Podcasts about simple ira

You're not failing your employees because you can't offer the big, comprehensive benefits package. People leave six-figure jobs for smaller employers all the time - because they stay for stability, trust, respect, and flexibility, not the package.In this episode, Kerri walks through: • The five categories of benefits (foundational, voluntary, lifestyle, wellness, cultural) - and why most owners only think about the first one • ICHRA and QSEHRA: two health options your broker may never mention, plus the employer tax advantages a plain stipend doesn't give you • Why flexibility is the #1 rated benefit today, and the low/no-cost perks that beat swag and pizza parties • How a SIMPLE IRA lets even a one-person business offer retirement • The total rewards statement that turns an invisible ~$80K investment into something employees can actually see • The unused-PTO liability hiding on your P&LYOUR ACTION ITEM: This week, write down three perks you already offer but aren't communicating - and share them with your team in whatever channel they actually look at.If you're not sure whether your benefits and people systems are actually set up to retain your team, take the free HR Audit to see exactly where your gaps are. → saltandlightadvisors.com/hrauditResources to keep building:

Stop treating your retirement like a someday problem…For business owners, the right plan can be a valuable tax strategy. But too many entrepreneurs wait too long, choose the wrong plan, or assume a 401(k) is only for big companies. In this episode, Mike sits down with Matt Ruttenberg to explain how retirement plans work for small business owners. They break down the differences between SEP IRAs, SIMPLE IRAs, solo 401(k)s, safe harbor 401(k)s, and defined benefit plans, plus the questions you should ask before choosing a plan, including your contribution goals, employee needs, cost, timing, and tax savings potential.

