Defined Benefits May Take the Sting Out of Tax Time
CPA Pamela Schuneman shares how defined benefit plans can help small businesses under the right circumstances. If you are high income self employed and want to see how a defined benefit plan may benefit you, use our calculator to see what your tax savings and accumulation could be.
Via Business Observer
8 Millionaire Money Tips for the Rest of Us
Financial advisors who represent millionaires share advice they give their clients that also applies to the rest of us. Some tips advisors recommend: Make your money work for you, keep an emergency fund, plan for a health emergency, review your finances periodically – a year end meeting with clients and advisors.
3 Top Tax Breaks for the Wealthiest Americans
While features such as progressive tax rates put upper-income taxpayers into the highest brackets, many favorable tax provisions benefit the wealthiest Americans in ways that offset their tax bills substantially. There are three particularly big breaks that the wealthy use consistently to save money on taxes: low capital gains and dividend tax rates, no Social Security payroll tax above the “wage cap,” and higher exclusions from estate tax. If you ask our clients, defined benefits is one of the top tax strategy.
Via NASDAQ
Self-Made Millionaire + Hubris = Disaster
Self-made millionaires represent the largest percentage of wealthy individuals the world over. An overwhelming majority of self-made millionaires create their personal fortunes because of successful business enterprises. However, some self-made millionaires lose sight of what they did to become wealthy and start to see themselves as more expert than they are. This unchecked arrogance – hubris – will often result in bad judgments that may produce irrational acts and poor business decisions.
Via Forbes
How Should You Plan Your Exit?
When making succession plans for leaving the firm, preparation and attention to detail can go a long way. The agreement should spell out rules of engagement in case either party is unhappy with how things pan out. It’s also important to establish which circumstances would make succession revocable and to define points when the deal could be called off.