savings Accounts in December 2024 Is Robinhood Gold Worth It? How To Open a Roth IRA What Is a SIMPLE IRA and How Does It Work? What Is a SEP IRA and Who Is Eligible? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Thoughts? Send a Text to The Optometry Money Podcast!As the year draws to a close, it's the perfect time to review your finances and ensure you're ending the year on a strong note. In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, walks through a comprehensive year-end financial checklist tailored specifically for optometrists. Whether you're an associate OD or a private practice owner, you'll find actionable tips to optimize your finances, make tax-smart decisions, and set yourself up for a successful new year.What You'll Learn:Retirement Planning: How to evaluate and maximize your 401(k), SIMPLE IRA, and profit-sharing contributions before year-end.Tax-Saving Opportunities: Key actions to take before December 31, including charitable donations, state tax payments, and practice-related investments.Investment Strategy: How to identify tax-loss harvesting and capital gains opportunities in your portfolio.Estate & Insurance Review: Why it's essential to update your beneficiaries, estate plan, and insurance policies.Cash Flow Check: Tips to review your spending, savings rate, and liquidity for emergencies and upcoming goals.Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:The Optometry Money Podcast Ep 114: Tax Targets to Aim For Mid-YearThe Optometry Money Podcast Ep 51: An Optometrist's Guide to the Qualified Business Income DeductionThe Optometry Money Podcast Ep 47: An Optometrist's Guide to How Taxes WorkThe Optometry Money Podcast Ep 37: Tax Planning For Charitable GivingThe Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax ReturnIRS Withholdings EstimatorThe Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

Welcome to episode 74 of the One for the Money podcast. I am so very grateful you have taken the time to listen. In this episode, I will share when you should max out your retirement plan such as a 401k, and when you should not. In the tips, tricks, and strategies portion, I will share a retirement saving tip for those who don't have access to a retirement plan through their job. In this episode...1978 Revenue Act [1:05]When Not to Max Out Contributions [3:03]When You Should Max Out Contributions [6:46]1978 was a watershed moment in the history of retirement for Americans. That was the year that a Revenue Act was enacted by congress and established 401k and 457b retirement plans. 401k retirement plans are for the private sector and 457b plans are for state and local government employees, as well employees of certain tax-exempt organizations. These plans now allowed employees to defer some of their income and avoid taxes on that income until they take it out later in retirement. This was huge. People could now save for retirement in tax advantaged ways. Prior to that, most American's relied on pensions from their employers for income in retirement. With a pension, the employer is committed to providing a specific amount of money to the employee for life during retirement. And that was feasible when people worked for several decades for the same employer and didn't live that long in retirement. But as individuals started changing jobs more frequently for better opportunities and peoples life expectancy increased significantly, the pension system became untenable for both the public and private sector. 401ks are for companies government employees use 457b plans and public school employees (teachers) and non profits use 403(b) plans. Specifically regarding 401ks, 68% of private sector American workers currently have access to an employer sponsored retirement plan.For those Americans who have access to a retirement plan at work be it a 401k, 403b, 457b, SEP IRA or Simple IRA some wonder whether it makes sense to max it out every year. As with any financial planning, it depends upon your unique situation and circumstances.When you should NOT max out your 401k/403b/457b/SEP or Simple IRAThere are times when you shouldn't max out your retirement account. One of the most obvious reason is if you have high interest debt that needs to be paid off first. However, I would recommend in this scenario that you at least contribute to the company match as that is free money. No higher contributions should be made until after your high interest debt is paid off. You need to pay down high-interest debt, for example credit card debt. The average credit card currently has an APR of more than 20%, which is well above the amount you could reasonably expect to earn on a diversified portfolio in any given year. That's why it is always better to funnel extra cash toward paying down high-interest debt instead of maxing out retirement plan contributions.Another reason not to max out contributions to your work retirement plan is if you don't have a sufficient emergency fund. As a reminder, you should have 3-6 months of your minimum expenses in savings to cover a potential financial emergency. We learned this first hand a few months ago when our eldest son nearly drowned while surfing. He was rushed to the hospital and was released the next day, but I was glad we had the savings to cover the incredibly high costs we have incurred as a result.A third reason why you shouldn't max out your company retirement plan is if you haven't yet funded a Health Savings Account or HSA. As a reminder, HSAs are available to individuals with qualifying high deductible medical plans. HSAs are incredibly powerful as they are the only triple tax free retirement account and they have the added advantage of early...

In this episode, Morgan Webb, CFP, CFS, EA, joins us to discuss retirement plan options for small equine practices. She explains various plans, including SEP, SIMPLE IRA, 401K, and ROTH, and talks about how your practice's retirement plan offerings can evolve as you grow.The Business of Practice Podcast is brought to you by CareCredit.This information is shared solely for your convenience. You are urged to consult with your individual advisors with respect to any information presented.Business of Practice Podcast Hosts, Guests, and Links Episode 98:Hosts: Dr Amy Grice and Carly Sisson (Digital Content Manager) of EquiManagement | Email Carly (csisson@equinenetwork.com) | Connect with Carly on LinkedInGuest: Morgan Webb, CFP, CFS, EAPodcast Website: The Business of Practice