Episode 450 | Interview with Grandmaster Park (GMP) Podcast Description Episode 450 is a sit-down conversation with Grandmaster Park (GMP) — a longtime friend of the show and someone who's helped shape the modern martial arts school industry. We go back to the “old days” when billing companies took a painful cut just to collect tuition, and we talk about how the industry has changed — not just in technology, but in parent expectations, communication, staff culture, and what it takes to build something that lasts. Along the way, GMP shares a few simple (but powerful) mindset shifts: how to stop letting “scorpions” steal your peace, why COVID was a reset button for the industry, how to train staff like you train students, and why school owners have to start thinking about retirement and exit plans like real entrepreneurs. We also dig into AI — not as a gimmick, but as a tool that rewards school owners who learn how to ask better questions, document their story, and build systems faster than ever. Key Takeaways The industry used to pay a “tuition tax” — and most owners don't realize how far we've come.Back in the day, schools were heavily dependent on billing companies to collect tuition, and the fees could be brutal. The bigger point: when you've lived in a new normal long enough, you forget how much friction you used to tolerate. Parents don't automatically trust the instructor the way they used to — so communication has to evolve.What worked 20–30 years ago (“Just do this at home and they'll do better in class”) doesn't always land today. The message still matters, but the delivery has to be clearer, more intentional, and more repeatable. Not everything is controllable — and the scorpion story is a gut-check for school owners.GMP shares the classic “scorpion and the frog” story: some people sting because it's in their nature. The lesson isn't to become cynical — it's to stop being surprised, protect your energy, and choose your circle wisely. COVID was a reset button — and the schools that survived often leveled up.GMP's take is blunt: a shakeout happened. Some schools closed that didn't deserve it, but many that survived did so because they had a real foundation, real systems, and the discipline to prepare for “winter.” If you're living tuition-to-tuition as a business owner, something is off.GMP challenges the idea that entrepreneurship should feel like paycheck-to-paycheck. He points to basic discipline: track spending, cut the leaks, and start investing for the future. Compound interest is the “eighth wonder of the world” — but only if you actually use it.The conversation hits on index funds (like the S&P 500), performance-based investing vs. cash sitting idle, and simple retirement vehicles (like a SIMPLE IRA) that can help owners and staff build long-term stability. Train your staff the same way you train your students: white belt to black belt.One of the biggest paradigm shifts in the episode: school owners already know how to build a curriculum that takes a beginner to black belt — but they don't apply that same thinking to staff. GMP's challenge: build a staff playbook and training path with clear expectations, checkpoints, and “retests.” If a student doesn't know the form, they don't move on. Staff training should work the same way. Some “student problems” are actually teaching mistakes.The left/right example is a perfect reminder: if the student can't process the instruction, the teacher has to change the approach. Color patches. Better cues. Different framing. The responsibility is to keep improving the delivery. Failure isn't the enemy — but you have to teach the culture around it.GMP and Allie talk about how Eastern philosophy treats failure as part of success, while many parents/students hear “failure” as “you are a failure.” Clear guidelines, expectations, and the way you deliver feedback matters. AI rewards the owner who learns how to ask better questions.GMP calls AI a new gold rush. The shift is from hunting for answers to learning how to prompt well. Start simple. Talk to it. Use voice mode. Feed it your story and your values — then let it help you build systems, onboarding, curriculum, and communication faster. Exit planning is coming to martial arts — whether owners are ready or not.GMP points out that private equity is paying attention to children's activity businesses (including martial arts). That makes “exit” a real conversation — but it starts with getting your house in order. Action Steps for School Owners Do a quick “leak audit” this week.Pick one recurring expense you've normalized (subscriptions, food runs, convenience spending) and calculate what it costs per month. Decide what you're keeping, what you're cutting, and what you're redirecting into savings/investing. Create a “Close the Dojo” shutdown routine — but for your finances.Set a weekly 15-minute money check-in: revenue, expenses, cash on hand, and one action to improve next week. Build a staff curriculum outline (one page is enough to start).Write the stages of staff development like belts: New hire (white belt): basics + values + front desk standards Assistant instructor: class support + parent communication Lead instructor: full class ownership + retention responsibilities Manager: systems + team leadership Add “retests” to your staff training.Pick one skill that keeps breaking (phone scripts, intro tours, enrollment conversations, attendance follow-up). Create a simple checklist and re-train until it's consistent. Fix one teaching mistake you keep repeating.If you keep saying the same thing and getting the same blank stares, change the cue. Change the visual. Change the framing. Don't keep “punching the same wall.” Start using AI daily for one small business task.Don't overcomplicate it. Pick one: Draft a parent email Create an onboarding checklist Write a staff training outline Brainstorm a retention campaign The goal is reps — not perfection. Write down your “exit plan” in one paragraph.Even if it's messy. Do you want to sell? License? Hand it to a team member? Reduce teaching hours? The point is to stop pretending you'll “figure it out later.” Additional Resources Mentioned Index funds / S&P 500 (as an example of performance-based investing) SIMPLE IRA (as an example of a retirement vehicle for small businesses) PCP (Praise–Correct–Praise) and positive reframing/deflection as communication tools Note: A book by Tony Graff is mentioned in the conversation, but the exact title wasn't confirmed in the transcript.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the importance of choosing the right Self-Employed Retirement Accounts after transitioning from W-2 employment into the world of consulting, freelancing, or independent contracting. If you are earning 1099 income and wondering how to handle tax planning, build long-term wealth, and create a strategy for retiring comfortably, this episode breaks down the most effective small business retirement plans available today. From understanding tax deductible retirement contributions to comparing a Solo 401k, SEP IRA, Simple IRA, and even a Defined Benefit Plan, this episode helps self-employed professionals take control of their financial future and secure your retirement.Listen in to learn about the different retirement savings options available for entrepreneurs, consultants, and independent contractors who want to maximize savings while reducing taxes. Radon and Murs explain how proper tax strategies for self employed individuals can dramatically impact long-term wealth accumulation and why creating a solid Retirement Planning strategy is essential when managing 1099 retirement income. Whether you are new to self-employment or already generating significant income, this conversation provides practical insights into Financial planning for retirement, minimizing taxes through the self employment tax deduction, and creating a smart path to planning retirement successfully.In this episode, find out:How a Solo 401k, SEP IRA, and Simple IRA compare for self-employed professionalsWhy tax planning is critical when transitioning from W-2 income to 1099 consulting incomeThe benefits of Tax deductible retirement contributions and reducing taxable incomeWhen a Defined Benefit Plan may make sense for high-income business ownersKey strategies to help you plan for retirement and build long-term financial independenceTweetable Quotes:“When you flip over into the 1099 world, while you are receiving income from someone else, you're also your own employer.” – Radon Stancil“The benefit of retirement contributions for self-employed individuals is that you're not paying tax on those dollars today while building wealth for the future.” – Murs TariqResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

