TSP Family Office has helped clients just like you navigate some of their most significant assets, philanthropy efforts, and other aspects of their complex financial lives. To bring your goals to fruition, collaboration amongst your financial team is of the utmost importance. Can you recall the last time your attorney met with your CPA? How …
Oftentimes, many business owners and high earners receive fragmented guidance that results in conflicting advice. This disconnect can come with a significant price tag as a lack of collaboration between financial advisors and tax planners can lead to detrimental loss of face value for your retirement fund. The true value of a financial partner lies …
For many high-net-worth individuals, a family office may be familiar, but not without questions on which pieces of your financial life this type of consultant should handle. A family office is a private wealth management firm made up of a team that helps you make financial decisions. They serve high-net-worth individuals and families by providing …
December 31st is quickly approaching. And as of this date, you will not be able to put any strategies in place to maximize your tax savings for 2021. Have you taken all the steps necessary to maximize your tax savings for 2021? During this discussion, Tom Gibson, CPA, and Kami Elhert discuss the most important …
To paraphrase Benjamin Franklin: Nothing can be certain except death and higher taxes! The House Ways and Means Committee released a new tax proposal to help for $3.5 trillion in additional spending. The programs would be paid for through additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S-corporations. Among other …
When tax season comes around, many people—including business owners—find themselves scrambling to produce their receipts, dig out income records, and provide the information needed to put together their taxes. Providing documentation is critical for minimizing the taxes you have to pay and protecting your business’s finances. If you do not have that documentation, you may …
The home office deduction can be a lucrative tax savings plan that ensures you aren’t leaving any money on the table during tax season. If you use a room in your home for business, this deduction can bring additional savings to your tax savings plan. However, there are a few key parts to implementing this …
The Internal Revenue Code (IRC), in multiple ways, is written for business owners because of the many tax deductions they can implement that are not available to W2 employees. Whether you are an established business owner or new to the entrepreneur life, it is crucial to know the best legal deductions for your business so …
Turning your hobby into a side hustle can often be intimidating for many individuals. Not only is there the fear of failure and uncertainty involved, but there is also a lot to learn when it comes to filing your taxes the following year. Despite these potential roadblocks, taxes should never deter you from going after …
Whether or not there will be tax reform this year becomes less of a certainty with each passing day. One thing we know for sure is that taxes will increase and decrease many times throughout our lifetime. Adapting to the ups and downs of taxes can be a challenge (and a headache) for many small …