In this episode, Morgan Webb, CFP, CFS, EA, joins us to discuss retirement plan options for small equine practices. She explains various plans, including SEP, SIMPLE IRA, 401K, and ROTH, and talks about how your practice's retirement plan offerings can evolve as you grow.The Business of Practice Podcast is brought to you by CareCredit.This information is shared solely for your convenience. You are urged to consult with your individual advisors with respect to any information presented.Business of Practice Podcast Hosts, Guests, and Links Episode 98:Hosts: Dr Amy Grice and Carly Sisson (Digital Content Manager) of EquiManagement | Email Carly (csisson@equinenetwork.com) | Connect with Carly on LinkedInGuest: Morgan Webb, CFP, CFS, EAPodcast Website: The Business of Practice

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recent IRS guidance regarding provisions under the SECURE 2.0 Act which allows employers to make matching contributions on account of employees' qualified student loan payments under section 401(k) plans, section 403(b) plans, SIMPLE IRA plans, and governmental section 457(b) plans.

Clark is out today, but returns tomorrow in time for Clark Stinks. Back by popular demand is Wes Moss, a fiduciary financial advisor that Clark and Christa have known for years. A recent article from the Wall Street Journal took a shot at two time-honored investment strategies: the 60/40 portfolio and the 4% rule. Will these two financial principles work in the future? CERTIFIED FINANCIAL PLANNER® Wes Moss, a managing partner with Capital Investment Advisors, joins Christa to discuss the purpose of these fundamentals and explains why they still belong on the Mt. Rushmore of finance. 60/40 Portfolio: Segment 1 Ask Wes: Segment 2 4% Rule: Segment 3 Ask Wes: Segment 4 Mentioned on the show: Mistakes Investors Might Make When Following The Herd A Time-Honored Strategy Puts Your Retirement at Risk of Financial Ruin Wes Moss, Capital Investment Advisors What Is a Solo 401(k) and How Does It Work? What Is a SEP IRA and Who Is Eligible? What Is a SIMPLE IRA and How Does It Work? What A 6% Withdraw Rate Could Mean For Your Retirement How to Start Investing: 10 Steps for Beginners What Is an Annuity, and Why Does Clark Think They Stink? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, choosing the right phone plan could save you up to $1500 a year. Clark introduces our new Phone Plan Finder tool to help you cut through the confusion and make that choice much easier. Then Clark discusses a great new retirement savings option for part-time and self-employed workers. Also - It's vital to understand your liability risks and insure accordingly, which for many, includes umbrella insurance. New Roth Options: Segment 1 Ask Clark: Segment 2 Liability Insurance: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Phone Plan Finder – Find the Best Plan For You - Clark.com Changes in Retirement Savings Rules to Know Before Year's End - WSJ 6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving The 3 Biggest Mistakes You Can Make With Your 401(k) The 401(k) Rollover Mistake That Costs Retirement Savers Billions - WSJ 401(k) Rollover: How To Roll Over a 401(k) (Clark.com) What Is a SEP IRA and Who Is Eligible? What Is a SIMPLE IRA and How Does It Work? Certificate of Deposit (CD): What Is It, Best Places To Open One What Is a Roth 401(k) and How Does It Work? Rollovers From a 529 Plan to Roth IRA: What to Know Umbrella Insurance Covers Worst-Case Scenarios. There Are Now More of Them. - WSJ What Is Umbrella Insurance and Do You Need It? (Clark.com) 6 Things To Know Before Contacting the National Foundation for Credit Counseling Why Clark Says You Should ‘Ignore' Paze as Trendy New Payment Option Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

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.

In this episode, Jeremiah Bates is joined by Ben Barzideh, a Wealth Management Advisor with Piershale Financial Group of Apollon. They discuss the recent CrowdStrike cybersecurity incident that occurred last Friday and its significant impacts on industries and the stock market. They emphasize the importance of diversification in investment portfolios to mitigate risks of over-concentration. Practical advice is offered for business owners and investors on protecting themselves through insurance and strategic diversification. Additionally, Jeremiah and Ben highlight the importance of early tax planning with a CPA, especially for small business owners. Guidance on setting up retirement plans, such as 401(k) and Simple IRA, is provided, detailing their administrative requirements and benefits.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com   Hosts: Jeremiah Bates, Wealth Management Advisor Ben Barzideh, Wealth Management Advisor https://www.piershalefinancial.com ————————————————————— 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 —————————————————————

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!      

Understanding Retirement Plans: Options for Business OwnersIn this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,' an option for high-income earners who don't qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale.Episode Highlights00:04 Introduction to the Podcast and Host00:49 Understanding Retirement Plans for Business Owners01:06 Exploring Traditional and Roth Retirement Plans03:54 Deep Dive into 401k Retirement Plans08:45 Exploring Simple IRA Retirement Plans10:41 Understanding SEP IRA Retirement Plans14:37 Personal Retirement Plans: IRA and Roth IRA16:35 The Concept of Backdoor Roth18:01 Importance of Consistent Retirement Savings19:28 State-Mandated Retirement Plans21:07 Conclusion and Legal DisclaimerLinks and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Welcome to The Sentinel Pension Show! We have a new episode for you to start your Tuesday off right. This week, Melissa and Kasey discuss another rule impacted by SECURE 2.0. This particular rule now allows a Simple Plan to be converted to a 401(k) Safe Harbor Plan, mid-year! Listen along to learn how this could be helpful for your employer sponsored 401(k) plan and what this could mean for you. Visit our website for more information: ⁠⁠⁠⁠⁠⁠⁠Sentinel Pension (sp-tpa.com)⁠⁠⁠⁠⁠⁠⁠ Call us at 225-300-8478 ⁠⁠⁠⁠⁠⁠⁠⁠Follow us on LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Follow us on Facebook ⁠⁠⁠⁠⁠⁠⁠⁠ Music by Adam Vitovsky