Roxy Butner joins the show to break down practical retirement saving strategies—especially for entrepreneurs who struggle to pay themselves first. The conversation covers foundational options like IRAs and Roth IRAs, then moves into more powerful tools such as Solo 401(k)s, SEP IRAs, and SIMPLE IRAs for business owners. They highlight the enormous impact of starting early through compounding, common planning mistakes (like neglecting retirement and estate planning), and current client concerns around market volatility and geopolitical risk. Listener questions tackle HSA asset allocation and whether bonds belong in a portfolio nearing withdrawal, along with a comparison between money market funds and bond funds. The episode reinforces a core theme: ignore the noise, build a plan, and stick to it.0:09 Show intro and Roxy joins; focus on practical, common-sense advice0:50 Entrepreneurs and the challenge of saving vs reinvesting in business1:14 Getting started: traditional IRA basics and tax deferral2:41 Roth IRA advantages and contribution limits3:41 Retirement options for self-employed: overview4:20 Solo 401(k): high contribution potential and dual-role benefits5:17 SEP IRA: flexible contributions for variable income6:40 Contribution discipline and “pay yourself first” strategy7:44 SIMPLE IRA for small businesses with employees8:22 The power of compounding and starting early9:12 Early vs late investor example—time beats total contributions10:29 Common mistakes: not planning early, ignoring estate planning12:00 Tax season behaviors and last-minute contributions13:15 Listener question: HSA allocation—100% equity vs adding bonds14:03 Suggested shift toward 80/20 or modest fixed income allocation15:34 Risk considerations and need for stability nearing withdrawals16:00 Listener question: money market vs bond fund performance16:51 Apples-to-apples comparison and limits of historical data17:57 Role of bonds vs money markets in long-term portfolios18:49 Client fears: market drops and volatility concerns19:49 Geopolitical risk and sticking to a long-term plan20:17 Importance of real financial planning vs guessing returns21:57 What listeners get from a free advisor consultation23:16 How to connect with an advisor and submit questionsQuestions? Comments? Click!

  Most people don't have a money problem—they have a follow-through problem. Brian Wiley and Jeremiah Bates use real-life case studies, including a massive estate mess left behind by Brian's own father, to show why DIY financial planning often leads to incomplete or broken outcomes—especially when trusts aren't properly funded or plans aren't kept up to date. The conversation goes into estate planning mechanics, breaking down how wills vs. trusts actually work, why co-trustee structures can create logistical nightmares, and how poor coordination leads to delays, legal headaches, and family tension (even when intentions were good). The guys also covers actionable planning topics, including when to pay off student debt versus investing, how to think through competing financial priorities, and a detailed listener question on using IRA funds to fund an HSA—highlighting rollover rules, contribution limits, and tax implications.  Plus, a key question for business owners: when it makes sense to move from a SIMPLE IRA to a 401(k), including higher contribution limits, added flexibility, and the real cost of compliance.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts Jeremiah Bates & Brian Wiley ————————————————————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

High-income professionals often find themselves locked out of direct Roth IRA contributions. The "Backdoor Roth" is the gold-standard workaround, but it is a strategy where small administrative errors can lead to big tax bills. In this episode, we break down the mechanics of the Pro-Rata Rule, why your Form 8606 is the most important document in your tax return, and the specific steps physicians must take to keep their backdoor strategy "clean." Key TakeawaysPre-Tax vs. Post-Tax: Understanding why the source of your IRA funds determines your tax liability.The Pro-Rata Rule: Why the IRS treats all your IRAs as one "pot of soup" and how existing SEP or SIMPLE IRA balances can trigger unexpected taxes.The December 31 Rule: Why your total IRA balance at the end of the year is the only number the IRS cares about for conversions.Solo 401(k) vs. SEP IRA: Why 1099 contractors should favor the Solo 401(k) to keep the backdoor strategy viable.Form 8606 Essentials: The common filing errors that lead to double taxation and why each spouse needs their own form.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

