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Your Financial Future

In our last blog, we discussed how to allocate your cash to cover business operating expenses, taxes and also create an emergency fund.

After the roller coaster of the past two years, step back and take a look at how your emergency fund has been affected. Life has a way of throwing us an occasional wrench and we have all experienced volatility in the world this past couple of years. With world events and personal changes, your finances have probably made significant shifts. Do you have a financial plan and are you sticking to your goals?

While it's tempting to get caught up in current volatility, we need to remember that when you have a good plan, you will feel more secure. You can review and update your plan often, but the core fundamentals will remain the same and provide security.

Tax time is always a good time to revisit the plan. Did you get any big surprises at tax time? Did you pay enough through withholding or estimated tax to cover your tax liability? Are you using all of the tools available to reduce taxes and save for retirement?

  1. Did you put in the maximum amount into your retirement account (ie 401K, SEP IRA or ROTH IRA)?

  2. If you have children, have you set up 529 accounts?

  3. Can you set up a Health Savings Account to pay for medical expenses? In order to benefit from an HSA you need a high deductible insurance policy.

  4. If you run a small business do you understand all of the expenses you are allowed to deduct?

  5. Do you understand self employment tax?

  6. What is the Qualified Business Income Deduction and can you get a benefit?

  7. What types of income can you generate tax-free?

  8. Have you considered tax efficient investment options?

We want to make sure you understand how planning for taxes can be a big part of your financial plan. If you have any questions about your situation, please reach out to us.


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