Friday - Clark Stinks day! Christa shares Clark Stinks posts with Clark. Submit yours at Clark.com/ClarkStinks. Also in this episode, a handful of automakers are selling their customers down the river and it's an inexcusable invasion of privacy that impacts insurance premiums.  Clark Stinks: Segments 1 & 2 Automakers Selling Driving Data: Segment 3 Ask Clark: Segment 4 Mentioned on the show: PenFed Power Cash Rewards Visa Signature® Card Review: Up to 2% Unlimited Cash Back When Should You File a Claim on Your Homeowners Insurance? What Is a SIMPLE IRA and How Does It Work? What Is a SEP IRA and Who Is Eligible? Best Investment Companies for Investors in 2024 What Is a Fiduciary Financial Advisor and Do I Need One? How To Pack a Carry-On the Right Way 4 Things You Should Always Pack in Your Carry-On Should You Allow Your Auto Insurance To Monitor Your Driving? New York Post: Your car is secretly spying on you and driving your insurance rates through the roof: report NYTimes: Automakers Are Sharing Consumers' Driving Behavior With Insurance Companies What Is a C.L.U.E Report and Its Impact on Your Insurance How to Dispute Your C.L.U.E. Report How To Open a Roth IRA How to Buy a New Car in 5 Steps Study: The 10 Best New Cars for the Money Rollovers From a 529 Plan to Roth IRA: What to Know Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it's hard to let go and untie those purse strings. Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:38] Clarification on the 5-year Roth conversion rule [4:36] Simple IRA rules [6:50] The tax impact of waiting to take Social Security PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER [12:00] Why Michael pursued the concept of the comfort crisis [18:32] How discomfort becomes rewarding [20:20] How we can change our decisions in small ways [24:25] How to manage your scarcity brain in retirement [33:48] We often focus too much on the numbers [36:59] The scarcity loop TODAY'S SMART SPRINT SEGMENT [41:10] Take the stairs Resources Mentioned In This Episode BOOK - The Comfort Crisis by Michael Easter BOOK - Scarcity Brain by Michael Easter Stutz Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center

As we get closer to the tax filing deadline (April 15th), I wanted to talk about contributing to a Roth IRA or traditional IRA. In this episode, I'll cover contribution and deduction limits, spousal IRAs, and non-deductible IRA contributions (and why you'd want to consider them).  You will want to hear this episode if you are interested in... [1:16] Sign up for Retirement Readiness Review! [1:49] Traditional IRA contributions/deductions [6:45] Roth IRA contribution limits [9:02] The spousal IRA [10:22] Non-deductible IRA contributions Traditional and Roth IRA basics Everyone with earned income can contribute to an IRA or Roth IRA (up until the filing deadline). Earned income includes wages, salaries, tips, and net self-employed income. Your spouse can contribute on your behalf if you don't have earned income.  The max you can contribute is $6,500 (if under 50) or $7,500 (if over 50). You can split the money between a traditional or Roth IRA. If you're looking for an additional tax deduction, you can contribute to a traditional IRA and get a tax deduction equal to the amount you contribute.  Do you have a retirement plan through your work (401K, 403B, 457 plan, etc.)? If you do, you have to look at your modified adjusted gross income (MAGI) to determine if you qualify to contribute. If you don't have a plan through work, you can contribute the full amount.  With a Roth IRA, you don't get a tax deduction on your contributions. But when you withdraw the money, the withdrawals are tax-free. To contribute to a Roth IRA, your MAGI must also be under certain limits.  I've linked documents in the resources that detail what each of those limits looks like for each filing status. Non-deductible IRA contribution  What is a non-deductible IRA contribution? It's where you make a contribution to a traditional IRA up to the limit of $6,500/$7,500 but you don't get a deduction on the contribution. Why would you want to do that?  If you want to pursue a backdoor Roth IRA. If you don't have an IRA, SEP IRA, or Simple IRA money in your name at the end of 2023, you'd open a traditional and Roth IRA at the same company. You'd contribute to the traditional IRA for 2023. Then you move the money over to the Roth IRA (a tax-free conversion). If you can't do a backdoor Roth IRA, you can benefit from the tax deferral of a traditional IRA. Any taxes on the increase in value are deferred. You'll pay tax on the gains when you make a withdrawal (but never on the principal). If you invested the money in a brokerage account, you'd have to pay taxes on an annual basis on any dividends, interest, or capital gains. If you have a 401K through your company, you can roll the after-tax monetary gains to a traditional 401K (separating the contributions from your gains) and convert the contributions to a Roth IRA (similar to a backdoor Roth IRA). What makes the most sense for you in 2023? Listen to learn more about each of the options. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Separating Post-Tax Money from a Traditional IRA, #181 Amount of Roth IRA Contributions That You Can Make For 2023 Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

