What is the Augusta Rule and How can I use it as a Business Owner?

Augusta Rule

IRS Section 280A(g), better known as the “Augusta Rule”, is a special rule in the tax code that allows for the rental of a personal dwelling for less than 15 days without being taxed on the rental income.  Utilization of this rule in conjunction with a legitimate expense to your business can allow you to […]

What are Required Minimum Distributions?

Required Minimum Distributions

As you embark on your journey toward financial independence and a secure retirement, it’s crucial to understand the intricacies of various retirement account rules. One such rule that comes into play is the Required Minimum Distribution (RMD). In this guide, we’ll unravel the mystery behind RMDs, explaining what they are, who they apply to, and […]

5 Smart Strategies to Reduce RMDs: A Guide to Optimizing Your Retirement Distributions

As investors approach the age of 73, the IRS mandates that they initiate Required Minimum Distributions (RMDs) from their retirement accounts, irrespective of their financial needs. For those who have diligently saved and find themselves facing larger distributions than necessary, exploring strategies to mitigate this impact becomes crucial. In this guide, we’ll delve into five […]

Strategies to Avoid Capital Gains Taxes on Investments

avoid capital gains taxes

Strategies to Avoid Capital Gains Taxes on Investments When deciding to sell out of an investment in a taxable investment account it is important to consider the potential tax ramifications of any decision you make.  Generally, any investment held for less than a year will be subject to regular income tax rates upon sale while […]

Merging Finances After Marriage: Key Considerations for Financial Bliss

Merging Finances After Marriage

Getting married is an exciting milestone, and it’s not just about merging your lives but also your finances. Combining your financial worlds can be both rewarding and challenging. In this blog post, we’ll explore essential considerations for merging finances after tying the knot, helping you pave the way for a harmonious and financially sound future. […]

2024 Annual Limits

2024 Annual Limits

As we enter 2024, it is prudent to update funding amounts for various account types to reflect new contribution limits.  With inflation higher than normal in 2023, contribution limits saw larger than normal increases for the new year.  Below we will overview annual limits for notable financial planning items. Retirement Accounts Account Type Limit Catch-Up […]

5 Ways to Reduce Your Lifetime Tax Bill

Reduce Your Lifetime Tax Bill

Paying taxes is inevitable, but smart financial planning can help you minimize your total lifetime tax bill. In this blog post, we’ll explore five strategies that can help you retain more of your hard-earned money over the long run. These tactics include funding a Health Savings Account (HSA), utilizing backdoor Roth IRA contributions, gifting appreciated […]

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