Bill and Andy Bush dive into the retirement plan rules that trip up participants most often—from the Rule of 55 and IRS 72(T) distributions to SIMPLE IRA rollover restrictions, in-service distribution provisions, and the nuances of RMDs under SECURE 2.0. The brothers break down each rule with real-world examples pulled from recent client calls, covering when you can access your 401(k) penalty-free, why rolling into an IRA can cost you flexibility, how beneficiary rules changed under the 10-year distribution window, and what early withdrawal exceptions (including QDROs and disaster provisions) actually look like in practice. Whether you're planning ahead or reacting to a life event, this episode is a practical field guide to the rules that govern your retirement dollars. ⏱ Episode Timeline & Key Topics 00:00 – Welcome & Episode Setup Bill opens with a Spicoli quote from Fast Times at Ridgemont High and sets up the theme: retirement plan rules you may or may not have known about. 00:53 – The Rule of 55 If you leave your employer at age 55 or older, you can take distributions from that employer's 401(k) without the 10% early withdrawal penalty: ·         Must be the plan at the employer you separated from ·         Taxable, but no penalty ·         Rolling into an IRA eliminates the Rule of 55 protection 02:12 – IRS Rule 72(T): Substantially Equal Periodic Payments Starting at age 55, you can take early distributions from IRAs or 401(k)s using the 72(T) rule: ·         Payments must be substantially equal ·         Must continue for five years or until age 59½, whichever is longer ·         Andy shares a real client example of someone who used 72(T) after early job loss 03:30 – SIMPLE IRA Two-Year Rule SIMPLE IRAs carry a unique two-year restriction from the date of your first contribution: ·         Distributions or rollovers within two years trigger a 25% penalty (not the usual 10%) ·         Rolling funds into a SIMPLE IRA from a 401(k) or other source also requires the two-year window to pass ·         SECURE Act expanded allowable rollover sources, but the timing restriction remains 05:31 – Roth Five-Year Rules Roth IRA contributions can be withdrawn at any time tax- and penalty-free, but earnings have their own rules: ·         Earnings require the account to be open for five years and you must be 59½ or older ·         The five-year clock starts with your first Roth IRA deposit 06:43 – In-Service Distributions from 401(k) Plans You can take distributions while still employed, but the rules are plan-specific: ·         IRS default age is 59½, but your plan document can set a different age (examples: age 40, age 55) ·         Common reason: rolling funds to an IRA for income planning options not available inside the 401(k) ·         Building a retirement "income floor" can increase confidence and even lead to more spending in retirement 09:57 – In-Service Strategy: Roth IRA Consolidation Participants who already have a Roth IRA on the outside can roll Roth 401(k) funds into it via in-service distribution, consolidating accounts and keeping the five-year clock running. 10:20 – Required Minimum Distributions (RMDs) RMD ages under SECURE 2.0: ·         Born before 1960: RMD begins at 73 ·         Born after 1960: RMD begins at 75 ·         Still working and contributing? No RMD from your current plan (unless 5%+ owner) ·         Old 401(k)s from prior employers still require RMDs ·         IRA RMDs can be aggregated—take from one account to satisfy the total ·         401(k) RMDs must be taken individually from each plan ·         The "Andy Bush Hack": roll old accounts into your active plan to defer RMDs 14:07 – Beneficiary / Inherited Account Rules Non-spousal inherited accounts changed significantly under SECURE 2.0: ·         Old rule: stretch over beneficiary's lifetime or take within 5 years ·         New rule: all funds must be distributed within 10 years ·         If deceased was already taking RMDs, beneficiary must continue annual distributions ·         Strategy: increase your own 401(k) contributions and offset with inherited account distributions 16:35 – Early Withdrawal Exceptions Several exceptions allow penalty-free early access to retirement funds: ·         Medical expenses exceeding a threshold ·         Disability ·         QDROs (Qualified Domestic Relations Orders) for divorce ·         Federally declared disaster provisions ·         Hardship withdrawals (still subject to 10% penalty if under 59½) 18:15 – Check Your Summary Plan Description (SPD) Every provision discussed is plan-specific: ·         Ask your HR or plan sponsor for the SPD ·         Documents are being updated as SECURE 2.0 provisions phase in ·         Your SPD is the definitive source for what your plan allows ✅ Key Rules Quick Reference ·         Rule of 55 – Penalty-free 401(k) distributions if you leave your employer at 55+; lost if rolled to an IRA ·         72(T) – Substantially equal periodic payments from IRAs/401(k)s starting at 55; must last 5 years or until 59½ ·         SIMPLE IRA Two-Year Rule – 25% penalty on distributions or rollovers within two years of first contribution ·         Roth Five-Year Rule – Contributions out anytime; earnings require 5 years + age 59½ ·         In-Service Distributions – Available while still working; age set by plan document (default 59½) ·         RMDs – Age 73 (born before 1960) or 75 (born after 1960); still-working exception for current plan only ·         10-Year Inherited Account Rule – Non-spousal beneficiaries must empty inherited accounts within 10 years ·         QDROs – Court-ordered retirement account splits in divorce; rollover is tax- and penalty-free ·         Disaster Provisions – SECURE Act allows automatic early access in federally declared disaster areas 19:49 – Closing & How to Reach the Brothers Bill and Andy wrap up with a reminder that every situation is nuanced—reach out with questions. ·         Bill Bush: bbush@horizonfg.com ·         Andy Bush: abush@horizonfg.com