Building value for your collision repair business requires more than acquiring state-of-the-art equipment and cutting-edge technology.  A dedicated and skilled team of employees is one of the key elements that can set your collision shop apart.  And to thrive in the future, shop owners must focus on retaining these valuable team members. Also, there are personal considerations that every shop owner must consider when it comes to building value in their shop, such as having a business continuity plan. Fortunately, there are various financial vehicles available that you can use to help achieve these goals and enhance the overall value of your business. In this episode, Matt DiFrancesco discusses the different aspects of building a shop's value, such as employee retention and personal considerations, and explores how various financial vehicles can help shop owners boost the value of their business and steer it toward long-term success. Matt also talks about: (01:42) The importance of competitive compensation (02:59) Why most shops don't have retirement plans for their employees (03:32) Simple IRA vs. 401K (03:53) The benefits of having a profit-sharing plan (04:21) Why shop owners need to identify key employees who are vital to the business  (06:44) What is a business continuity plan? Connect With Matt DiFrancesco: matt@highliftfin.com (814)201-5855 LinkedIn: Matt DiFrancesco LinkedIn: High Lift Financial Facebook: High Lift Financial  Instagram: @high_lift_financial Youtube: @highliftfinancial DiFrancesco Financial Concierge, LLC d/b/a High Lift Financial is a Pennsylvania-registered Investment Advisor and may conduct investment advisory services in states where it is registered, exempt, or excluded from registration.  Content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products.  Investments involve the risk of loss and are not guaranteed.  Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here.

Retirement planning has changed over the years, but has the industry evolved to keep up?  Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective.  Morningstar's Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning. Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ [4:55] The state of retirement planning as a process [18:30] The state of investments for retirement planning [22:16] The state of long-term care [25:26] How to begin to plan for retirement decumulation LISTENER QUESTIONS [30:45] About opening a Roth for a child [32:51] How to create a 5-year income floor with financial capital [37:11] On using bonds to fund the 5-year income floor [41:44] Should you keep investment accounts under the FDIC and SIPC limits? [46:30] Should I have a Simple IRA and Solo 401K? TODAY'S SMART SPRINT SEGMENT [50:00] Understand what this year's retirement contribution levels are Resources Mentioned In This Episode BOOK - More than Enough by Mike Piper BOOK - Die with Zero by Bill Perkins Morningstar Christine Benz The Longview Podcast Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center  

On this episode of AdBits, IRA Financial Founder discusses new Simple IRA to 401(k) Rules. Starting in 2024, a SIMPLE IRA can be replaced with a safe harbor 401(k) plan mid-year. The replacement plan can be either a traditional safe harbor plan or a Qualified Automatic Contribution Arrangement (QACA) safe harbor 401(k) plan. Tune in to learn more!

Enjoy a replay of another one of our most popular Dentist Money Show episodes. Simple IRA or 401(k), which retirement plan is best for your dental practice? During your dental career, when should you use a Simple IRA, or 401(k)? Knowing the answer could add hundreds of thousands of dollars to your net worth. On this episode of the Dentist Money Show, Ryan and Matt examine the pros and cons of Simple IRAs and 401(k)s. Book a free consultation with a CFP® advisor who only works with dentists. Get an objective financial assessment and learn how Dentist Advisors can help you live your rich life.  

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.

In today's episode, Adam Bergman, Esq., discusses the SIMPLE IRA, which could be a cost efficient retirement plan option for many small business owners.

No matter where you are on your career journey, it's never too early or too late to take control of your retirement.In this episode, Camilla takes on a journey to the world of retirement plans and explores five common options that can set you up for financial success. From Roth IRA to Simple IRA, Simple 401(k) to SEP IRA, and Solo 401(k), Camilla leaves no stone unturned as she walks you through each plan's eligibility criteria, contribution limits, and other key details.Retirement planning can be intimidating, but with Camilla's expert guidance, you'll gain the confidence and knowledge you need to make informed decisions about your financial future.Tune in to the latest episode of the Quiet Wealth podcast now and start paving the way to a prosperous retirement. Your future self will thank you!Episode Timeline:[00:00] Why you should have a solid financial plan for your retirement[01:55] Roth IRA: Eligibility, contributions, and factors to consider[03:15] SIMPLE IRA: Eligibility, contributions, and factors to consider[03:45] SIMPLE 401(k): Eligibility, contributions, and factors to consider[05:56] Ad: Abby Guaki Productions[06:15] SEP IRA: Eligibility, contributions, and factors to consider[07:00] Solo 401(k): Eligibility, contributions, and factors to consider[08:27] Case Study: How Emily saved for retirement[11:27] Best retirement plan===Shout out to my podcast manager, Abby! If you're ready to take your podcast to the next level, contact her today productions@abbyguaki.com and start the conversation. She's not just your podcast manager; she's your partner in success!Get ready to hit record, and let Abby take care of the rest.===Are you ready to try passive investing in real estate? Get access to my FREE Passive Investing Masterclass! https://steadystreaminvestments.com/masterclass/ Follow us at https://www.facebook.com/steadystreaminvestments https://www.instagram.com/quietwealthcommunity/ https://www.tiktok.com/@quietwealth https://www.youtube.com/channel/UC2MFOVyPWo0XD0QVJxgDxbQ https://www.linkedin.com/company/steady-stream-investments

In today's episode, Adam Bergman, Esq., discusses the new contribution limits for 2024 for IRAs, including the Self-Directed IRA, Roth IRA, SEP and SIMPLE IRA, and 401(k) plans, including the Solo 401(k) which were recently announced by the IRS.

Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS? Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring children in business. Plus, get tips on navigating errors in transactions and staying ahead with the latest in tax planning. [01:12] Insights on S-Corps, LLCs, and Retirement PlanningAs an S-Corp owner with a SIMPLE IRA and $200,000 income, is the 3% match on just the W2 or the total?As a sole proprietor, should I get an EIN to pay my 16-year-old for minimal work?As a multi-member LLC, can we claim our client's ad spend as an expense for tax categorization?Since it's already late in the year, can I still convert my LLC into an S Corp? Or is that an audit red flag?[11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business LossesIf I work partly from home and have an external business location, can adding a home addition be tax-deductible?What are the implications of not taking a reasonable S Corp salary and skipping payroll for two years?My business has lost money for the past three years, but things are looking to turn around this year. Can I use those prior losses, or are they gone?[17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp DeductionsIs anyone knowledgeable about the 1099 for mechanics? I've received mixed information and am seeking clarity. Can it be done without complications?I run an S Corp landscaping business and want to hire my children, aged 8 and 10. How can I make sure I'm following all the proper procedures?A third-year California real estate agent operating as an S corp LLC expects $250k in commissions with $150k pass-through profit. How can they maximize deductions and reduce taxes?[22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-SSomeone with an LLC taxed as an S corp mistakenly paid 1040 ES taxes from their business account. Can this be categorized as an owner's draw?LLC (taxed as S-Corp). The owner paid $2500 to the business account on the first day. Where do I need to put this amount on the 1120-S?[24:20] Final ThoughtsThe Time Is NOW To Start Paying Less In Taxes.  Join Our Tax Minimization Program Today!Key Quotes“When we look at retirement plans, look at two things. Who are we looking to take care of? And there can be multiple choices. Is it the business owner or is it their employees or both? And then what is the purpose of the plan?"– Mike Jesowshek, CPA“Now is the opportunity if you have not started tax planning yet or if you have not completed the implementation of the tax strategies that we talk about every single week on the podcast here. Now is the time to take action." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you know your options for retirement planning? Not only is it crucial to think about your own retirement, but a retirement plan can also be a great incentive for attracting and retaining employees. This week, we talk about the available options and how to choose the right one for your company.  Topics we cover in this episode include:What retirement plan options are available to contractors?How the Secure Act 2.0 may affect retirement plansDefined Benefit Plan vs. Defined Contribution PlanWhy a Simple IRA might be a good place to startWork with a financial advisor to find the right solution for youLINKSVisit the episode page at https://CarpenterCPAs.com/retirement for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com

Do you know your options for retirement planning? Not only is it crucial to think about your own retirement, but a retirement plan can also be a great incentive for attracting and retaining employees. This week, we talk about the available options and how to choose the right one for your company.  Topics we cover in this episode include:What retirement plan options are available to contractors?How the Secure Act 2.0 may affect retirement plansDefined Benefit Plan vs. Defined Contribution PlanWhy a Simple IRA might be a good place to startWork with a financial advisor to find the right solution for youLINKSVisit the episode page at https://CarpenterCPAs.com/retirement for more details and a transcript of the show.Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com

In this episode:  Talks of expanding Net Investment Income Tax. Simple IRA may be a good fit for your business. Extension of IRA catch-up contributions. Brokers have new digital sale reporting requirements. IRS is increasing interest rates. We are joined in the studio by George Dobbins, owner and trainer at CrossFit Dover, Delaware's first CrossFit Gym.  He speaks of his evolution as a business owner, the importance of having the correct mindset and how his team is helping the youth of Dover, Delaware.   

For small business owners, administering a SEP or SIMPLE IRA can be as important to your future retirement viability as it is to your ability to attract quality talent. Donna talks about the factors you should consider when deciding to use a SEP or SIMPLE IRA. Also on MoneyTalk, Medicare enrollment strategies and common mistakes to avoid.Host: Donna Sowa Allard, CFP®, AIF®; Air Date: 8/21/2023. Have a question for the hosts? Visit sowafinancial.com/moneytalk-radio to join the conversation!See omnystudio.com/listener for privacy information.

