We are bombarded with messages on how great a 401(k) plan is for helping your retirement. You have a nice deduction up front and monies accumulate tax-deferred. BUT when you withdraw your money, you have a partner with the IRS!...
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Third Way Business Owners Handle Long Term Costs
In our third and perhaps final installment for business owners on Long Term Care expenses, let me offer a Hybrid Solution. I call it Hybrid in that while it is a Life Insurance policy, its' main driving objective is to...
Three Ways For Business Owners To Handle Long Term Care Expense
Let me begin Part Two of the three ways to handle Long Term Care expenses by saying the obvious. That is, one does not require Insurance. You can certainly pay for assisted living alternatives out of your own pocket. However,...
Three Ways to Solve Long Term Care Issues When Owning a Business
The first way to address the issue of handling Long Term Care expenses is to purchase a traditional LTCI (Long Term Care Insurance) policy. There are certain advantages and disadvantages to this approach. Please keep in mind that I and...
Difficult Discussion For Business Owners
Sometimes difficult talks and decisions have to be made no matter how harsh the reality. One such topic is that no one has a lease on life. And as we all age, the chances of a stay in a nursing...
The Magic of Tax-Deferral For Business Owners
Let's assume two people have $5,000 to invest every year for thirty (30) years. One person invests in a tax-free account such as a Roth 401(k) that earns 6% a year. The other person invests in a taxable account which...
Tax Deductions
As a business owner, there are many deductions you can take to lower the amount of income on which you will be taxed. There is one basic rule. To be a classified and accepted expense it must be both ordinary...
Tax Credits
We're all familiar with the 1040 Form, April 15th, taxes owed and other basic parts of your tax form. However, many overlook a very useful and important technique called Tax Credits. A tax credit is an IRS approved technique that directly...
Tax Harvesting
Everyone is concerned about paying taxes. In the past, we discussed using Federal and New York State tax-free municipal bonds to reduce one's tax liabilities on your investments. Although on a taxable equivalent basis because there is greater safety, one...