Most pelvic rehab business owners work incredibly hard… and then accidentally leave money sitting on the table.In this episode, we walk through five financial advantages that smart business owners use to build stability, reduce taxes, and create long-term wealth — without doing anything risky or complicated.This isn't about fancy investing strategies or crypto speculation. It's about boring, high-leverage fundamentals that add up dramatically over time.

Learn how to plan for self-employment taxes and understand how savings interest can affect your tax bill. How can sports betting apps affect your finances? How do you set up taxes for 1099 contract work? Hosts Sean Pyles and Elizabeth Ayoola discuss self-employment taxes to help you prepare for tax season and avoid surprises. But first, senior news writer Anna Helhoski joins them to discuss the rise of sports betting and prediction markets. They break down how legal sports betting expanded after a 2018 Supreme Court decision, how app-based betting and prop bets make it easy to wager in real time, and the growing concerns around addiction risk, regulation, and the nonstop flood of betting ads. Then, Sean and Elizabeth dig into tax prep for contract work, including how business structure can affect self-employment taxes, ways to pay during the year through quarterly estimated payments or adjusting W-2 withholding, and how to stay organized with bookkeeping, deductible expenses, and forms like 1099-NEC. They also cover what to expect tax-wise with a Roth IRA and why high-yield savings account interest is typically taxed as ordinary income (often reported on Form 1099-INT). Use NerdWallet's free calculator to estimate your self-employment tax: https://www.nerdwallet.com/taxes/calculators/self-employment-tax-calculator  Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header In their conversation, the Nerds discuss: self-employment taxes, 1099 contractor taxes, estimated taxes, quarterly estimated tax payments, Form 1099-NEC, Schedule C, Schedule SE, sole proprietor taxes, S corp vs LLC taxes, S corp reasonable salary, self-employment tax rate 15.3%, net earnings self-employment tax, W-2 withholding for side hustle, Form 1040-ES, bookkeeping for freelancers, deductible business expenses, home office deduction, business bank account, separate business and personal finances, business credit card for expenses, tax deadline for S corp, first time penalty abatement, IRS penalty abatement, Roth IRA taxes, Roth IRA income limits 2026, Roth IRA phase-out, traditional IRA tax deduction, SEP IRA, SIMPLE IRA, tax forms for freelancers, Form 1099-INT, high-yield savings account taxes, sports betting taxes, sports betting apps, DraftKings, FanDuel, prediction markets, Kalshi, and Polymarket. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.In this first-ever OD listener Q&A episode, we tackle seven questions covering practice ownership, retirement accounts, student loans, and tax strategy. From why your practice is your most important investment to navigating the backdoor Roth IRA maze, we break down what actually matters for ODs at different career stages.Submit Your Questions to the Podcast:Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestionListener Questions We Tackle:What can younger optometry practice owners do to build wealth in the first few years of ownership?How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?Are owner's distributions from optometry practices taxable?Should optometrists pay down student loans or save for practice ownership?If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?Episode Chapters[00:00:52] What can younger optometry practice owners do to build wealth in the first few years of ownership?[00:06:08] How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?[00:09:01] Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?[00:12:29] Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?[00:17:25] Are owner's distributions from optometry practices taxable?[00:20:42] Should optometrists pay down student loans or save for practice ownership?[00:25:34] If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?Resources MentionedSubmit your questions for future Q&A episodes: OptometryWealth.com/podcastquestionThe Optometry Money Podcast Ep 151: How Filing Taxes Separately Impacts Student Loan Outcomes for OptometristsThe Optometry Money Podcast Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More!The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice OwnershipThe Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice OwnershipThe Optometry Money Podcast Ep 70: Financial Planning Considerations for Owners of Established Optometry PracticesThe Optometry Money Podcast Ep. 49: An Optometrist's Guide to Business EntitiesThe 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.