Are you feeling overwhelmed by the complexity of small business retirement plans?   In this episode, Zacc Call and Laura Hadley are joined by their Capita colleague, and recurring guest, Tyson Long to analyze and provide detail surrounding various retirement plan options for small business owners. Their suggestions are not one-size-fits-all but rather catered to consider factors like the number of employees and annual saving goals. Listen as they highlight the need for more simplification and better options for small business owners.   Throughout the episode, Zacc, Laura, and Tyson discuss:   The pros, cons, and ideal scenarios for utilizing a Simple Account, IRA, Solo 401k Plan, SEP IRA, Simple IRA, and Company 401k Plan  The proposed simplification of the 401k system for smaller companies and the potential benefits it could bring  The tax flexibility and other benefits offered by non-retirement accounts  The opportunities in alternative investments, such as real estate and private businesses And more!   Resources: Guided Path 1-4 Retirement Income Risks with Tyson Long, CFP, CPWA Guided Path 3-5 Real Estate with Tyson Long, CFP®, CPWA® Guided Path 3-6 Navigating the World of Alternative Investments with Tyson Long, CFP®, CPWA® Guided Path 4-4 Retiree Tax Strategies: Helping You Save Money On Taxes   Connect with Capita Financial Network:   info@capitamail.com tfc@capitamail.com (801) 566-5058 Capita Financial Network LinkedIn: Zaccary Call  LinkedIn: Laura Hadley LinkedIn: Tyson Long, CFP®, CPWA® LinkedIn: Capita Financial Network Facebook: Capita Financial Network   Connect with Tyson Long: LinkedIn: Tyson Long, CFP®, CPWA®

How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp![00:24] Listener Questions And Answers With Mike Jesowshek, CPAToday's topic is, “Listener Questions and Answers”From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence      [03:58] Save On Taxes With Your Vacation Rental Cleaning BusinessPaying children under 18 for services rendered does not require FICA or federal unemployment taxesStartup costs and equipment can be written off as a tax write offMoving money into a simple IRA can avoid tax liability for the yearSolo 401K gives more options than a regular 401K[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA OptionsBecoming an S Corp, your salary would determine how much you can contribute to retirementPayroll taxes are automatically withheld, but not for remaining distributions or profitsGood bookkeeping: separate business bank account and credit cardStay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing[33:31] Closing SegmentMike shares his expertise and experience on how to minimize taxes and maximize growth!Final WordsKey Quotes“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

We're back to the digital mailbag to answer your questions!For this week:How has my lifestyle evolved since achieving financial independence and how do I spend my time?Updated thoughts on money and marketsAre we putting too much faith in institutions like Vanguard?Can and should life insurance policies be used for retirement savings?Tax avoidance versus accepting higher tax ratesWhat is a Simple IRA and how does it differ from a 401(k)? Can I still do Roth conversions?Savings rates are great! Should I pay less on my loans to maximize my savings?Big picture: Where do I start on getting my financial life together?Outreach and presentationsSo much more! Support this project: Buy Me a CoffeeSubscribe to the website: SUBSCRIBE ME!Show Notes and Links at Clippingchains.com Q1: How has my lifestyle evolved since achieving financial independence and how do I spend my time? (00:02:49) Q2: Updated thoughts on money and markets (00:05:01) Q3: What if Vanguard failed?! (00:07:53) Q4: Can and should life insurance policies be used for retirement savings? (00:11:56) Q5: When do I stop trying to optimize my tax bracket and just let go? (00:15:30) Q6: What is a Simple IRA and how does it differ from a 401(k)? Can I still do Roth conversions? (00:18:56) Q7: Savings rates are great right now! Should I pay less on my loans to maximize my savings? (00:22:39) Q8: Big picture: Where do I start on getting my financial life together?(00:26:26) Q9: How was your presentation at the climbing gym? Can you record it? (00:34:51) Q10: Can you supply podcast transcripts? (00:40:27)

Jason was out of town with his family, so we're bringing you an older episode. Ever wondered about pickleball and why it's sweeping the nation? Well, we've got the perfect episode for you! Join us as we talk with certified professional pickleball coach and six-degree black belt Roseanne de Tomaso. She brings her martial arts background to play as we delve into the safety measures and the social side of this rapidly growing sport. Whether you're a beginner or a seasoned player, listen inprepareready to up your game.But that's not all we cover in this episode. How about some expert insights on retirement planning? Jason's advice isn't limited to the pickleball court; he also guides us through the labyrinth of retirement plans. We break down the costs, eligibility, and advantages of various plan types - SEP IRA, Simple IRA, 401K, and Defined Benefit Plan. We also tackle the challenge of managing short-term employee coverage. Craftingfting the perfect retirement plan doesn't have to be a solo sport. Say goodbye to confusion and tune in to this episode to get your retirement planning on the right track!Did you know that 90% of Americans are anxious about money? But did you know that people who listen to Dad Cents are 3x happier than those who don't? Yep, on Dad Cents, we turn your finance frowns upside down. And Dad Cents offers valuable financial advice to help you reach your full potential. By listening to this podcast, we're giving you your own CFP® designation (the highest possible certification) and guidance from a team of financial experts. You get our “two cents” (get it?) across investments, taxes, saving money, managing debt, and building income, to name a few. A building can't complete without a solid foundation. So, keep listening and empower your finances today. Thanks for being here! We couldn't do this show without you. Contact us at info@sagepathfa.com or 904-366-9388. Thanks for listening! We appreciate you!

