Independent Contractor vs. Employee
Do I have independent contractors or full-time employees? If you hired workers for your business, knowing the difference between these two designations is critical. The Department of Labor final rule on independent contractors went into effect on March 11th. Full-time employees are entitled to minimum wage, overtime pay, and other benefits.
Your Business Credit Score
While your personal credit score is tied to your Social Security number, your business credit score is tied to an Employer Identification Number β or EIN. This helps you keep your personal financial information private while you build and maintain your business credit score.
California Business Tax Climate In 2024
Californiaβs corporate tax system ranks 48th according to the Tax Foundation. The Tax Index has 5 different components, and CA ranks poorly in most of them.
FTC Bans Noncompete Agreements
Considering launching your own small business?? The FTC just banned noncompete agreements, making it easier for you to break away from your desk job.
New Reporting Requirements For Business Owners
ATTN: Small Business Owners - The new Beneficial Ownership Information (BOI) Report is due to FinCen by the end of 2024.
Small Business 401k Tax Credits
πββοΈ πββοΈ Who likes free money?? ββ How 'bout government tax credits for your small business 401k plan? Secure ACT 2.0 did exactly that!
2024 Tax Planning
Congrats! You just finished paying your 2023 taxes! Now is the perfect time to get started on tax planning for 2024.
The Tax Hack Every Investor Should Know
IRS Code 852(b)(6) is the greatest tax hack that every investor should know.
CA Law Affects Small Business Owners
If you run a small business in California, and have even ONE employee, you are required to offer a retirement savings plan by the end of 2025. SB1126 was signed by Gov Newsom in 2022, and will automatically enroll you and your employees in the state run CalSavers retirement plan if you don't set up your own qualified plan, like a 401k.
The Solo 401k
ATTN: Solopreneurs β The Solo 401k is the secret wealth hack you didnβt know you needed. If you are a business owner and your only employee is yourself, you can save a massive amount in taxes by opening a Solo 401k plan. These plans can be setup at a reputable firm like Charles Schwab, and often have low/no fees.
Time In The Market > Timing The Market
The human brain is laughably terrible at being able to correctly predict when you should buy and sell investments. Here are some fun facts that show the benefit of staying invested for the long term.
Money Avoidance
Money Avoidance - Not wanting to look at your financial situation, over fear of shame or guilt about what you may find.
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You are not alone.
The American Dream
From 1980-2023, the U.S. housing market returned 8.6% while the S&P 500 returned 14% when including dividends.
Passive Income Vol. 3: Preferred Stock
Not quite a bond, and not really equity, preferred stock sits between these two major portfolio building blocks in the capital stack. So why should you consider adding preferred stock to your portfolio?
Financial Habits
40% of your daily actions are habits, not decisions!
Market Timing
"Stocks are so expensive! I can't invest now!" - Everyone
The Fixed Income Fallacy
"My advisor picks the best bond funds. These portfolio managers can add alpha because bonds are less liquid than equities." π€ π€
Passive Income Vol. 2: Municipal Bonds
Tax-free income and protection of capital?!?!β¦ Its not an IUL, its municipal bonds!!
10 Inflation Hacks Everyone Can Use
Mindful Spending β Create a list of things that are important to you and spend on them freely. Premium pet food, kids activities, or a backyard BBQ with friends can add lots of value to life. Then reduce or eliminate mindless expenses.
Passive Income Vol. 1: REITs
If unclogging toilets at 2am at your rental property is not your idea of passive income, then you may want to consider a Real Estate Investment Trust.