A listener recently wrote in with a common and important retirement planning question: If I'm already maxing out my 401(k), can I also contribute to a traditional IRA in the same year? The short answer is yes—but whether it makes sense, and how much benefit you receive, depends on your income, tax situation, and long-term goals. In this episode, I break down how traditional IRA contributions work alongside employer-sponsored retirement plans, when those contributions are deductible, and what options are available if your income is too high for a deduction. We also explore alternative strategies, including Roth IRA contributions and backdoor Roth conversions, so you can decide how best to use your annual IRA "coupon." This episode is especially helpful if you're trying to balance tax savings today with tax flexibility in retirement and want to avoid common mistakes that can complicate your plan later. You will want to hear this episode if you are interested in... [00:00] Whether you can contribute to a 401(k) and IRA in the same tax year [01:55] The tax-deferral benefits of contributing to a traditional IRA [03:55] When a traditional IRA contribution is tax deductible [05:00] Income limits that affect IRA deductions [07:00] Using non-deductible IRA contributions correctly [10:00] Roth IRA contribution limits and income phaseouts [11:45] How a backdoor Roth IRA strategy works [13:30] Choosing the right IRA strategy for your situation Why a Traditional IRA Can Still Make Sense Even if you are already maxing out your 401(k), contributing to a traditional IRA can provide additional tax advantages. The primary benefit is tax deferral. Dividends, interest, and capital gains generated inside an IRA are not taxed in the year they occur. Instead, taxes are deferred until you withdraw the money, potentially years or even decades later. This can be especially powerful if you do not need the money right away. With required minimum distributions now starting at age 73—and increasing to age 75 for those born in 1960 or later—many investors have a long runway for tax-deferred growth. When IRA Contributions Are Tax Deductible Whether your traditional IRA contribution is deductible depends on two main factors: whether you or your spouse are covered by an employer-sponsored retirement plan, and your adjusted gross income (AGI). Coverage includes plans such as a 401(k), 403(b), 457, SIMPLE IRA, SEP IRA, or pension plan. For 2026, married couples filing jointly can fully deduct a traditional IRA contribution if their AGI is below $129,000, with deductions phasing out completely by $149,000. For single filers, the full deduction applies below $81,000 and phases out by $91,000. If neither spouse is covered by a workplace plan, the contribution is fully deductible regardless of income. Options If You Can't Deduct a Traditional IRA If your income is too high to deduct a traditional IRA contribution, you still have options. One approach is making a non-deductible IRA contribution. While this does not provide a tax deduction upfront, your investments can still grow tax deferred. However, this strategy requires careful recordkeeping to properly track taxable and non-taxable portions when withdrawals begin. Another option is contributing to a Roth IRA, if your income falls within Roth contribution limits. Roth IRAs offer tax-free growth and tax-free withdrawals, making them attractive for long-term planning. For those whose income exceeds Roth limits, a backdoor Roth IRA may be an option, provided there are no other pre-tax IRA balances that would trigger pro-rata taxation. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

Unlock Your Retirement Potential: The Ultimate Guide to Self-Directed IRAs!

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, shares key financial and tax strategies for dental practice owners. He covers retirement plans (401(k), SEP IRA, Simple IRA, defined benefit/cash balance plans) and explains how to maximize contributions while managing employee costs and staying compliant. Roth IRAs and backdoor Roth conversions are also discussed for tax-free growth.Wes advises a disciplined investment approach, highlights the risks of speculative investments, and explains how to evaluate debt, use tax deductions, and leverage payroll strategies for family members. He also explores fringe benefits, state-level tax breaks, and practical ways to improve practice profitability, like raising fees and moving toward fee-for-service models.Finally, he emphasizes automating savings, debt payments, and retirement contributions to secure long-term financial success. This episode gives practice owners practical tools to reduce taxes, boost cash flow, and grow wealth inside and outside their practice.Key PointsUnderstand the differences and trade-offs among 401(k), SEP IRA, Simple IRA, and defined benefit/cash balance plans.Use Roth IRAs and backdoor Roth conversions to secure tax-free retirement growth.Avoid risky, illiquid investments inside retirement accounts—stick to disciplined, diversified portfolios.Evaluate debt payoff vs. investing by considering interest rates, volatility, and financial goals.Use payroll strategies (kids, spouses) to reduce taxable income and build long-term wealth.Document home office deductions and leverage allowable fringe benefits cautiously.Maximize savings with state-level pass-through entity tax deductions.Regularly raise UCR fees and consider transitioning to fee-for-service to boost profitability.Automate savings and contributions to build financial resilience and consistency.Resources Mentioned

What seems like a small business decision, choosing between a SIMPLE IRA and a 401(k), can quietly shape everything from your personal retirement strategy to your firm's employee retention.  The truth? It's not just about cost. It's about control, flexibility, and future-proofing your business and your finances. Whether you're a solo entrepreneur or managing a … Read More Read More

Send us a textRetirement expert Matt Ruttenberg walks through 5 real-world business scenarios and how to choose the smartest retirement plan for each. Whether you're flying solo or managing a growing team, this episode breaks down IRA, SEP, SIMPLE, 401(k), and advanced options in a simple way… Plus, how to take advantage of powerful tax credits.

Chris has another insightful and educational conversation with ⁠Mike Finley⁠. Author of the books Financial Happiness, What Color is the Sky, Graduation, and Now What. Mike and Chris discuss some of the most important things to consider as you work towards your retirement regardless of your age. There is a maze of things to consider including Social Security, Medicare, taxes, insurance, investments, pensions, and the psychological piece of transitioning from your career to a new endeavor in your life. Mike goes on to explain what he calls as the four big questions.    1.    Do you have a budget and understand how much money you will need to live comfortably?    2.    What fixed income sources will you have such as Social Security, pension or other revenue streams like land rental.     3.    How diversified is your portfolio?    4.    Do you understand the 4% rule?                                                 Mike goes on to explain the 4% rule along with the emotional components of transitioning over to retirement and how to handle the emotions and the financial transition for a great life in a new phase.Finally, Mike talks about some of the options that your farm operation may want to consider with regard to offering retirement packages for family members and employees. He covers three options that you may want to consider. 401(k), SEPP IRA, and the Simple IRA plan.

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  

Questions? Comments?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 BNDXLearn more about your ad choices. Visit megaphone.fm/adchoices

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

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

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  

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.

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

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)

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