Have you thought about what you'd like to do in retirement? Whatever it is you're planning will require healthy retirement savings.  As a solopreneur, you are responsible for setting up your own retirement nest egg, but the options can seem a bit confusing.  On this episode of Solopreneur Money, we'll review the various types of retirement funds, their limitations, and their benefits, and discuss how you can get a jump start on saving for retirement. You will want to hear this episode if you are interested in... How to reduce your tax bill [3:12] The SEP IRA [9:25] A Simple IRA 10:00 The Solo 401K [11:42] The Roth Solo 401k [14:12] A defined benefit plan [15:20] Your call to action [19:35] Connect With Gabe Nelson BOOK – The Solopreneur's Money Manifesto by Gabe Nelson www.GabeNelsonFinancial.com/contact FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/ EMAIL: Gabe (at) GabeNelsonFinancial.com Follow Gabe on LinkedIn Follow Gabe on Twitter: @GabeNelsonCFP Follow Gabe on Facebook Follow Gabe on Instagram: @GabeNelsonCFP Subscribe to Solopreneur Money Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Veena Jetti is our special guest in this webinar. Veena is founding partner of Vive Funds, a unique commercial real estate firm that specializes in curating conservative opportunities for investors ($900M+). Veena has over a decade of real estate experience and over $1B+ in real estate assets over her career in both the startup world as well as the corporate world. ----Connect with Veena!https://www.linkedin.com/in/veena-jetti/https://www.instagram.com/veenajetti/https://www.facebook.com/theveenajettiHer fund!https://vivefunds.com---

The problem with most retirement plans is that eventually, you have to pay taxes on your distributions … or do you? Would you believe there's a way you can avoid paying those taxes and greatly increase your giving to God's kingdom at the same time?  The Bible is clear that Christians should pay their taxes. Romans 13:1-2 reads, “Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God.”At the same time, we don't want to pay more in taxes than we have to, because that wouldn't be good stewardship. Fortunately, there's a way you can legally (at least for now) avoid paying some taxes and practice amazing stewardship at the same time.Of course, we're talking about the qualified charitable Distribution in the U.S. tax code. I've mentioned it several times before, but today I want to really dive into what it is and how it works.WHAT IS A QUALIFIED CHARITABLE DISTRIBUTION? A qualified charitable distribution or QCD is a withdrawal of funds from your traditional IRA that goes directly to a qualified charity, such as your church or a ministry you'd like to support.To make a QCD, you have to be at least age 70 ½. This money is not subject to taxes and won't be counted as taxable income. And here's a really great provision with the QCD— if you meet all the requirements, it will count as your Required Minimum Distribution or “RMD.”That's important because now beginning at age 73, you must take RMDs on most qualified retirement plans, including a traditional IRA. But you can get around that rule by making a qualified charitable distribution instead.We mentioned that you can make a QCD from your traditional IRA, but what about other retirement plans? You can also make a QCD from your SEP IRA if you have one, or a so-called SIMPLE IRA. You can even do it from a Roth, but because no taxes are due on Roth distributions, there's no advantage to it.You cannot, however, make a QCD from a 401k or 403b retirement account. You would first have to roll the funds over to an IRA and make the QCD from there.Also, not every charity is eligible for a qualified charitable distribution. It must be a 501(c)(3) organization and private foundations are ineligible for QCDs. It's a good idea to check with a tax professional to make sure your favorite charity can receive the gift.HERE'S HOW A QCD CAN REDUCE YOUR FEDERAL TAXES: First, even though it's a withdrawal from your IRA, it won't be counted as taxable income, as it would if you simply withdrew those funds from your account.Second, you don't have to itemize deductions on your return to make a QCD. That means if the standard deduction of $13,850 for a single filer, or $27,700 for married joint filers is higher, you can still take it, further reducing your federal taxes.And third, because a qualified charitable distribution can be made instead of a required minimum distribution, it won't increase your federal taxable income. That's potentially huge because often an RMD will push some of your income into a higher tax bracket. You won't have to worry about that if you make a QCD instead.Of course, it's not all lollipops and rainbows. There are a few downsides to QCDs. First, as we said, the money must go to a qualified charity. You also can't make the donation directly. It must go through your retirement plan trustee to the charity.Also, you can't claim a QCD as an itemized charitable donation and there's an annual limit of $100,000— not a problem for most people.To sum up, the QCD is a powerful tool that enables you to lower your taxes by reducing your taxable income and it can satisfy your required minimum distribution, which can keep some of your income from being taxed at a higher rate.If you have a required minimum distribution coming up this year, I hope you'll take advantage of the QCD to increase your giving back to God's Kingdom.The QCD is more than just a great way to lower your tax burden. For Christians, it gives us a chance to be more faithful stewards of the resources God entrusts to us. It's an opportunity to be more generous that you shouldn't pass up— if you're able to use it.2 Corinthians 9 puts it like this: “Whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. And God is able to make all grace abound to you, so that having all sufficiency in all things at all times, you may abound in every good work. As it is written, ‘He has distributed freely, he has given to the poor; his righteousness endures forever.'”On this program, Rob also answers listener questions: Is using a credit card better than a debit card when traveling overseas? How is severance income taxed? When does a regular IRA make sense? Is it wise to move a pension into an IRA? RESOURCES MENTIONED:App.FaithFi.comBe sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

