Tag: Taxes
-
Are You Dreaming to Start a Business?
Entrepreneurs, now is the time to seize the opportunity and kickstart your business dreams! One compelling reason lies in the tax deductions available for startup costs. From market research to legal fees and professional services, the IRS permits entrepreneurs to deduct up to $5,000 in startup expenses in the first year of business, with the…
-
Could Your LLC Save Thousands In Taxes?
Are you leaving money on the table? Discover how an LLC’s S-Corp election can slash your taxes! Electing S-Corporation status for your LLC can lead to significant tax advantages, especially when considering a $100,000 profit. In a standard LLC setup, the entire profit is subject to self-employment tax and income tax. However, with an S-Corp…
-
Maximize IRA / 401K Contributions
It’s tax season…meaning it’s a good time to understand your financial situation, and that includes your retirement account. Maximizing your IRA or 401K contributions might initially appear counterintuitive—after all, it means diverting funds from your immediate savings. However, the long-term benefits far outweigh the short-term sacrifice. By contributing to your retirement accounts, you’re essentially investing…
-
Maximize Your Tax Benefits with FSA
If the acronym FSA isn’t a familiar term in your workplace discussions, it’s time to pay a visit to your HR department and explore its potential as a tax-saving tool. Let’s be honest; finding ways to trim down our tax payments is always a welcomed pursuit. Enter the Flexible Spending Account (FSA), a pre-tax financial…
-
The Million Dollar Mistake
Unraveling the True Cost of Procrastinating on Your Retirement Savings I often find myself in conversations with bright-eyed professionals and families just stepping into the game of life. You know, that classic scenario where the present seems too demanding to allow even a single dollar to escape into the abyss of a retirement fund. It’s…
Faith, Finance & Fatherhood 