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 …
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 …
Taking control of your future is the key to organizing your financial life, compounding your wealth, and building the legacy of your dreams — and it is attainable working with a family office. Traditionally, many wealthy individuals and families have worked with separate financial experts that produced disjointed advice. Now there is a better way. …
According to the U.S. government, the average cost of raising a child from birth to age 18 is about $233,610. That’s a significant sum, almost a quarter of million dollars for one child. If you have a large family or are planning on one, the cost could run into seven-figures. And that does not even …
Tax audits are one of the most dreaded situations that can enter your personal and professional financial life. Even though the chances of being audited are relatively low, the possibility is always there. Luckily, there are ways to keep your tax return lower on the IRS’s radar. By avoiding specific red flags that may trigger …
Determining the best business entity type for your business can be overwhelming. Most business owners are aware of the common LLC and C-Corporation options that many businesses fall under; however, another viable and sometimes tax saving option is the S-Corporation. Though an S-Corp can have multiple advantages, there are also a handful of disadvantages to …
Have you reevaluated your core values or goals lately? Assessed new opportunities to provide for your family and future generations? As you continue the journey of your life it is easy to get wrapped up in the routine of business ventures, hobbies, and spending time with family — meanwhile your financial plans may not be …