In order to retire comfortably at age 60, what should you be doing with your finances when you're in your 20s? A framework for getting started planning for retirement on today's episode of YMYW. Plus, if you're a small business with a SIMPLE IRA plan, is it stupid to save for retirement in a brokerage account rather than a traditional IRA? If you inherited money and promised to donate to charity, should you do Roth conversions? What's the most efficient way to pay financial advisor fees, and what's a good strategy for making pre-tax and post-tax retirement contributions?  Timestamps: 00:51 - A Framework for Getting Started in Planning for Retirement (Anonymous) 05:36 - I'm 24. What Should I Do to Retire Comfortably at 60? Michael, 24 (Binghamton, NY) 12:14 - I'm 32. Opened a SIMPLE IRA. Is It Stupid to Fund Brokerage Instead of Traditional IRA? (Ron Burgundy) 17:42 - I Inherited $450K, Promised to Donate to Charity. Should I Do Roth Conversions? (Allison, Northern Virginia) 23:02 - What's the Most Efficient Way to Pay Advisor Fees? (Nick, OH) 26:06 - Strategy for Pre-Tax and Post-Tax Retirement Contributions? (Dave) 29:56 - The Derails Access this week's free financial resources in the podcast show notes at https://bizlink.to/ymyw-419  Cracking the Code - Succeeding Financially at Every Age: YMYW TV & Companion Guide Spitballing Retirement Planning in Your 30's (and even in your 20's!) - YMYW podcast 391 Top 10 Most Popular Your Money Your Wealth Podcast Episodes - Spotify playlist Schedule a free financial assessment with Pure Financial Advisors Episode Transcript Ask Joe & Big Al On Air (plus a photo of YMYW listener Nick's cute dogs!)

The SECURE 2.0 Act of 2022 provided a number of improvements for individual investors, but many of the new laws affected qualified retirement plans such as 401(k) and SIMPLE IRA plans. On this episode, Drew and Andrew discuss a few of the main provisions that Retirement Plan Sponsors should know about. Click here to receive the quarterly The Advocate Advantage™ e-newsletter. Follow us: LinkedIn | Facebook | Website | FYFA Book For more information about the Perry Richey Group of Baird Private Wealth Management, go to our website, call us at 270.467.9664, or email us at theperryricheygroup@rwbaird.com. Click here to purchase Finding Your Financial Advisor on Amazon

Flight #48: New 401k, IRA Limits New SECURE ACT 2.0 A Airline News: New IRA, 401k 401(a)17 and 415 Limits Secure Act 2.0 Highlights: Setting Every Community Up for Retirement Enhancement (SECURE) Act...originally passed in December 2019. December 23, 2022, passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much anticipated and long-awaited retirement bill known as SECURE Act 2.0. RMD 73,75...plus reduced penalty 73-1951-1959 / 1960+ RMD 75 ▪ What does this do...Roth Conversions??? Plus 10-year rule from Secure Act 1.0 Beware of higher RMD at 73/75 - jump tax brackets??? QCD no effect – still 70 and a half years old. No Roth 401k RMD (2024) Roth style SEP and SIMPLE IRA 529 plans to Roth IRA transfers up to $35,000. Subject to annual Roth limits and 529 accounts in existence for 15 years. Student loan payments count and qualify the employee for 401k matching. I.e., you'll get matched in your 401k for student loan payments. Base matching contributions on student loan repayments. Catch up contributions: 2025 – 60-63 – catch up contribution of 10,000 or 50% more than the standard catch-up contribution that year. Catch up contributions are now linked with inflation 2024 - $145k – catch-up contributions must be made in Roth Roth basis if permitted by the plan sponsor SECURE Act 2.0 provides that all catch-up contributions to qualified retirement plans are subject to Roth tax treatment, effective for taxable years beginning after December 31, 2023, An exception is provided for employees with compensation of $145,000 or less (indexed) https://www.kitces.com/blog/secure-act-2-omnibus-2022-hr-2954-rmd-75-529-roth-rollover-increase-qcd-student-loan-match/?utm_source=social&utm_medium=linkedin&utm_campaign=tagged_author https://www.youtube.com/watch?v=i-PXuU_2wnA

Friday - Clark Stinks day! Christa shares Clark Stinks posts with Clark. Submit yours at Clark.com/ClarkStinks. Also, Clark shares another reason to change your grocery shopping habits if you haven't yet. Learn just how you're being played if you are extremely brand name loyal. Clark Stinks: Segments 1 & 2 Big Brand Price Hikes: Segment 3 Ask Clark: Segment 4 Mentioned on the show: How to Save Money on Car Insurance Should I Buy an Extended Warranty on Tires? TireBuyer: 5 Things To Know Before Getting New Tires What Is an HSA Account and How Does It Work? Vanguard Integrates Health and Wealth With HSA Offering HealthEquity - INDUSTRY'S #1 HSA ADMINISTRATOR Hyundais, Kias are easy targets amid boom in vehicle thefts Hearing Aids Will Soon Be Sold Over The Counter The best deals at Amazon right now - Clark Deals What Is a SIMPLE IRA and How Does It Work? What Is a Solo 401(k) and How Does It Work? Self employed 401K vs SEP - Investing - Clark Howard Community How To Manage Your Monthly Subscriptions To Save Money SIM Card Swapping: The Dangerous Cell Phone Scam Everyone Needs To Know TSA PreCheck vs. Global Entry vs. CLEAR: Which Is Best for You? Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices