Captive insurance companies have existed for more than 100 years but more recently they have grown in popularity, in part due to their significant tax benefits. A captive insurance company is a wholly owned subsidiary established by a business to provide insurance to its parent company. It is a form of self-insurance. While all businesses …
The SECURE Act 1.0 shifted retirement investing away from tax-deferred growth (or tax-free growth in Roth accounts) towards a system that exposes more retirement savings to taxation in what is expected to be an economy with tax rates increasing in future years. SECURE Act 1.0 Legislative Strategies TSP Family Office clients can mitigate the wealth-eroding characteristics …
A smart taxpayer will proceed with the April 18th tax return filing deadline in mind and then decide if seeking a standard automatic six-month extension is a wise decision for your situation. When should you file for an extension on your tax return this year? With news reports about the Internal Revenue Service’s backlog of …
While owning a business is far from easy, there are more benefits to entrepreneurship besides the income. If you are concerned that starting a small business or “side hustle” is going to negatively impact your taxable income, you should consider changing that mindset. In fact, business ownership brings you many more deduction opportunities than a …
Roth conversions are often used by high income earners to move money from a traditional IRA, which is taxed when you withdraw money in retirement, by converting the account to a Roth IRA, which is taxed at the time of conversion. This is beneficial since your retirement investment is meant to increase, as likely as …
Savvy real estate investors should know you can defer paying capital gains taxes when selling an investment property – perhaps forever – by swapping it for a similar one in a Section 1031 like-kind exchange. One advantage of this transaction is that by deferring capital gains taxes, investors preserve equity or purchasing power while moving from …
We now offer a comprehensive suite of cohesive financial services under our new name, TSP Family Office. Estate planning, risk management, day-to-day money management, document organization, tax savings strategies — we do it all and more. We work with entrepreneurs like you who have significant goals between your business and personal finances, and you need …
Your children mean the world to you, and you would do anything for them. They deserve the security that they will be taken care of; God forbid something were to happen to you. You’ve spent a lifetime making sacrifices and hard decisions to accumulate your wealth, as well. After all that hard work, your legacy …
Picturing your financial future can feel both exciting and stressful, and it’s easy to get overwhelmed. However, with our comprehensive step-by-step guide, you can begin your financial goal setting and start on your path to reaching your desired financial outcome today. Figure Out Your Current Net Worth One of the first steps to creating your …
As your business grows, planning for your financial health is a necessary step toward reaching your long-term financial goals. We often think of the beginning of the year as the best time to think about these matters, but the truth is that any time can be ideal for establishing your vision for the future and …
