Here are some ESSENTIAL items. It blows most entrepreneur’s minds when they find all of the documents, procedures, and bureaucratic elements that go into starting a qualified plan (401(k) plan, defined benefit plan, etc). Well, this is a very useful guide that should be construed as an ESSENTIAL checklist providing some guidance so your mind is not blown. First, the entrepreneur has to decide if they want a pre-approved plan, etc. Well, let’s get right into it. Whoa, horsie! This text is partially intended for those “in the know” (CPA, financial planners, attorneys, etc). I teach professional advisors all over the country and the question about qualified plans…

Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale. You just have a garden-variety short-term or long-term capital loss depending on your holding…

Trusts are important financial instruments in estate planning. Unlike a will, with a trust, you can legally arrange your estate in a way that saves your family a substantial amount of money on taxes, avoids probate and those expenses, and distributes your assets according to your wishes after you’re gone. …

By R. Kenner French The COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be a massive understatement. However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues…

The answer is…it depends! One nice thing, the government does help you in both types of plans. Uncle Sam, with both the SEP IRA and the solo 401(k) retirement plans, allows your investment in your tax-favored retirement: to be deductible when you invest the money in the plan, 2. grows…

Do you have a palatial ski home or beachfront property you rent out? If so, you likely have a choice — either claim the income and expenses on Schedule C, or 2. claim the income and expenses on Schedule E. When Is Schedule C a Good Choice? If you show a tax loss on your rental property…

So you Want to Get Started in Crypto, huh? Well, here goes. There’s little to be done once you have the software on your electronic device. The software is referred to as a wallet. Get started with crypto in just a few minutes: Create a crypto wallet. There is a…

Many people forget that kids CAN work for a company — while also sometimes obtaining a pretty good amount of money! The notion of kids contributing to their own IRA, especially a Roth IRA, surprises lots of people and is not normally seen as a worthwhile tradition. But it should…

Yep, why not? In today’s world it is tougher and tougher to find money to start businesses. One way you could do so in 2022 is to use your retirement assets. Yes, you can fund a business with your IRA dough. While most people are aware of the option of…