Nine Things a Business Owner Should Know After Tax Reform

Wednesday, 12 June 2019

Photo by Muneeb Syed on Unsplash

As a business owner, you should be aware of some recent federal tax legislation changes. Many of the changes can affect the bottom line for the business as well as you as the business owner - some in a good way and some in a bad way.

  1. The taxable income of a C corporation is now taxed at a flat 21% rate. Previously, the tax rates generally ranged from 15% to 35% (but some income was taxed as high as 39%). There is no longer a corporate alternative minimum tax.

Staying Active and Social as You Age

Wednesday, 01 May 2019

Photo by Muneeb Syed on Unsplash

We often take for granted the many opportunities over the years to be social. All of our school years provided a variety of chances to make friends. Most of our young lives we make friends through our community as well as shared interests to forced interaction. You had to deal with others and communicate, whether you wanted to or not. Careers offer social outlets for the same reason, you see the same faces, you have a common interest (work) and there is the potential to turn a co-worker into a friend or partner. Having children also opens the door to making friends with other parents.

Lifestyle Creep is a Slippery Slope

Thursday, 28 March 2019

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Suddenly you’re paying for a house that is too big, or a lease on a pickup truck you don’t use or just a membership to that fancy gym that you haven’t had the time to take advantage of yet. If your regular expenses are being paid for by credit cards or you can’t seem to save money at the end of each month, you might look toward “lifestyle creep” as the culprit. While it is easy to understand what lifestyle creep is and how it happens, it is still dangerously common among young professionals and those midway through their careers.

Practicing Stoicism in Wealth Management

No doubt you’re familiar with the word stoic. Perhaps you yourself have been described as such at some point.
Tuesday, 05 March 2019

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But are you familiar with the philosophy of stoicism? The Stoics got their start around 300 B.C.E. More than mere philosophy, Stoicism is a way of life. In fact, the tenets of stoicism have been utilized since the early 21st century with the creation of Cognitive Behavioral Therapy.[i] The main objectives of stoicism are clear judgment, inner calm and freedom from suffering as the ultimate goal.[ii] Since being blessed with 2 daughters, I have realized the importance of inner calm and clear judgment will come in very handy as the teenage years start and “boys” enter the picture. Those who practice stoicism live by four major principles: delaying gratification, controlling emotion, always thinking big picture, and only taking effective action. Looking at those tenets it probably isn’t hard to understand why stoicism and wealth management go so well together.

A Solution to the Password Problem

Whether you’re looking to make a New Year’s resolution or you’re simply trying to implement some information security best practices, you would be well served to start using a password manager. Why?
Tuesday, 05 March 2019

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Passwords: The weak link

According to a survey by Digital Guardian, “password overload” is a real problem. Worse, despite known risks, at least half of us admit to reusing passwords.

How many online accounts do you have? Probably more than you think. You’ve likely got at least one social media profile. Then, there’s your e-mail (which might include both personal and work accounts), your various banking accounts, streaming services like Netflix or Hulu, and your Amazon account (who doesn’t have one of those?!). That’s not to mention all those apps on your smartphone.

I own a ton of company stock

We get asked about company stock a lot. What’s the appropriate amount, for instance? I will tell you that anything above 20% raises our level of concern.
Wednesday, 30 January 2019

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We all have heard about that janitor or secretary that has worked at a public company for 35 years, amassed a ton of company stock, and then retires a multi-millionaire. But for every story like that, I think there are two that go in the other direction. Enron, Lycos, Lehman Brothers, Polaroid…are just a few that I can think of. And I heard a lot of “janitor” stories from GE personnel back when Jack Welch was running the show, but have you looked at GE’s stock lately?

Family Business Transition Guide

Preparing for succession or transition in your family business requires prudence, contemplation and organization.
Monday, 14 January 2019

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As you prepare for the family business succession/transition process, it’s important to address the underlying issues at play before you calculate your business’s value or the amount of life insurance the business might buy. Your vision for your business, the objectives you hope to achieve from the transition, and whom you choose as a successor—a family member or someone else—are ultimately what will drive the plan and its execution.

The Transition Decision: Thinking Big for 2019

Champagne pops, songs are sung, and resolutions get made. And this year, you want to make a big transition.
Friday, 28 December 2018

The Transition Decision: Thinking Big for 2019

For me, it always starts with how I feel and my ability to chase around my children with increased energy. And so, I begin my annual diet/workout regimen, in hopes of winning the bet with my friends. There is some sort of re-birth that January 1 brings to all our hopes and dreams. You’ve been on a path for a while, perhaps it's a career or a relationship and now, as you’re reaching mid-life/mid-career, you are starting to question if it’s the right one for you. Before you make any rash decisions let’s take a moment to explore what you want to change, why you want to change, and then the all-important how of making a major life course correction. In this article, we will go over some techniques and thought exercises that everyone who wants a life change could benefit from.

The Belichick/Patriots Approach to Tax Planning

With the Patriots in full swing, we thought this would provide an interesting way to frame tax planning.
Monday, 19 November 2018

The Belichick/Patriots Approach to Tax Planning

With Belichick at the helm, I always think that his process is his most valuable commodity. The Pats get off to slow starts quite often in my eyes, but their September team is often completely different from their December (and beyond team). They show progress and are constantly innovating. It’s great to think of your tax planning in a similar fashion. This year’s long-term plan could be affected by new legislation, newfound wealth, new transitions, etc.

Helping Your Children Become Financially Responsible Grown-Ups

We want the best for our children. As the recent father of a newborn Madelyn, I can only imagine the stuff I will do in the short- and long-term so that she (and sister Shelby) can enjoy the best in life.
Wednesday, 12 September 2018

Helping Your Children Become Financially Responsible Grown-Ups

We want the best for our children. As the recent father of a newborn Madelyn, I can only imagine the stuff I will do in the short- and long-term so that she (and sister Shelby) can enjoy the best in life. We invest our time and love, and we also impart our knowledge. Through us, they learn about the world, values, and how to handle their money. In fact, studies show children’s money habits can be set by the tender age of 7.